Top-10 macro trade ideas (Q2 update)
- Rates: SGD and CNY rates outperformance to continue
- Currencies: We are long USDCNY, USDTHB, and EURGBP
- Credit: Maintaining positivity on Thai banks’ subordinated bonds
- Equities: China/HK equities are too cheap to ignore
Idea #1: SGD rates outperformance to last
Idea #2: China’s divergences to be reflected in outperformance of CNY rates
Idea #3: Receive 5Y MYR IRS vs pay 5Y THB OIS on differing risk profiles
Idea #4: Long USD vs CNY on “dovish PBOC, hawkish Fed”
Idea #5: Take profit on long USD/JPY and shift to a long USD/THB strategy
Idea #6: Switching from a “short EUR, long SGD” strategy to a long EUR/GBP play
Idea #7: Maintaining positivity on Thai banks’ subordinated bonds
Idea #8: Wary of uneven impact from oil shocks on energy and basic materials
Idea #9 China/HK equities are too cheap to ignore
Idea #10: Stay long with the STI’s re-opening theme
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