In a world of value scarcity, only the VIX stands out as "cheap"

Volatility stands out as the only remaining bargain in the market

Highlights

• Volatility stands out as the only remaining bargain in the market

• Rates are rising on the back of renewed global growth optimism

• European PMI points to continued recovery

• EM bonds and stocks perform strongly with proven resilience

Key Takeaways

• Global Stocks Advance, U.S. Indices Take a Pause: U.S. futures are showing a round of profit-taking (though the meme stock mania is spreading) but bourses across both oceans are squarely in the green — the Euro Stoxx 50 composite advancing +0.8% at the moment and gains across most of Asia: Japan’s Nikkei 225 with a nice +1.6% follow-through, Singapore (+0.8%), China’s Shanghai Composite (+0.7%), Korea (+0.2%) and Taiwan (+0.2%).