The serious negotiations for the positive outcome of the Trade War are sending Chinese equities and the Chinese YUAN roaring.

Complacency is back in the US equity markets.
Dubai, Malaysia, Vietnam and Greece are catching up strongly.
India remains hesitant.

The US Dollar is neutral but we see the path of least resistance to the downside as the consensus is far too optimistic and investors and speculators are heavily long the Greenback.  
Buy CNY and GBP.
Short EUR and JPY.

Gold is overbought but metals are strong on a successful resumption of World Trade and Investments.  
Agricultural products are deeply Oversold

Equities

After the strongest January rally in 40 years, global equities are still powering ahead on the back of positive news on the US – China Trade War and clear signals from central banks that they are pausing in their monetary tightening.

China, Asia and Emerging markets are clearly catching up while American markets are overbought and over-owned.

We expect a correction in March before a Q2 rally develops.

WORLD INDEXES

MXWO – MSCI World Equity Index HOLD

MXEF – MSCI Emerging Markets Index BUY

MXAP – MSCI Asian Pacific All Countries Index BUY

AMERICAS

USA – Dow Jones Industrial Index REDUCE

USA – Standard & Poor’s 500 Index HOLD

USA – Nasdaq Index REDUCE

USA – Russel 2000 Index REDUCE

Canada – TSX Index REDUCE

Mexico – MEXBOL Index BUY

Brazil – IBOV Index HOLD

EUROPE

Europe – BLOOMBERG EUROPEAN 500 Index HOLD

Europe – EUROSTOXX 500 Index HOLD

Germany – DAX 30 Index BUY

France – CAC 40 Index HOLD

UK – FT 100 Index SELL

Spain – IBEX 35 Index STRONG BUY

Italy – FT MIB 30 Index STRONG BUY

Portugal – PSI 20 Index BUY

Sweden – OMX Index BUY

Russia – MOEX Index HOLD

Turkey – Istanbul Titan 20 Index HOLD

MIDDLE EAST

Dubai – DFMGI Index STRONG BUY

Abu Dhabi – ADSM Index STRONG BUY

Saudi Arabia – TADAWUL Index REDUCE

ASIA

China – Shanghai Composite Index BUY

China – CSI 300 Index HOLD

China – FT50 China Index HOLD

China – Shenzhen Composite Index STRONG BUY

China – HSCEI Index STRONG BUY

Taiwan – TWSE Index HOLD

Hong Kong – HSI Index BUY

Korea – KOSPI Index HOLD

Indonesia – JCI Index REDUCE

Thailand – SET Index BUY

Singapore – STI Index BUY

Philippines – PCOMP Index REDUCE

Malaysia – KLCI Index STRONG BUY

India – NIFTY Index AVOID

Vietnam – VNI Index STRONG BUY

Australia – AS 51 Index HOLD

Currencies

DXY – US dollar Index NEUTRAL

CNY – Chinese Yuan STRONG BUY

EUR – Euro NEUTRAL

JPY – Japanese Yen SELL

GBP – British Pound BUY

CAD – Canadian Dollar BUY

AUD – Australian Dollar BUY

TRY – Turkish Lira HOLD

RUB – Russian Ruble BUY

Commodities

CL1 – Crude Oil HOLD

XAU – Gold Take Profits

XAG – Silver Take profits

HG1 – Copper STRONG BUY

XPD – Palladium SELL

XPT – Platinum STRONG BUY

KC1 – Coffee Accumulate

SB1 – Sugar STRONG BUY

BONDS

US Government 30 Year Bonds

US Government 10 Year Bonds