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In the original pro-labour thesis, the idea was that markets would be okay, but that higher yields on bonds would act as a dampener on financial assets. The reality was that we saw equities do very well. I wondered if my original thesis was wrong, and then suddenly markets are trading like I expected again. Strange days indeed. Probably the biggest tell has been the movement of gold v S&P 500. It came back to the 200MDA, and then bounced again.

I had worried we had seen a top in yields, but Japanese yields have surged again.

But at the individual stock level the weakness has been more apparent.