Good morning. Now, why didn’t anybody tell me to Sell in May….? (and yes, of course they did, I just didn’t listen)
http://www.zerohedge.com/news/2013-06-24/they-said-sell-may-they-were-right

Looking for yield? Look no further! (I am not talking about the risk, though…)

http://www.businessinsider.com/the-brazilian-bond-market-massacre-in-one-huge-slide-2013-6

Speaking of Emerging Markets: this is getting interesting….

http://www.bespokeinvest.com/thinkbig/2013/6/24/emerging-markets-falling-like-a-bric.html

I am not denying the sell-off in bonds, but dividing anything by the low levels seen over the past 50 years will always look impressive…

http://www.bespokeinvest.com/thinkbig/2013/6/24/10-year-yield-most-extended-in-50-years.html

I am not sure whether this is as simple as this, but we get the gist: rising motgage rates make housing more expensive…

Ok, I must admit I missed this one, yesterday (over slept, in fact): the BIS annual report. A lot of information on the world economy

http://www.bis.org/publ/arpdf/ar2013e_ov.htm

…and here’s what The Economist and FT had to say about it
http://www.economist.com/blogs/freeexchange/2012/06/central-banks
http://ftalphaville.ft.com/2013/06/24/1545212/okay-we-get-it-bis-fiscal-policy-is-not-your-thing/

US CEO’s have become more positive on growth prospects in the Eurozone, according to McKinsey

http://www.mckinsey.com/Insights/Economic_Studies/Economic_Conditions_Snapshot_June_2013_McKinsey_Global_Survey_results

For all ye trend watchers out there: alternative beta funds are hot.

http://www.ft.com/intl/cms/s/0/d11df550-d4d0-11e2-b4d7-00144feab7de.html

More stuff to worry about? Weak PMI’s are pointing to lower earnings margins…

http://www.businessinsider.com/most-important-charts-in-the-world-2013-6

…which might explain this: peak negative earnings pre-announcements…

http://www.businessinsider.com/negative-to-positive-earnings-preannouncements-2013-6

…but on the other hand: US stocks has managed to attract some inflow, according to the flow of funds data (although it always raises the question who has sold those equities to the ‘inflowers’ of course)…

http://blogs.ft.com/ft-long-short/2013/06/24/pre-taper-fund-flows/

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