Deutsche Bank on yields rising – “bad news” for risk assets across the globe

Via a note from Deutsche Bank saying negative momentum is not easing.

• S&P 500 has managed to rise for 23 of the last 30 weeks, DB says this is a joint record since 1989

The ‘however’ is that the broad market pullback on Wednesday and Thursday suggests momentum is now more negative

• rise in longer-dated yields proved bad news for global risk assets
• Bonds took a particular hit after a weak US Treasury auction yesterday, along with mounting concern about inflationary pressures
• a tough backdrop for markets across several asset classes
• the relentless run of gains in recent weeks was always going to be tough to maintain

This article was written by Eamonn Sheridan at www.forexlive.com.