Markets with low bond yields tend to be positively correlated with yields while high-yield markets tend to be inversely correlated with yields. Prospects for global downtrend would be supported by continuing rise in the relatively high yields of inversely-correlating emerging markets together with declines in the relatively low yields of developed markets. Watch for continuing EM currency weakness to influence EM yield uptrends, rising risk aversion to send U.S. yields lower, and global market correlations to strengthen on the downside.
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