GLOBALMACRO SNAP

06/05/2024

MARKET LIGHTS
US April Nonfarm Payrolls rised 175k M/M; Est.
+240k, with wage gains less than expected NEXT MAIN
MACRO EVENTS
too; numbers that signal a slowing labor
market. MAY U. of Mich. Sentiment
10th
Considering the overall data released so far, PERIOD: May P
our macro view is that we expect a first cut by SURVEY: 77.00
PRIOR: 77.20
FED in September (so, a delay but clearly not a
cancellation). MAY PPI MoM
14th
About Europe, our forecast is that ECB will PERIOD: April
start the cut rates in June with an SURVEY: 0.3%
PRIOR: 0.2%
implementation of three total cuts before the
end of the year. MAY
15 th
CPI Mom
PERIOD: April
SURVEY: 0.3%
PRIOR: 0.4%
 GLOBALMACRO SNAP

ASSET VIEW
Equity: Overall Q1 earnings results
SENTIMENT INDEX
coming out in USA and Europe are
positive vs forecasts, markets are FAIR
SCARE GREED
maintaining and improving levels.
Financials continued to produce EXTREME EXTREME
SCARE GREED
good figures and remain one of our
top picks. Greater caution on the
luxury sector, considering the
difficulties in the chinese market.
Prudent on consumer tech too.

Bonds: 10-year treasury bond on the run at around 4,50% is always

interesting, Corporates investment-grade remain a safe choice also with
medium- long duration.
Emerging require a more careful selection. In any case, we prefer issues
in $ rather than in local currencies.

OUR FUNDS

NAME FUND TYPE STRATEGY ISIN BBG TICKER

Lemanik Sicav Flex UCITS - Fund of

Global Allocation LU0543665821 LFLXHR6 LX
Quantitative HR6 Funds

NAXOS - Capital Special Investment

SIF - SICAV LU1354474634 -
Plus Fund

For more info, visit https://ucapital-am.com/

 GLOBALMACRO SNAP

CENTRAL BANKS MONETARY POLICY MEETINGS

Calendar 2024

JANUARY FEBRUARY MARCH APRIL MAY JUNE

Jan 25 Feb 01 Mar 07 Apr 11 May 01 Jun 06

Jan 31 Mar 20 May 09 Jun 12

Mar 21 Jun 20

JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

Jul 18 Aug 01 Sep 12 Oct 17 Nov 07 Dec 18

Jul 31 Sep 18 Nov 07 Dec 19

Sep 19 Dec 12

European Central Bank Federal Reserve Bank of England

Sources: Federal Reserve, European Central Bank, Bank of England.

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