Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Summary: Equity markets ended last week on a weak footing which has continued this Monday as Country Garden, China's largest real estate developer, missed coupons on some of its high-yielding investment products setting off fresh nervousness among investors. Speculators have cut positions in USD but increased their short positions on bonds highlighting that investors are betting on higher interest rates across the entire curve. In commodities traders are shredding exposure in metals and agriculture while holding on to their long positions in energy on the recent move higher. On equities, we cover Exor's new 15% stake in Philips, Nvidia's weakness on Friday, and the new bid for a takeover of US Steel. On today's podcast are Peter Garnry on equities and Ole S. Hansen on commodities.
Listen to today’s podcast - slides are available via the link.
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