As we often note, a behavioural episode is typically characterised by; a rapid and violent movement in price; focus on a single story; and o

Three major fears in the market prevailing bias; 1) inflation; 2) higher interest rates; and 3) and an imminent earnings downgrade cycle are

The recent market obsession – inflation – wasn’t quite as bad as feared, with the core reading falling well short of the consensus forecast

The news flow this week is likely to be relatively important for markets. Of course, as we often note, it is how price responds that matters

Today US 10yr climbs through 2.77% as stops are hit, first time since 2010 - Zhenro defaults take edge off recent rally in China HY

Asia Credit spreads resilient despite volatility in rates - $8bn Asia-Ex Japan IG new issues - China property downgrades

Japanese Lifers sell most foreign debt since 2020 in March - Asia credit dominated by new issues -

FOMC minutes a non-event, Continued selling of China TMT bonds overnight, consolidation in China property

From our perch, the communication from the Fed’s Brainard overnight was thick with irony. As my Italian friend noted, I never thought I woul

US Treasuries sold off led by the belly of the curve - FOMC the main focus today - Despite downgrades HY China property being sought after

Asia Sovereign’s were dominated by the frontier markets. Pakistan and Sri Lanka were marked down as political uncertainty escalated.