Macro News
Global: The negative sentiment with market participants pricing in a significant deterioration of the global economic activity within the next few quarters has been the main driver of interest rates in the past 9 months. For instance, we recently saw Societe Generale's (SCGLF) global leading economic indicator, which is a news flow indicator built for a total of 42 EM and DM economies, falling well below the 50-line threshold which separates growth from contraction (figure 1, left frame). However, we think that the rate trade on this ongoing belief that we are accelerating