Contexto de Mercado

Al 16/11
…EM (emerging) vs. DM (developed markets)
relative performance
Emerging Markets composite manufacturing
PMI rebounded
Equity Risk Premium - EM Is Cheap Again
ECONOMIC POLICY UNCERTAINTY
AND GLOBAL EQUITIES
1. Global Economic Policy Uncertainty Trend
2. Economic Policy Uncertainty - EM vs DM
3. Economic Policy Uncertainty vs Implied
Volatility
CRUDE OIL BREAK DOWN
Key point: WTI crude oil prices are breaking
down
Crude oil implied volatility
Crude Oil Vs. Energy Stocks - A Big Gap
QUANTITATIVE TIGHTENING
Balance sheet normalization
The Quantum of Quantitative Tightening
QT vs Bond Yields
QT vs the S&P500
QT and the US Dollar
The Big3QE Central Banks
Shadow Policy Rates and the Great
Experiment