It happened what I told wass hard for me to imagine: emerging outperformance while massive yield increase all over the world and the curve.

The US 10Y is on new multi year high but the most interesting part is the belly. The whole curve has moved from 2 year UST which indicates a pricing of the expected rate hike earlier than market thought before.

USTreasury yield curve change

The World Competitiveness Report has been published and 6 countries represent the EU in the TOP10 – the greatest place to live in. Also important to highlight that Singapore and Hong Kong earned their outstanding place by being extremely open and market friendly places and not merely because they are enormous or having a lot of physical resources.


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