Soaring Bond Yields Undercut New-Issue Activity

And as for equities, we are in correction mode.

Highlights

• Equities remain in a tough environment — price action and breadth are bad, while earnings reactions have been negative

• Meanwhile, the volatility in yields has weighed on corporate borrowing

• A historic contraction in the ECB’s private credit impulse data may force a softening in the central bank’s communication

• Hard to be bullish with an ongoing freight recession and the Dow Transports approaching a 5-month low