Defensive instruments in high risk for public debtsProcter & Gamble CompanyBATS:PGKarimHasounaThe macro backdrop is delicate: elevated US Treasury yields, especially if the 30Y stays above 5%, make bonds more attractive and put pressure on equity valuations. At the same time, a more hawkish BOJ and a stronger yen could trigger Japanese capital repatriation and further Treasury selling. Inflation and higher oil prices, driven by risks around Hormuz and Suez, could also limit the Fed’s ability to cut rates. Meanwhile, the Taiwan-China risk remains in the background. The key indicators to watch are US 10Y/30Y yields, USD/JPY and oil: if yields rise, USD/JPY falls and oil rises simultaneously, the environment becomes particularly unfavorable for equities