Via a note from Deutsche Bank saying negative momentum is not easing.
- S&P 500 has managed to rise for 23 of the last 30 weeks, DB says this is a joint record since 1989
The 'however' is that the broad market pullback on Wednesday and Thursday suggests momentum is now more negative
- rise in longer-dated yields proved bad news for global risk assets
- Bonds took a particular hit after a weak US Treasury auction yesterday, along with mounting concern about inflationary pressures
- a tough backdrop for markets across several asset classes
- the relentless run of gains in recent weeks was always going to be tough to maintain
