Steen's Weekly Macro Chart: Theme? Stress, stress and more stress

Attached the Weekly chart – partly from Saxo Macro-mania, partly from best of Twitter likes this week…

 

Themes:

 

• UK – Our biggest NEGATIVE view – not only is credit impulse collapsing but REAL WAGES in UK below ITALY since 2008! This almost guarantee a run for PM Corbyn!!!!
• US – Inflation well below 200 pc now – (FED SF agrees this morning) setting up OVERWEIGHT in US Fixed Income @ or just after December hike – REMEMBER Powell speaks tomorrow
• Global Monetary base lowest -smallest – since 2006…….
• US – Credit falling out of bed – any the Mortgage market price home owners @ 500 bps almost..! Cycle end is near..
• The Illusion of Capitalism  - most markets in the world driven and operated as MONOPOLIES – the exact opposite of capitalism with market allocated freely priced goods – Wonder why we have no growth and no productivity – this chart shows you why!

 

 

 

Med venlig hilsen  |  Best regards
Steen Jakobsen  |  Chief Investment Officer

 

Saxo Bank A/S  |  Philip Heymans Allé 15  |  DK-2900 Hellerup
Phone: +45 39 77 40 00  |  Direct: +45 39 77 62 23  |  Mobile: +45 51 54 50 00

 

Research: http://www.tradingfloor.com/traders/steen-jakobsen

Please visit our website at www.saxobank.com

 

 

 

 

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