Markets Edition: From Penalty Kicks to Macro Risks
KEY TAKEAWAYS
- Citi Research maintains an overweight equities stance favoring U.S. markets for AI exposure despite a global shift towards macro risks driven by geopolitical tensions and inflationary pressures
- The report highlights a strategic pivot in fixed income towards Bunds as a safer haven while emphasizing base metals in commodities due to EV and AI tailwinds reflecting evolving market dynamics.
- Citi clients can access the comprehensive "From Penalty Kicks to Macro Risks" report on Velocity for detailed insights into global macro strategy and investment recommendations
Adam Pickett and Alex Saunders discuss what investors ought to consider in assessing markets. As the two explore in their conversation, we've moved from an era of low-risk, high-conviction trades — the penalty kicks — to one that's being shaped by ongoing macro risks
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Adam Pickett, Head of Citi’s Global Macro Strategy
Adam Pickett is a Head of Citi’s Global Macro Strategy team, based in London; he also works within the Asset Allocation group. Adam and team focus on broad macro themes, cross-asset class analysis, house FX forecasts, and global asset allocation. He offers trade ideas aimed at hedge funds, real money, and other macro-oriented investors. Specifically, he covers FX, fixed income, equity, credit, and commodity markets. Prior to joining the Global Macro Strategy team, Adam spearheaded Citi’s EMEA G10 FX Strategy effort, based in London, for four years, primarily focusing on generating alpha via leveraged trade ideas.
Alex Saunders, Director with Citi Research
Alex Saunders is a Director with Citi Research and heads the Quantitative Global Macro and Asset Allocation team. Prior to joining Citi in 2021 he spent more than 15 years on the buy side as a researcher and portfolio manager for quantitative investment strategies. His most recent position covered asset allocation and US credit for Itau Asset Management. Before that, he worked for QS Investors and Deutsche Asset Management across a variety of asset classes. Alex holds an MA degree in Economics from London Metropolitan University and a BSc from the University of Liverpool.
