Brent's run ain't spent say experts as macro enjoys a barrel of laughs

Oil drove the global macro markets in May, cementing futures-based strategies' non-correlation to traditional asset classes

David Murrin, chief investment officer at Surrey-based directional global macro fund managers Emergent Asset Management, says, as of 5 May, that in the emerging markets world, the emerging markets bond index (EMBI) has peaked after nine years of a "massive rally".

So much for the good news - the bad, at least for those who cannot run a short book, is that it leaves the market in for a "significant bear market" in EMBI product.

"This price decline should also be accompanied by a widening of spread

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