Equity markets remain bearish from a technical perspective and most analysts were also expecting further losses on Monday. Instead, as we predicted, we see an improvement in risk sentiment, a decline in US Treasury yields from last week's highs, and a strong performance from Asian/European markets so far. We also see stocks mostly in the green in the pre-market US session. We have been ahead of the markets again. More and more investors seem to understand that the recent rise in bond yields was a sign of an accelerating economic recovery, not a slowdown. Economic numbers also point in the right direction, including US labor market data. The jobless claims number for the week ended February 20 came in at 730K (versus 845K expected). We see additional optimism in the global economy thanks to the progress of a huge US stimulus package which provides tailwinds to commodity prices, while vaccination campaigns continue to accelerate and are already showing positive results.
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