Macro Dragon Special S1E3 - Current Outlook & Macro Views...
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
Chart of the Week : Chicago Fed National Activity Index
The broadest indicator of the US economy confirms that a recession is unlikely this year.
EM equities go red on 2019-nCoV, Italian election result lifts sentiment
The market has been caught by surprise as the Chinese coronavirus has worsened beyond initial expectations with 56 million people in lockdown to contain the virus. In Europe, Italian equities are responding positively to the election results over the weekend seeing Salvini's rightwing coalition losing out in the important Emilia-Romagna region.