This week we look at the following charts and themes:

1. Global equities vs Global consumer sentiment (and the gap vs the global PMI).
2. US cyclicals vs defensives (vs emerging markets) - a key leading indicator to the stock market correction.
3. European and US bank CDS pricing - European bank CDS are trending up, and this is a key risk to monitor.
4. USDCNY outlook - all the fundamentals point to the USDCNY heading to 7 or higher.
5. Risks to the US dollar and Asian/EMFX (if the USDCNY does break the barrier).