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LOCKED MacroCapture: Tactical Brief – September 2025

With rate cuts on the cards this week at the FOMC and the end of the easing cycle in Europe likely behind us, markets remain generally sanguine. Outperformance is beginning to exhibit itself outside of the Mag7 complex and it remains our base case that this trend is only in its infancy.

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Wissam Ali
7 months ago

For Brazil you are better off expressing the trade using the small cap etf EWZS. I have a position and so far it is doing well. The technical charts look better with EWZS than EWZ. The problem with EWZ it is too heavily weighted on Vale and PBR basically iron ore and oil.

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