As global uncertainty accelerates around the world, constantly lowering growth expectations, global yields have been plunging since the end of last year with the 10Y US down from 3.2% in early November to 1.6% on Friday. We saw that global sentiment has been significantly deteriorating with the global manufacturing PMI index plunging below the 50-line threshold that separates growth from contraction. Figure 1 (left frame) shows that the global PMI has been strongly co-moving with the 10Y yield in the past cycle. We also saw that global defensive stocks have outperformed cyclicals in the past