The market is probably a little bit oversold. If the numbers are at all soft, there is scope for a decent rally from here.

Most sentiment indicators have been upbeat, but we’ll have to see some growth data to back this up otherwise confidence will start to suffer again. We will probably see yields start falling after the middle...

While people are trying to price in the end of the rate hike cycle, it’s a bit premature to do that. In yields, the trend is up at the moment.

We did see a significant slowdown in Germany in the fourth quarter. Once this supply is out of the way, we do expect the European market to fare better and yields to fall.

There’s certainly an air of crisis about the market. People are piling into the market and it’s difficult to know what the end-game in this is.