Today we note the acceleration in the equity market beyond the trend established since the spring and look back at a couple of prior episodes in which this quickly resolved into a much more volatile and two-way market. We also look at fresh pain in Chinese equities, the US treasury reaction function around the US economic data this week, developments in EU sovereign bonds, energy, metals and FX markets and much more. Today’s pod features Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.