Summary: Today we look at markets tip-toeing back away from the cycle lows, especially after a rate ease in China buoyed sentiment there. We also highlight a huge ongoing shift in portfolio allocations as a major Blackrock momentum fund (MTUM) is set for a massive rebalancing. And we put the current overall market drawdown in historic perspective, warning that investors need to zoom out to consider the 100-year timeframe rather than the merely the post-GFC one. Thoughts on industrial and precious metals, FX and the status of the US dollar rally as well as a preview of next week's earnings- and macro calendar also on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
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