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Last week saw global equity markets trading well overall, with the S&P 500 and Euro Stoxx 50 up just shy of 2%, despite some intraweek bouts of volatility. Emerging-market (EM) equities were the clear laggards, as they showed returns of around -2%, due to weakness in the Asian equity markets where China’s increasing regulatory curbs have hit sentiment. US Treasury yields bull-steepened, with the five-year yield trading down a further 6 basis points (bps) to 0.71% and long-end yields relatively stable at 1.92%.
