LC Investment Playbook Weekly Update - 23 September 2022

Macro Highlights

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

• US CPI - Shelter is the pain point.

• Fed near term forward spread.

Fixed Income Highlights

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

• Bonds relatively more attractive than stocks.

• 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.

• Mention of recession in calls highest in 10 years.

• Negative earnings revision ratios a red flag.

• Hedge funds are short long-only managers.

• US equities are resuming their sell-off.

Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.

• Tight Oil Supply Is Key To Price Support.

• GBP slumps to 37-year low.