Recent economic data is beginning to support this global shift toward pessimism for risky assets. The plethora of global PMI releases of late has printed lower. Last month we witnessed weaker trade numbers for Korea and China, a disappointing US payroll and auto sales release. Added together, and they are beginning to highlight the deterioration of global activity. Spain has now become Capital Markets main focus of attention and fixed income dealers ‘new squeeze.’ None of this is expected to dissuade Bank of Canada Governor Carney from ramping up hawkish warnings at next week’s rate announcement. On the street, many ... (full story)