Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events impacting our investment themes or outlook</li>
<li>Japan perks up as machine tool orders rise y/y for the first time in nearly 19 months</li>
<li>US Interest Rate cut expectations rise to a “sure thing” in September</li>
</ul>


A review of recent events impacting our investment themes or outlook
Japan perks up as machine tool orders rise y/y for the first time in nearly 19 months
US Interest Rate cut expectations rise to a “sure thing” in September


<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


June Themes and Thematic Portfolio Review

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>The latest CBO fiscal update raises the odds of upside inflation surprises in the coming years, which would be bullish for gold.</li>
<li>The intermediate-term outlook for inflation will largely depend on the outcome of the November election.</li>
<li>We project that a Biden win would be bearish for bond prices and mildly bullish for stock prices. A Trump win would be bond and USD bearish and gold bullish.</li>
</ul>


The latest CBO fiscal update raises the odds of upside inflation surprises in the coming years, which would be bullish for gold.
The intermediate-term outlook for inflation will largely depend on the outcome of the November election.
We project that a Biden win would be bearish for bond prices and mildly bullish for stock prices. A Trump win would be bond and USD bearish and gold bullish.


Why the November Election Matters to Gold

<ul>
<li>“Strong” non-farm payrolls number a catalyst for another hit to commodities</li>
<li>Oil positioning is now very supportive for prices with non-commercial buying levels close to  five-year lows.</li>
<li>Copper may have more short-term downside with speculative interest still high</li>
</ul>


“Strong” non-farm payrolls number a catalyst for another hit to commodities
Oil positioning is now very supportive for prices with non-commercial buying levels close to  five-year lows.
Copper may have more short-term downside with speculative interest still high


"Wham, Bam, Thank You Ma'am" – Commodities Get Slammed

<ul>
<li>Recent signs of economic weakness in the US is a believable narrative for the current weakness</li>
<li>OPEC +  announcement on increasing production adds to the noise</li>
<li>Weakness spreads from the energy sector to other commodity sectors</li>
</ul>


Recent signs of economic weakness in the US is a believable narrative for the current weakness
OPEC +  announcement on increasing production adds to the noise
Weakness spreads from the energy sector to other commodity sectors


United States

SPDR Gold Shares is an investment fund incorporated in the USA.  The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

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SPDR Gold Shares (GLD US)

Overview #6 - Japanese Data Perks Up.

Recent events show Japan's economy improving with machine tool orders rising, while US interest rate cut in September is now highly expected.

Rikki Malik

June Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Why the November Election Matters to Gold

The latest CBO fiscal update raises the odds of upside inflation surprises in the coming years, which is gold bullish. The outlook for inflation...

Cam Hui

"Wham, Bam, Thank You Ma'am" – Commodities Get Slammed

Strong non-farm payrolls lead to a continued drop in commodities, giving opportunities in precious metals and energy, but some sectors may have...

Rikki Malik

Is that It? Commodity Bull Market Over?

Recent US economic data points to potential weakness impacting energy and other commodity sectors, while OPEC+ actions muddies the waters.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #6 - Japanese Data Perks Up.

​Recent events show Japan's economy improving with machine tool orders rising, while US interest rate cut in September is now highly expected.

Rikki Malik

June Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Why the November Election Matters to Gold

The latest CBO fiscal update raises the odds of upside inflation surprises in the coming years, which is gold bullish. The outlook for inflation...

Cam Hui

"Wham, Bam, Thank You Ma'am" – Commodities Get Slammed

​Strong non-farm payrolls lead to a continued drop in commodities, giving opportunities in precious metals and energy, but some sectors may have...

Rikki Malik

Is that It? Commodity Bull Market Over?

Recent US economic data points to potential weakness impacting energy and other commodity sectors, while OPEC+ actions muddies the waters.

Rikki Malik

Recent events show Japan's economy improving with machine tool orders rising, while US interest rate cut in September is now highly expected.

Strong non-farm payrolls lead to a continued drop in commodities, giving opportunities in precious metals and energy, but some sectors may have...