Russia Strategy: Cyclical Mettle Vs. Meddling Structural and Geopolitical Challenges

Week Ahead in Global Macro: FOMC, BOE, EU Summit, NPC Wrap, RBNZ, BSP, CBR/BCB Cuts, Moody's on SA

Week Ahead in Global Macro: US Tech and Trade Risks, China PMI, FTSE on Saudi, SARB, Good Friday

Italy Elections: Mamma Mia! High-Risk Scenarios Are Underpriced in BTPs, FTSE MIB

Week Ahead in Global Macro: US NFP, Tariffs, ECB, BOJ, RBA, China NPC/CPI/Trade, BOC, BNM

Coming To The Boil - US Overheating Watch #1

Multi-asset Macro/Emerging Markets Strategist

Virgil Fernandez Esguerra

Thematic (Sector/Industry)

United states / Thematic (Sector/Industry)

Our guide to this week’s global macro risk events and trading opportunities.<ul class=""><li>This week in trade ideas: Strategic short US Treasury 10s on a medium-term upward drift in inflation. Long Korean equities on prospective reduction in geopolitical risk premium. We keep relative value long positioning in: US banks vs SPX, NOK vs SEK, Japanese steel vs US steel and Saudi equities vs EM. We add short Russia RUB to our watchlist.</li><li>Monday: Japan machine tool orders, 3/10yr UST auction, India CPI/IP, Italy PD meeting, Spain Catalonia parliament selects regional president</li><li>Tuesday: US CPI, 30yr UST auction, Australia home loans, Malaysia/Mexico IP, Argentina BCRA, US special election in Pennsylvania</li><li>Wednesday: BOJ minutes, China activity (retails/IP/FAI), Japan core machine orders, Sweden CPI, Argentina CPI, Germany Merkel inauguration</li><li>Thursday: NZ GDP, SNB/Norges Bank MPC, TIC flows, Indonesia/India trade, Philippines remittances, EU27 approves Brexit text</li><li>Friday: Japan IP, US housing starts, US UMich sentiment, Singapore NODX</li><li>Corporate earnings:  Bharti Airtel, Ayala Corp (PH) (Mon), Sberbank, Antofagasta (Tue), Inditex, Prudential, Lukoil, Adidas (Wed), Broadcom, Adobe, Petrobras, Audi, Dollar General, Tenaga, DP World (Thu), CK Hutchison, Tiffany (Fri)</li></ul>

Our guide to this week’s global macro risk events and trading opportunities.This week in trade ideas: Strategic short US Treasury 10s on a medium-term upward drift in inflation. Long Korean equities on prospective reduction in geopolitical risk premium. We keep relative value long positioning in: US banks vs SPX, NOK vs SEK, Japanese steel vs US steel and Saudi equities vs EM. We add short Russia RUB to our watchlist.Monday: Japan machine tool orders, 3/10yr UST auction, India CPI/IP, Italy PD meeting, Spain Catalonia parliament selects regional presidentTuesday: US CPI, 30yr UST auction, Australia home loans, Malaysia/Mexico IP, Argentina BCRA, US special election in PennsylvaniaWednesday: BOJ minutes, China activity (retails/IP/FAI), Japan core machine orders, Sweden CPI, Argentina CPI, Germany Merkel inaugurationThursday: NZ GDP, SNB/Norges Bank MPC, TIC flows, Indonesia/India trade, Philippines remittances, EU27 approves Brexit textFriday: Japan IP, US housing starts, US UMich sentiment, Singapore NODXCorporate earnings:  Bharti Airtel, Ayala Corp (PH) (Mon), Sberbank, Antofagasta (Tue), Inditex, Prudential, Lukoil, Adidas (Wed), Broadcom, Adobe, Petrobras, Audi, Dollar General, Tenaga, DP World (Thu), CK Hutchison, Tiffany (Fri)

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)

글로벌 거시경제 전망: 미국 소비자물가지수(CPI), 미국 무역협회(UST) 경매, 중국 경제 활동, 노르웨이 중앙은행, 뉴질랜드 GDP