In today’s Macroeconomic Briefing we highlight research that assesses the prospects for finding value in the US equity market, following the weakness experienced at the end of 2018, and in light of Fed Chair Powell’s soothing words on Friday. Jefferies say there is a high enough proportion of stocks offering value versus government yields and cash to put a floor on share prices. They’ve upgraded the S&P 500 within their Global Asset Allocation strategy. As well as Powell, Friday’s move by the PBoC also came as a relief for equities and risk assets. Standard Chartered are expecting another 200 basis points of RRR cuts to follow last week’s 100 basis point cut. Oil markets have also begun to rally again after a substantial sell off in Q4. Goldman Sachs reckon that the return of liquidity has been an important factor and now that it has returned, prices are rising to reflect the fundamentals. Current prices are underpricing global growth prospects, they say. In other research we highlight one of CLSA’s excellent pieces from its thematic series, this one looks at 10 ideas that are not priced in, but could plausibly materialise. One of these is that Trump might not be President by the end of the year. Another is that Street’s focus on trade tensions has peaked – it will not be the core market issue in 2019 as attention shifts to the more enduring issue of technological and military competition. This idea is picked up in another piece from Eurasia Group, who say could mean technology firms may be meaningfully disrupted by this in 2019. Something to watch.