Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

Japan Financials / Thematic (Sector/Industry)

<ul><li>Fed <span data-term="goog_1582699526">Wednesday</span>, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength </li></ul><ul><li>Euro crosses &amp; global macro traders will still be digesting the Draghi surprise &amp; the epitome of a poorly placed sentence (What were they thinking!?)</li></ul><ul><li>ECB surprise &amp; price action last week is not similar to the BoJ &amp; Yen movements, ‘same same but very different’. The market is ‘wrong’ to jump the gun on no further QE in the EZ</li></ul>

Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength Euro crosses &amp; global macro traders will still be digesting the Draghi surprise &amp; the epitome of a poorly placed sentence (What were they thinking!?)ECB surprise &amp; price action last week is not similar to the BoJ &amp; Yen movements, ‘same same but very different’. The market is ‘wrong’ to jump the gun on no further QE in the EZ

Haitong Securities Co Ltd (A) (600837 CH)

Sumitomo Mitsui Financial Group (8316 JP)

Mitsubishi UFJ Financial (MUFG) (8306 JP)

Sumitomo Mitsui Financial Group (Sponsored Adr) (SMFG US)

Sumitomo Mitsui Financial Group (Sponsored Adr)

Shanghai Pudong Development Bank Co. (600000 CH)

Mitsubishi UFJ Financial (MUFG) ADR (MUFG US)

China Pacific Insurance (Group) Co., (601601 CH)

Global Macro Take: WK 11 - ECB Digestion, Fed Wednesday & Potentially Risk-On Reversal