Today we look at the Chinese rebound overnight and note the terrible relative performance this month and for the year-to-date for China relative to India, which is not plagued by the same regulatory uncertainties. But we continue to wax very cautious on the very extended US market even if we are unable to see any specific negative catalyst on the horizon. Thoughts on the German and French elections, EU sovereign bonds after a yield jump yesterday, FX, defense stocks now that US President Biden has declared the US done with nation-building and more on the pod today, which features Christopher Dembik on macro, Althea Spinozzi on fixed income, Peter Garnry on equities and John J. Hardy hosting and on FX.