Investment Conclusion
TICS: US continues to attract capital but the US$ exposure is being covered.
Russian foreign exchange assets are about to be confiscated at last. Watch out for retaliation!
The UK President Trump’s visit - the significant message: the UK pursues the special relationship with greater economic vigour while the EU goes the opposite way. Forget about the UK rejoining the EU in any significant way except defence.
Japan LDP leadership election : The Ms Takaichi LDP candidature – lots of personality, short on policy. If she wins: equities up, JGB yields up, Yen down. Shinjiro Koizumi is the more likely victor. That would not change BoJ or fiscal policy much. Market impact
Shipping - more signs of weakness in US demand.