LC Investment Playbook Weekly Update - 29 July 2022

Macro Highlights:

Global economic growth is down, EU CPI: More pain ahead, Extreme bearishness, Higher unemployment is likely needed to slow wage growth

Fixed Income Highlights:

Changing dynamics: US Treasury Yield curve, US High Yield default rate expected to rise

Equity Highlights:

Equity markets have not bottomed out yet, US corporate margins have peaked, poplular pandemic stocks get crushed

Forex, Commodities & Alternatives Highlights:

More room for sell off in cyclical commodities, Gold miner equities look cheap vs gold spot, Central Bank gold ownership is picking up