What a first week to start the year.   Frothy the Snowman refuses to melt!

Emerging markets still all the rage.

No supply, my friends.  Global markets have gone parabolic.

Fixed-income
– Greece bond yields hit 12-year low as the post-bailout era beckons;
– Indonesia continues to attract yield seekers;
– Mexico 10-year yields 20 bps lower. Talk of 10-year dollar bond at 160 bps.
– The dash for trash continues with CCC in over 50 bps on the week. B in 20 bps ;
– DM bond yields slightly higher.  Fears of overheating starting to creep into markets.

Currency
– Dollar index relatively flat;
– EM currencies strong as capital flows continue to fly into the sector.

Stocks
– EM stocks continue to melt-up;
– Japan making 26 year highs on growth surprise.  Nikkei still 40 below 1989 high.

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Other Risk Indicators
– U.S. tech still rocking the free world;
– U.S. semiconductor ETF up another 5 percent after stellar 2017.  Pass the A.I. chips, bro;
— VIX collapses again.  Approaching new all-time lows.

Commodities
– Iron ore higher probably due to upward revisions to China growth;
– Gold continues to rally as Bitcoin wobbles;
– Nattie gave back some of last week’s 10 percent gain even as America freezes.