Insights

1. Current Volatility & looking out into 2025
2. Re-pricing the Fed
3. US Materials – an efficient China long
4. Bullish bonds? Gilts offer best value

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‍1. The FX market is risk averse
2. The rates market is complacent
3. Bond vol complacency raising the ante for long duration equities
4. Momentum - buy the dip?
5. Chinese pivot? Equities, maybe. Bonds, not yet
6. Oil Stocks vs. Consumer discretionary in the US

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1. Red flag on Yen strength
2. R2K sensitivity to HY credit spreads has dropped to zero – the easy money is over
3. Long duration vs. short duration vulnerable, underplaying the risks of higherinflation vol
4. Semiconductors remain the optimal AI play?
5. FTSE MIB vs DAX: A Europe play?

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