Macro Economic Research
28
Apr
2017
China’s long march to LNG

China remains the key country as far as future gas demand growth is concerned. However, countries such as India and Pakistan as well as South East Asia are emerging as other major sources of demand. With global gas markets changing and beco...

China In Depth
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28
Apr
2017
Korea: Jaw Jaw, not War War – for now


• Though unpredictability reigns in the North Korean stand-off, the crisis appears to have entered a lull as far as military action is concerned  
• The US is seeking to go the sanctions route as it reports acceleration of...

China In Depth
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27
Apr
2017
French lessons


• France’s political bullet was a blank, but the chamber remains loaded
• This lesson applies more widely to rich country voter revolts
• Apocalypse scenarios would likely turn out to be damp squibs . . . 
• ...

Global Political Drivers
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27
Apr
2017
Regulators get serious

Economics: officials are cleaning up the banking sector Politics: banking regulator Guo Shuqing is leading the charge Markets: USD/CNY will remain stable in the short-term Michelle Lam, Trey McArver, Lawrence Brainard

China In Depth
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Investment Strategy
26
Apr
2017
The return of reflation


• Fall in European risk brings the market’s focus back to reflation
• US economic growth and Fed tightening remain underpriced in our view
• We raise our stop on long USD/JPY and expect 2s10s to continue flattening #@...

LSR Macro Strategy
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24
Apr
2017
New trade: buying USD/JPY


• European tail risk now largely reduced and US data tends to improve mid-year
• Unwind of risk-off plus repricing of more Fed hikes is bullish USD/JPY
• We buy USD/JPY with a target of 115.00 and stop at 107.90
Andr...

LSR Macro Strategy
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24
Apr
2017
May 2017

US growth is not as bad as it looks – risk firmly to the upside US data has been disappointing in the past few weeks, leading to investors recalibrating their growth expectations and repricing the Fed’s hike schedule. As we e...

LSR Strategy Chartbook
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19
Apr
2017
Revisiting the long GBP/USD trade


• The UK government’s decision to call a snap election has boosted cable
• Larger Tory majority to reduce uncertainty and help UK’s negotiating position
• More near-term gains likely, but GBP will struggle to hol...

LSR Macro Strategy
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