The threat board is looking crowded this morning. From UK political risk, escalating conflict risks, a possible credit burp and what happens next in unsustainable narratives – who knows what further No-See-Ums lurk in the background. Yet markets party on. What can possibly go wrong…..?

Japan’s Bond market may prove the dead canary in the coal mine warning of an imminent systemic global bond crisis. Although US stocks have staged a “Terminal Lucidity” recovery – it may prove unsustainable as the shocks start to mount, and Japanese liquidity melts away.

This is not just about recession or tech stock valuations – it’s a wider everything, including the kitchen-sink, confidence slough of market instability and uncertainty that’l hurt. Next few days might get interesting… Move along now… nothing to see here…

It’s a big week for Central Banks: the BOJ on Tuesday, The Fed on Wednesday and the BoE on Thursday… but none of them are set to ease rates (the BoJ might even hike). It’s a very different market to what traders expected earlier this year. This is becoming the Year of Normalisation.