Macro Dragon Special S1E1 - Initial Thoughts...
This is the first of a series of Macro Dragon Specials that will come through over the year - in this first series we will attempt to capture KVPs current thoughts on global macro and cross-assets over 2020, current outlook and assumptions, current strategic positioning views, risks, hedges and contingency plans... as well as what seems to be consensus vs what the market does not seem to be focusing on. Note these are very different from the daily Macro Dragon cross-asset views
Germany’s economy is picking up modestly
Christine Lagarde was right when she said that economic stabilisation is looming. The flash January German PMI showed that contraction in the manufacturing sector slowed.