GLOBAL INVESTMENT STRATEGY, EXECUTION AND RISK MANAGEMENT FOR INSTITUTIONAL INVESTORS

UK: 14-16 Dowgate Hill, London UK EC4R 2SU

US: 245 Park Ave, 39^th Floor, NY, NY, 10167

This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.

You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.

Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287

Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185

Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626

Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303

Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796

BOND-YIELD-SHORT-TERM-UPDATE-The-daily-RSI-extensions-mentioned-on-the-26th-March-certainly-kicked-in-and-many-yields-have-bounced-ahead-of-NON-FARM-Friday..pdf

BOND YIELD (SHORT-TERM) UPDATE : The daily RSI extensions mentioned on the 26th March certainly kicked in and many yields have bounced ahead of NON-FARM Friday.

BOND YIELD (SHORT-TERM) UPDATE : The daily RSI extensions mentioned on the 26^th March certainly kicked in and many yields have bounced ahead of NON-FARM Friday. The daily RSI’s still have room for a further bounce but NON-FARM may HALT that recovery.

The LONGTERM charts remain unaffected.

The curve rotation was a good FLAG for the yield bounce.

**REMEMBER CTAs KEEP buying for their trend-momentum returns irrespective of yield levels.**

Real money has already been buying EM to lock in more attractive yields, am sure soon to ADD.

The long-term quarterly-monthly charts continue to forecast MUCH lower yields and little obstacles in their path!

On paper the quarterly and monthly charts are obvious, its MUCH lower yields. We are failing MANY RARE 50 and 100 period moving averages aided by RSI dislocations that date back to 1980’s. The formations are staggering given the previous upsets in and around 2000 - 2007.

It seems from a chart perspective everyone is convinced rates are going MUCH HIGHER based on the HISTORICAL RSI dislocations. Expectation and positioning is way too optimistic.

The weekly charts are more optimistic for a HOLD but daily negate that almost instantly.

Daily charts have persisted in remaining sub numerous 200 day moving averages, so ideally it’s all a matter of time.

Germany and UK also point to lower yields, whilst Italy is pausing at a recent low.

ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.

UK: 14-16 Dowgate Hill, London EC4R 2SU
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Office: +44 (0) 203 143 4174
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• Astor Ridge does not provide independent research. We have no dedicated or paid strategists, research portals, or research subscriptions. However, you may receive unsolicited marketing communications from our Introducing Brokers from time to time, which may refer to specific trade recommendations. These recommendations are based solely on the opinion of the author, and are not official research recommendations of Astor Ridge.We have considered guidance from ESMA, and any written material from our Introducing Brokers that might fall within the scope of the rules will be provided for free, and made publicly available on our website, to any EU Investment firm that registers for it.
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• If you are a MiFID firm and do not agree with our approach, and instead believe that you must pay for written commentary or trade recommendations, then Astor Ridge will accept payments determined by you.
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• I also direct you to our disclaimer on our email footer:
• This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
•
• You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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• Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
• Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
• Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
• Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
• Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
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MULTI-ASSET-UPDATE-POST-QUARTER-END-RECAP..pdf

MULTI ASSET UPDATE : POST QUARTER END RECAP.

MULTI ASSET UPDATE : POST QUARTER END RECAP.

WHATS CHANGED :

BOND YIELDS ITS ALL ABOUT MAINTAINING MOMENTUM LOWER.

US CURVES CONTINUE TO SEE THE PERFORMANCE SHIFT MORE TO THE FRONT END.

FX WATCH THE EURO AS A SUSTAINTED TIME SUB THE MULTI YEAR 1.1241 RETRACEMENT IS “NOT HEALTHY”.

EM FX, THIS CONTINUES TO ENDORSE FURTHER EM STRENGTH CONTINUING.

EQUITIES, THESE ARE THE BIGGEST PAIN! THEY CONTINUE TO GRIND HIGHER WHICH IS AT ODDS WITH THE MORE LONGTERM CHARTS, WE SHALL SEE.

ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.

UK: 14-16 Dowgate Hill, London EC4R 2SU
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Office: +44 (0) 203 143 4174
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• I provide our research notification below for your convenience:
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• Research Unbundling:
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• Astor Ridge does not provide independent research. We have no dedicated or paid strategists, research portals, or research subscriptions. However, you may receive unsolicited marketing communications from our Introducing Brokers from time to time, which may refer to specific trade recommendations. These recommendations are based solely on the opinion of the author, and are not official research recommendations of Astor Ridge.We have considered guidance from ESMA, and any written material from our Introducing Brokers that might fall within the scope of the rules will be provided for free, and made publicly available on our website, to any EU Investment firm that registers for it.
•
• If you are a MiFID firm and do not agree with our approach, and instead believe that you must pay for written commentary or trade recommendations, then Astor Ridge will accept payments determined by you.
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•
• I also direct you to our disclaimer on our email footer:
• This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
•
• You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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• Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
• Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
• Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
• Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
• Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
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• If there is anything else you require from us to continue receiving our market communications, or prefer a different medium for access (e.g. publicly available password protected access on the Astor Ridge website), please do let me know.
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TEL: Theresa May hints at long delay after MPs fail to agree on indicative votes

Today's BREXIT BARRAGE... Where's the Queen when we need her?

Time for some “Queenly” intervention, no? 😉

I’ll endeavour to keep these updates a bit more brief – they’re becoming a pretty depressing way to start my day!

TEL: With contempt for voters, MPs are pushing through a phony Brexit

TEL: Michael Gove tells Tory MPs he would ‘reluctantly’ accept softer Brexit over no Brexit at all

TEL: If this is what it looks like when Parliament seizes power, maybe Theresa May’s Brexit deal isn’t so bad

TEL: It’s make-or-break time for this dithering Cabinet

BBG: May’s Cabinet Confronts Brexit Crisis After Commons Stalemate

BBG: Pound Retreats as U.K. Parliament Rejects Brexit Alternatives

BBG: Brexit’s Last Chance Before the Voters Take Control

BBG: Goldman Sees a ‘Big Finish’ for Brexit, Opportunity in the Pound

BBG: Merkel Wants Irish Ready for Painful Choice if Brexit Goes Wrong

BBC: Brexit: What happens now?

BBC: No-deal more likely but can be avoided – Barnier

BBC: Varadkar and Macron to meet on Brexit deadlock

BBC: MPs fail to back proposals again

FT: Brexit options fail as tempers flare in Parliament

FT: Expat identities: will there be a French ‘Brexodus’?

FT: Theresa May and her ministers face stark choices on Brexit

And so it goes…

Mark

image009.jpg@01D28D1B.42BD95C0">

Mark Funsch

O: +44 (0) 203 - 143 - 4177

M: +44 (0) 789 - 996 - 4051

UK: 14-16 Dowgate Hill, London UK EC4R 2SU

US: 245 Park Ave, 39^th Floor, NY, NY, 10167

Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287

Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185

Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626

Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303

Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796

BBG: U.K. Parliament Seizes Control Amid Brexit Rift in May’s Tories

Today's BREXIT BARRAGE... Doesn't Need to be April 1st for These Fools....

Every day is April 1^st in Parliament these days!

BBG: Brexit Bulletin: The Impossible Choice

BBG: Brussels Edition: Watching Westminster Again

BBG: EU’s Brexit Patience With U.K. Won’t Last Forever, Juncker Says

BBG: Merkel Enters Brexit Fray as EU Seeks Shield from U.K. Turmoil

TEL: BoJo: The Tories need to get on with Brexit and learn to Believe in Britain again

TEL: How a second referendum on Brexit could work: the question, when it could happen and who would win

TEL: Brexit indicative votes: What will MPs be voting on in Parliament today, and how will it work?

TEL: What time are today’s indicative votes – and will Theresa May resign?

TEL: Cabinet is ‘most ill-disciplined’ in history, chief whip says, as resignations expected over customs union vote

FT: Theresa May weighs fourth vote on Brexit deal

FT: Tory tensions rise as Theresa May faces agonising choice on Brexit

FT: Banks keep options open and hold fire on Brexit exodus

FT: EU expresses doubts on alternatives to May’s Brexit plans

FT: Munchau: The EU has little appetite to grant another Brexit extension

FT: A cross-party approach to Brexit is now required

Enjoy!

Mark

image009.jpg@01D28D1B.42BD95C0">

Mark Funsch

O: +44 (0) 203 - 143 - 4177

M: +44 (0) 789 - 996 - 4051

UK: 14-16 Dowgate Hill, London UK EC4R 2SU

US: 245 Park Ave, 39^th Floor, NY, NY, 10167

Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287

Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185

Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626

Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303

Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796

Astor Ridge Data/Supply/Events Calendars for Apr 1-5

Highlights:

Busy data calendar on Monday and NFP on Friday.

Supply quiet in US but heavy duration in France and gilts supply resumes.

Brexit outcome still in the works – will know more by today’s close.

Any questions or comments, please let me know.

Thanks

Mark

image009.jpg@01D28D1B.42BD95C0">

Mark Funsch

O: +44 (0) 203 - 143 - 4177

M: +44 (0) 789 - 996 - 4051

Astor-Ridge-Econ-Data-Apr-1-5.pdf

UK: 14-16 Dowgate Hill, London UK EC4R 2SU

US: 245 Park Ave, 39^th Floor, NY, NY, 10167

Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287

Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185

Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626

Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303

Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796

Astor-Ridge-Rates-Events-Calendar-Apr1-5.pdf
pdf icon

Astor-Ridge-Supply-calendar-Apr1-5.pdf
pdf icon

US-CURVES-TIME-TO-FLIP-We-are-getting-an-immediate-response-to-the-CURVE-FLY-call-yesterday-reflecting-the-back-end-curve-retracement-hit..pdf

US CURVES TIME TO FLIP : We are getting an immediate response to the CURVE-FLY call yesterday, reflecting the back end curve retracement hit.

US CURVES TIME TO FLIP : We are getting an immediate response to the CURVE-FLY call yesterday, reflecting the back end curve retracement hit. We should confirm a directional change today as quarter end approaches.

Not yet sure this endorses a directional change in yields, but worth bearing in mind.

I Have long advocated US back end steepeners for some time but now it is time to focus on the frontend.

Frontend curves are finally showing signs of basing that JUST as the 5-30 and 10-30 fail MAJOR multi-year resistance.

I think the timing is perfect right now for that switch-fly trade.

The flies themselves have major multi-year dislocations and retracement support.

**A LOT OF THESE CURVE CHARTS HAVE HAD AN AMAZING TECHNICAL PERFORMANCE HENCE THINK ITS WELL WORTH A LOOK AND DISCUSSION.**

**ASIDE THE USUAL FUTURES FLY OUR RESIDENT SWAPS GURU DAVID SANSOM IS WORKING ON SWAPS ALERNATIVES** HAPPY TO DISCUSS ANY IDEAS.

ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.

UK: 14-16 Dowgate Hill, London EC4R 2SU
US: 245 Park Ave, 39^th Floor, NY, NY, 10167
Office: +44 (0) 203 143 4174
Mobile: +44 (0) 7980708683
Email: chris.williams@astorridge.com
Web: www.AstorRidge.com
• I provide our research notification below for your convenience:
•
• Research Unbundling:
•
• Astor Ridge does not provide independent research. We have no dedicated or paid strategists, research portals, or research subscriptions. However, you may receive unsolicited marketing communications from our Introducing Brokers from time to time, which may refer to specific trade recommendations. These recommendations are based solely on the opinion of the author, and are not official research recommendations of Astor Ridge.We have considered guidance from ESMA, and any written material from our Introducing Brokers that might fall within the scope of the rules will be provided for free, and made publicly available on our website, to any EU Investment firm that registers for it.
•
• If you are a MiFID firm and do not agree with our approach, and instead believe that you must pay for written commentary or trade recommendations, then Astor Ridge will accept payments determined by you.
•
•
•
• I also direct you to our disclaimer on our email footer:
• This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
•
• You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
•
• Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
• Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
• Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
• Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
• Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
•
•
• If there is anything else you require from us to continue receiving our market communications, or prefer a different medium for access (e.g. publicly available password protected access on the Astor Ridge website), please do let me know.
•
• Otherwise, if you are more comfortable to deem consent by simply acknowledging receipt of this email, and continuing our trading relationship under our updated terms of business below, without registering your disapproval, we are happy to proceed on that basis.
•
• Many thanks,
•
• Chris

FT: Theresa May to ask MPs to vote on Brexit deal

Today's BREXIT BARRAGE... The Brexit Day That Wasn't...

Well, no one said it would be easy. They didn’t say it would be a complete &%@”;<# show either!

FT: Pound edges higher ahead of Brexit vote

FT: Will the Brexit impasse lead to a general election?

FT: EU faces big Brexit question: should UK stay or go?

FT: The Brexit vote: why May needs a clean sweep of Tories

TEL: Theresa May faces her day of reckoning on Brexit – and is warned it will not end well

TEL: What will MPs vote on today as Theresa May rolls dice one last time?

TEL: Theresa May to step down for next stage of Brexit – what happens when the Prime Minister resigns?

TEL: Theresa May in final push as MPs prepare to vote on withdrawal deal

TEL: The Brexit Political Declaration: what it says, what it means

TEL: In this leadership race, the future of Conservatism is up for grabs

BBC: MPs face new vote on withdrawal deal

BBG: Theresa May Gambles on Last-Ditch Vote to Avoid Long Brexit Delay

BBG: The Brexit Day That Wasn’t Leaves Britain Counting the Cost

BBG: There’s One Brexit Consensus: Pound Traders Want May to Stay

BBG: Theresa May’s Brexit Deal Still Looks Doomed. Here’s the Calculation

BBG: Brexit Bulletin: What Might Have Been

Have a nice weekend all…

Mark

image009.jpg@01D28D1B.42BD95C0">

Mark Funsch

O: +44 (0) 203 - 143 - 4177

M: +44 (0) 789 - 996 - 4051

UK: 14-16 Dowgate Hill, London UK EC4R 2SU

US: 245 Park Ave, 39^th Floor, NY, NY, 10167

Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287

Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185

Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626

Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303

Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796

BBG: Brexit Stalemate Deepens as U.K. Fails to Agree on a Way Forward

Today's BREXIT BARRAGE... Drumroll please...!

May says she’ll leave, Bojo and JRM are on board but the DUP the proverbial ‘thorn’… Crunch-time folks!

BBG: Boris Johnson Will Back May’s Deal on Brexit, MP Says

BBG: May Plans to Step Down Once Divorce Deal Agreed: Brexit Update

BBG: The Biggest Brexit Loser This Time Wasn’t May

FT: Theresa May’s resignation gambit thwarted by DUP opposition

FT: UK ‘like an emerging market’, warns veteran fund manager

FT: Theresa May plays her last card, but the House fails to fold

FT: MPs fail to agree on any Brexit plan B in indicative votes

TEL: Theresa May will quit if MPs back her Brexit deal but DUP and hardline Brexiteers remain unmoved

TEL: What next for Brexit? Theresa May’s options explained after Article 50 extended

TEL: How John Bercow, the Speaker who voted Remain, has shaped Brexit and frustrated Theresa May

TEL: A packed room and MPs in tears: Behind the scenes at the 1922 meeting where Theresa May announced her resignation

TEL: ‘I’m biased in favour of Parliament’: John Bercow shares limelight with Theresa May in Europe amid Brexit chaos

TEL: Theresa May resigns: What happens next when the Prime Minister steps down?

BBC: Brexit: Push for May’s Brexit deal after quit pledge

More to come…!

Mark

image009.jpg@01D28D1B.42BD95C0">

Mark Funsch

O: +44 (0) 203 - 143 - 4177

M: +44 (0) 789 - 996 - 4051

UK: 14-16 Dowgate Hill, London UK EC4R 2SU

US: 245 Park Ave, 39^th Floor, NY, NY, 10167

Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287

Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185

Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626

Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303

Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796

MULTI-ASSET-UPDATE...-BOND-YIELDS-CONTINUE-TO-FALL-AS-HISTORY-REPEATS-ITSELF.-THE-LOWER-YIELD-PUSH-IS-AIDED-BY-CTA’S-BUYING-OF-“FUTURES”-DRIVING-PROGRESS-DESPITE-MINIMAL-YIELDS..pdf

MULTI ASSET UPDATE : BOND YIELDS CONTINUE TO FALL AS HISTORY REPEATS ITSELF. THE LOWER YIELD PUSH IS AIDED BY CTA’S BUYING OF “FUTURES”, DRIVING PROGRESS DESPITE MINIMAL YIELDS.

MULTI ASSET UPDATE : BOND YIELDS CONTINUE TO FALL AS HISTORY REPEATS ITSELF.

THE LOWER YIELD PUSH IS AIDED BY CTA’S BUYING OF “FUTURES”, DRIVING PROGRESS DESPITE MINIMAL YIELDS.

THE 2019 YIELD RUSH IS ON, THE SCALE OF WHICH WILL OUTSTRIP 2000 AND 2007!

STOCKS CONTINUE TO BE A PAIN BUT AM SURE THEY WILL FOLLOW SOON, ADDING TO THE “SLOW DOWN” ARGUMENT.

**OVERALL THIS COULD BE A VERY MESSY CONCLUSION TO THE END OF THE WEEK GIVEN MANY MARKETS STILL HAVE CONSIDERABLE MOMENTUM!**

Equities : This could be the REAL PROBLEM, everyone is comfortable owning on the latest bounce BUT for me all PRESS is of poor results, forecasts and shut downs. It doesn’t seem a positive scenario and yesterday’s STALL may be one of the most CRITICAL EVER.

We continue the BATTLE with SO many overbought RSI’s and remain AROUND MANY CRUCIAL 200 day moving averages.

The RUSSELL page 36 portrays a negative situation. Bloomberg news is full of underperformance and profit warnings to shareholders not to mention the TECH sector under a HUGE SPOT LIGHT.

FX : It’s not all about the USD, far from it given Brexit, Europe and EM. The EURO continues to remain heavy and on the VERGE of failure.

RUB,INR, BRL,ZAR and MXN now on the move aided by REAL MONEY longs.

ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.

UK: 14-16 Dowgate Hill, London EC4R 2SU
US: 245 Park Ave, 39^th Floor, NY, NY, 10167
Office: +44 (0) 203 143 4174
Mobile: +44 (0) 7980708683
Email: chris.williams@astorridge.com
Web: www.AstorRidge.com
• I provide our research notification below for your convenience:
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• Research Unbundling:
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• Astor Ridge does not provide independent research. We have no dedicated or paid strategists, research portals, or research subscriptions. However, you may receive unsolicited marketing communications from our Introducing Brokers from time to time, which may refer to specific trade recommendations. These recommendations are based solely on the opinion of the author, and are not official research recommendations of Astor Ridge.We have considered guidance from ESMA, and any written material from our Introducing Brokers that might fall within the scope of the rules will be provided for free, and made publicly available on our website, to any EU Investment firm that registers for it.
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• If you are a MiFID firm and do not agree with our approach, and instead believe that you must pay for written commentary or trade recommendations, then Astor Ridge will accept payments determined by you.
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• I also direct you to our disclaimer on our email footer:
• This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
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• You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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• Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
• Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
• Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
• Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
• Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
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• If there is anything else you require from us to continue receiving our market communications, or prefer a different medium for access (e.g. publicly available password protected access on the Astor Ridge website), please do let me know.
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• Otherwise, if you are more comfortable to deem consent by simply acknowledging receipt of this email, and continuing our trading relationship under our updated terms of business below, without registering your disapproval, we are happy to proceed on that basis.
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• Many thanks,
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• Chris