FT.com - Bond markets in the US, Eurozone and Japan have rallied strongly in the second half of this year, making equity market valuations look relatively more attractive. US 10-year bond yields have fallen by about 60 basis points since late June as investors have started to price in early rate cuts by the Federal Reserve next year. Helped by the retreat in oil prices and increasing confidence that the US economy will escape recession, the Dow Jones Industrial Average pushed to a record high last week.
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