Insights

• EURUSD - the rearmament laggard
• SOXX - Mean reversion potential
• Swissy - Choose the Franc, not the SMI

Turn in the Credit Cycle:
Spotlight Winners and Losers

1. SPY - amber warning from macro uncertainty
2. Pole Position Pricing
3. US - Europe

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Qi Macro Spotlight - The Inflation Narrative is Shifting

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1. Time to fade European equities
2. Time to fade 10y BUND yields
3. KWEB also vulnerable

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Qi Macro Spotlight: Aspirin for Your Macro Migraine

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1. Time to fade long duration stocks
2. Low Vol is not a good hiding place
3. Inflation hawks in the ascendancy

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Qi Macro Spotlight: Real Rates Remain a Key Risk for 'The Rest'

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Qi Macro Spotlight -Tail Risks

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1. A message from bonds & commodities
2. European Banks - too far, too fast
3. Value the Comeback Kid but tariff risks temper the enthusiasm

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Qi Macro Spotlight: European Banks

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Qi Macro Spotlight: US Exceptionalism at Risk

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