Markets: Warning Signs From Treasuries

While we hold to our bullish European equity, EM FX and commodity views for the short term, we stress that caution will remain a key watchword for 2010. Rising bond yields will become an increasing concern for equity markets (through the latter part of the year) and we note that the tremendous gains seen in 2009 are unlikely to be replicated. For the time being though, we maintain preferences for stocks and FX over fixed income, and highlight near-term potential in Russia, Turkey and Poland.

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