A friend of mine was often fond of asking “who is going to be left holding the dogs”? The “dogs” here were long-term US Treasury Bonds, and this question came up in every conversation about the likelihood of a rise of interest rates.

In short:

In short:

·        A clearer outlook for the bond market is helping risk assets

·        Will the China reopening fuel a global economic rebound?

·        Our emerging market equity underweight has been closed