Some irregularity occurred on the stock markets on Friday: the emerging markets outperformed the US while the EU kept sliding down. The bond yields stayed under pressure which means a significant discrepancy between equity vs fixed income behavior and makes me wonder how long it may co-exist. I mean one of the main beneficiaries of the QEs were EM bonds and if we`ll be experiencing steepening yield curves then it might be likely that the equity rebound was just a dead cat bouncing phenomena.
I read the recently published Global Fund Manager Survey from BoA-ML and it showed a serious hatred of commodities. However if there will be a surprise in global growth figures or the inflation picks up then this could be an outperforming asset class.
This week I read some articles about the immigration reform of the US and I learned that the current procedure is way too complex with a lot of obstacles for such an open and competitive country. I can`t wrap my head around why would anyone put limitations on immigration as long as a company is willing to employ the candidate and she/he happens to be net taxpayer and educated.
mralexbauer 