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Finance: The Latest Macro Industry Economy

2014/12/12 20:45:00 35

BarclayStock MarketMacro

Theme 1: the Federal Reserve will raise interest rates in 2015.

Trading opportunities:

US Treasury bonds

Yield curve is flat, short gold.

Theme 2: monetary policy deviation = US dollar continued strength

Trading opportunities: shorting the euro to the US dollar, making the trend of many small cap stocks (Russell 2000) relative to large cap stocks (S & P 500), shorting the trend of the S & P 500 relative to the non US developed countries' stock market.

Theme 3:

Crude oil fall

The negative impact has been reflected in the pricing, and the positive impact is not yet.

Trading opportunities: more options and Korean stocks

Theme 4:

Bank of Japan

[micro-blog] accident relaxed

Trading opportunities: to do more Japanese stock market (big cap) (exchange rate hedging) and 10 year inflation swap.

Theme 5: Asset Pricing in Europe has already reflected Japan's long-term deflation expectations, but the ECB can change that.

Trading opportunities: more European peripheral countries relative to the trend of the bond market (after volatility adjustment), shorting the euro.

Theme 6: the market's general pessimism over global growth and China's growth may become a great opportunity for 2015.

Trading opportunities: doing more benefits from US growth, falling oil prices and China's loose stock market (South Korea, China and India), making more global cyclical stocks relative to defensive stocks.

Theme 7: emerging markets face several headwinds in 2015, but there are also some opportunities.

Trading opportunities: do more Indonesian, India and Mexico bonds in local currency, make more US dollars to Czech kronor, Hungary Fulin and Poland ZrTi.

Topic 8: foreign exchange arbitrage suitable for Euro financing

Trading opportunities: shorting the euro against the Indonesian rupee, shorting the euro to the India rupee and shorting the euro to Brazil.

Theme 9: making more India assets: big opportunities in emerging markets

Trading opportunities: India stock market, bonds and India rupees (against the euro).

Where is the biggest consensus risk of the theme 10:2015?

Trading opportunities: to do more volatility in the US remote interest rate, to do more currencies in India rupee, Brazil real and Turkey lira basket against the US dollar, to do more European stock market relative to the trend of the US stock market, and to make more emerging market stock market trends relative to the US stock market.

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