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

Rikki Malik

Macroeconomics

<ul>
<li>Stocks and Gold rally as US economy shows continued strength in employment</li>
<li>Under the hood, it is not looking quite so rosy</li>
<li>Meanwhile the Bank of Japan faces its own credibility issue</li>
</ul>


Stocks and Gold rally as US economy shows continued strength in employment
Under the hood, it is not looking quite so rosy
Meanwhile the Bank of Japan faces its own credibility issue


US Employment Report Superficially Strong Again

Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>Welcome to this week’s rundown of our portfolio, its performance, and our most clear-cut conviction for the period ahead.</li><li>The cocktail of better economic activity and geopolitical tensions provided tailwinds for our long crude bet, which reached its take profit level Tuesday, and hence we are out of our oil position with a significant profit.</li><li>Most notably, and reflecting our still cyclically tilted portfolio allocations, we see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts.</li></ul>

Welcome to this week’s rundown of our portfolio, its performance, and our most clear-cut conviction for the period ahead.The cocktail of better economic activity and geopolitical tensions provided tailwinds for our long crude bet, which reached its take profit level Tuesday, and hence we are out of our oil position with a significant profit.Most notably, and reflecting our still cyclically tilted portfolio allocations, we see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts.

Portfolio Watch: The Real World Is Reflating Again

<ul>
<li>A monthly review at 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 at 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


March 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

Technical Analysis

<ul>
<li>Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.</li>
<li>Point and figure charts indicate a measured objective of 2576 over a probable 6–18-month time horizon and a measured objective of 3372 over a probable 3–5-year time frame.</li>
<li>Gold mining stocks are cheap relative to gold and could offer even more upside potential on an intermediate- and long-term basis.</li>
</ul>


Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.
Point and figure charts indicate a measured objective of 2576 over a probable 6–18-month time horizon and a measured objective of 3372 over a probable 3–5-year time frame.
Gold mining stocks are cheap relative to gold and could offer even more upside potential on an intermediate- and long-term basis.


<ul>
<li>US economic data while surprising on the upside fails to buoy the USD vs the JPY</li>
<li>BOJ awaiting shunto talks for more evidence of a sustained move out of deflation</li>
<li>What are the implications for global markets if mass repatriation of Japanese capital</li>
</ul>


US economic data while surprising on the upside fails to buoy the USD vs the JPY
BOJ awaiting shunto talks for more evidence of a sustained move out of deflation
What are the implications for global markets if mass repatriation of Japanese capital


The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?

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)

US Employment Report Superficially Strong Again

Stocks and Gold rise on strong US employment data, but underlying economic concerns persist while Bank of Japan grapples with credibility issues.

Rikki Malik

Portfolio Watch: The Real World Is Reflating Again

Welcome to this week’s rundown of our portfolio, its performance, and our most clear-cut conviction for the period ahead. The cocktail of better...

Steno Research

March Themes and Thematic Portfolio Review

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

Rikki Malik

The Stealth Breakout You May Have Missed

Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.

Cam Hui

The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?

Potential impact on global markets from Japanese capital repatriation. Despite positive US economic data, the USD is no longer strengthening...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Employment Report Superficially Strong Again

​Stocks and Gold rise on strong US employment data, but underlying economic concerns persist while Bank of Japan grapples with credibility issues.

Rikki Malik

Portfolio Watch: The Real World Is Reflating Again

Welcome to this week’s rundown of our portfolio, its performance, and our most clear-cut conviction for the period ahead. The cocktail of better...

Steno Research

March Themes and Thematic Portfolio Review

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

Rikki Malik

The Stealth Breakout You May Have Missed

Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.

Cam Hui

The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?

Potential impact on global markets from Japanese capital repatriation. ​Despite positive US economic data, the USD is no longer strengthening...

Rikki Malik

Stocks and Gold rise on strong US employment data, but underlying economic concerns persist while Bank of Japan grapples with credibility issues.

Potential impact on global markets from Japanese capital repatriation. Despite positive US economic data, the USD is no longer strengthening...