Macro Economic Research
30
Jun
2015
LSR mid-term report


• Half-way through 2015, our global forecasts look broadly on track  
• The US and China were weaker in H1, but Europe stronger  
• Global savings pinning yields down, supporting asset prices  
Dari...

LSR Daily Note
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29
Jun
2015
LSR UK Outlook Q2 2015


• UK faces good growth prospects despite a weak start in Q1
• The economy will benefit from income-powered growth
• Very favourable real borrowing terms should support housing
• Brexit vote injects uncertainty...

LSR UK Outlook
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29
Jun
2015
Greece – uncharted waters


• Problematic referendum ensures no good outcome  
• Heightened political risk complicating Greece’s liquidity and banking crises  
• Recession and further budgetary derailment a virtual certainty for this...

LSR Daily Note
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26
Jun
2015
Brazil’s last man standing gives in


• Brazil’s erstwhile resilient labour market begins to crack - finally  
• This is just the beginning of a difficult rebalancing phase  
• The good news: policymakers are at least willing to go through this...

LSR Daily Note
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Investment Strategy
29
Jun
2015
July 2015

The Fed has gone to significant lengths to reassure the market about the gradualness of the forthcoming tightening cycle. However, comparing the median “dots” to historical precedents, the path of policy rates expected by FOMC m...

LSR Chartbook
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24
Jun
2015
Beyond the deal

We should eventually get a Greek deal. The focus then shifts back to valuations and fundamental drivers. We remain confident of our view of European risk asset outperformance on a resumption of the “QE trade” and highlight the t...

LSR Portfolio Tactics
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17
Jun
2015
Hedging Grexit risks

The tail risk of an accidental Grexit doesn’t appear to be something the markets are massively worried about. While a Grexit isn't our central scenario, we believe this could be too complacent and add long Bunds exposure as a shor...

LSR Portfolio Tactics
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12
Jun
2015
Bondquake

The selloff in global bonds sent shockwaves through the markets, but it was only one factor behind the poor performance in most asset classes. The repricing of Fed hike expectations, continued uncertainty about Greece and China’s poss...

LSR Asset Allocation
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