Some extracts:
- To be clear, your scribe believes that we are almost at the dawn of the October rally and that, given the extreme positioning of shorts, fundamentals will not carry much weight. For the record, our Global Macro’s two best performances in yesterday’s session were:
- US regional banks…
- Semiconductors… NVIDIA’s rebound is one to watch!!!!
- In the meantime, while the fundamentals concerning China may seem “light” to many investors, relations between China and Western countries are set to become more “pro-business” in the face of the cacophony of spending and organization of the IRA2022 and Chip Act, and signs of a slowdown in the European economy.
- We develop interesting positionings that could fuel a sharp rebound in risky assets that could fuel a strong rebound in risky assets:…
- It’s all a question of timing. We are experiencing a succession of supply shocks, which argues for breaking them down into long sequences versus demand shocks.
