Bond market volatility continues to lead all markets lower, triggering a further round of deleveraging. Cryotos have been crushed and Credit markets appear to have hit capitulation, even if equities have not.

The market fall this year has been steady and relentless rather than a panic crash, and last month the Sell in May mantra cut through and markets switched to bear market behaviour of selling rallies and not buying dips.

The arrival of War so soon after Pestilence or Plague has unsurprisingly led many to speculate (some idly, others determinedly) as to whether the Third of the Four Horseman of the Apocalypse is due soon. That one of course is Famine. Such speculation has been fuelled by the co-ordinated attempts coming out of Davos last week to blame Russia for an upcoming food shortage.