We're seeing a big shift from the environment of the past few years, where collapsing real yields in developed bond markets forced investors into equity markets. With all the major world economies surpassing consensus growth forecasts, some of the emerging markets stand to outperform.
A European Commission investigation into a high-profile One Belt, One Road project could slow the initiative's momentum at the EU border. The probe is focused on a section of a proposed Belgrade-Budapest highspeed railway that crosses into the EU.
President Trump's measured and moderate State of the Union address reassured European markets. Banks were the biggest winners, as markets saw the prospect of higher yields as the improving European economies shifted from deflation to inflation.
Markets are still trying to divine what the central bank is up after it raised rates to stabilize the lira following the 2016 free-fall, but then bought bonds to inject liquidity aggressively into the local market this week.