TRADE OF THE MONTH
Deutsche Bank Euro vs Deutsche Bank MSCI US
The eurozone, not China, to go long on, the US to go short
Recent elections in France and Netherlands, along with Italy’s referendum in December, have been more gripping than usual because the opposing politicians represented the great themes of our age: globalisation versus nationalism, open versus closed. Whereas the US and UK fell under the spell of demagogues whose xenophobic messages fitted on baseball caps and the sides of buses, citizens of the eurozone have so far overwhelming shown their willingness to continue the hard work of developing a global, open economy — which the US used to champion before it elected Donald Trump as president. Some readers will no doubt argue that people such as Trump and UK politician Nigel Farage, who are proponents of laagering against others on our tiny, 40,000km-circumference planet, are wise.
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