In today’s Macroeconomic Briefing we have a focus on equity sectors and strategy. We take a look at semi conductors, both as a leading economic indicator, and as an equity sector, which while having suffered some downside this year, just one of the stocks in the US sector is down on the year. This seems odd, says View from the Peak, given that the sector has for all intents and purposes lost its biggest customer in 2019; Huawei. Turning to European equities, Russell Napier of the Solid Ground sets out the case that last weekend’s European elections are a blow to the vision of a fully integrated Europe and a bearish signal for equities in the region. One sector most at risk is the luxury good sector, says Gavekal. This has less to do with politics and more about China demand. The leveraged play on China consumption has come to an end. Finally, the always excellent Barbara Gray from Pennock Idea Hub looks at how more and more retail e-commerce operators are building so-called ‘’membership’’ followings to keep their customers. You’re special.