In today’s Macroeconomic Briefing we highlight a range of research notes on the global bond markets, which have experienced a backup in yields this week, and where several indicators suggest there maybe be further to go. Top Down Charts look at sovereign bond breadth indicators which have recently collapsed and this implies further bond market weakness. MI2 Partners focus their attention on Austria’s 100-year bond, which they say is the poster child of the bond bubble. The technical picture is very poor, and they go as far to argue that should it break down further it could take the rest of the European sovereign bond market with it. Don’t panic, says View from the Peak, the recent weakness is simply a short-term correction, because the underlying macro fundamentals (low rates, low inflation and low growth) aren’t going to change anytime soon. Buy into the weakness. Jefferies question that premise int heir research, arguing that the consequences of three unrelated events have the potential to upset the consensus view of a low inflation or deflationary world, and weaken bond markets into 2020. Finally, for something a little different, Schulte Research highlights some significant new Chinese initiatives on blockchain, 5G and semiconductor fabrication plants, that he argues put China well ahead of the tech race, which feeds into the emerging theme of strategic competition that between China and the US, and provides an important context to the current trade talks.