In terms of what's been going on lately ---- The global manufacturing PMI has risen in four of the past five months, - the OECD leading indicator is pointing to clear rebound in growth, - the US and China have struck a trade deal, - the worst Brexit related uncertainty seems to have lifted - and, the tensions between the US and Iran have been pushed back to the background. It should be no wonder then that bond yields have been heading higher lately, expectations of more central bank easing have been disappearing and equity prices have stormed higher.Will weak PMIs spill into services?