GLOBAL EQUITY STRATEGY: Most economic variables are consistent with higher yields. Many financial market variables also suggest that bond yields should rise. If bond yields rise, then financials and cyclicals should outperform, while consumer staples and utilities should underperform (this is similar in both Europe and the US). While fundamentally we have always been in favour of dividend yield with growth as a style, we would warn that this style has outperformed very strongly YTD (5%) and mostly follows the bond yield.