February was generally negative for risk assets, but it was by no means uniform. Equities fell in the US (-0.4%), China (-2.3%), Australia (-2.5%), Europe (-3.3%) and Japan (-8.5%). Credits spreads mostly pushed wider, but the divergence in US high yield bonds continues to grow with BB’s rising a little and CCC’s continuing their fall. The Bloomberg Commodity Index fell a little (-1.6%), but gold (10.7%) and iron ore (17.8%) had big gains whilst US natural gas (-25.7%) plummeted. Gold is finally catching an updraft after falling for 3 years. Whilst gold doesn’t deliver any yield to its owners, in a negative interest world that becomes a positive rather than a negative.