In Equities YTD - IT, Health Care and Consumer Discretionary Maintain the Lead	Industrials and Telecoms are Winners Among Global Sectors Last Month	Bond Markets Sector Performance YTD paints different picture
Fund Flow Sector Picture vaguely the same as equities performance	Both Consumer Sectors are top of the rank in terms of EPS growth	Large Cap Funds Turn to Inflows
Emerging Market Funds Post Inflow	Turkey Fund Flow Is Positive	Precious Metals Funds Outflows - less
Russia funds in outflow mode	Yuan/USD Weakening – SlowerDollar has stopped advancing DXY – growth slower	Oil price trend is shaping up
Steel price did not hold up	China Cocking Coal Price - Supported as tariffs on US imports lift local prices	Gold price is in the mode of higher rates in the US – off its peak
Country Average Sovereign+Corporate USD Yields Ordered by Weekly Change	On average GEM bonds lose 100 btps this year	US Treasuries Keep Testing 2,8% levels
Average local currency yieldsare temporarily off peak	Average DM Yields off Peak as well	New Format
New Ideas	New Platform	New Strategy
New Problems	Yuan Weakness – the key to commodities weakness	China soft lading more real