LC Investment Playbook Weekly Update - 16 September 2022

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.

• A closer look at US CPI - Increased food and shelter costs in August, increased contribution likely to keep CPI prints higher for long

Fixed Income Highlights

• A review of US and EU long term rates and credit

• BCA’s research suggests too early to extend portfolio duration

• US Bond Futures- Market Positioning

• European Credit – GFC type scenario priced in

Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets

• Equities And High Yield At Record Correlation

• Equity Markets Will Track High Yield Spreads

• US Equities: Earnings Will Be Decisive

Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates

• Europe Energy – Russian Gas Contribution

• EU Likely Able Cope without Nord Stream 1

• Tight Oil Supply Is Key To Price Support