Macro Economic Research
04
Sep
2015
Enter the Dragon: China's financial liberalis...


• China’s economic transformation: game-changer for the world
• Beijing’s policy choices to make or break the global economy
• Big test for Beijing’s reform resolve yet to come
• Even a benign scenario...

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04
Sep
2015
Looking for bright spots II


• Mexico is one of the very few EMs where we hold a constructive view  
• Risks to growth have increased, not least from the yuan’s devaluation...  
• …but they should not derail the economic recover...

LSR Daily Note
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03
Sep
2015
Enter the Dragon: China's financial liberalis...


• China’s economic transformation: game-changer for the world
• Beijing’s policy choices to make or break the global economy
• Big test for Beijing’s reform resolve yet to come
• Even a benign scenario...

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03
Sep
2015
ECB: running to stand still


• Money growth is at a post-crisis high in the euro area and steady in the US  
• Look more carefully and the picture is much less rosy in Europe (and Japan)  
• The cessation of ECB QE in Q3 2016 is not the cert...

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Investment Strategy
02
Sep
2015
EM: flash crashes & slow burns

EMs have been and remain unloved, at least since the taper tantrum of May 2013. Intensification of Chinese risks has done little to help EM assets. But the mix of risks that the EM complex carries has evolved into being more varied and nuan...

LSR Portfolio Tactics
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26
Aug
2015
Add risk after global selloff

China’s decision to devalue the yuan triggered a correction that has now reached extreme levels. Should this be seen by investors as a buying opportunity, or rather as a sign that the global cycle has turned? We think the former, and...

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25
Aug
2015
September 2015

The recent selloff in global risk assets left US equities (and several other DM indices) in deep oversold conditions. With valuations more reasonable now (though not exactly cheap) is it a good time to add risk, or is this just the beginnin...

LSR Chartbook
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19
Aug
2015
Is sentiment too bearish?

S&P 500 has been stuck in a range for months with bearish bets rising recently to multi-month extremes. We believe markets may be too pessimistic. At least tactically there is a case for going long stocks selectively given how extreme s...

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