The market has been fed positive news on the China/US situation lately, and while you might think this is the main driver of improving risk sentiment and fading demand for haven assets, we suspect global macro data have been as - or even more - important. The G10 surprise index has finally managed to reach positive territory for the first time in a year. And as the following chart shows, with estimates topping expectations we usually see tailwinds for equities but headwinds for bonds. We suggested it could be time to take on some more risky exposure a week ago and stick to this view for now. It could be that some of ... (full story)