The market mood was sharply brighter on Friday after the May payrolls failed to produce any fresh shocks. But there was more evidence of the damage already done to investor confidence.
The latest data from fund flow specialists EPFR suggest $12.5bn was pulled from bond funds globally last week — the highest dollar value of net redemptions in the 12-year history of the data series. The sell-off seems to have been across the board, but particularly aggressive amongst high yield and emerging market paper. Read more

1Time to take basic income seriously?
2We cannae give the economy no more, we're giv'n it all we've got Captain
3The case for official e-money +1
4Hacking and property prices make the BoE big league
5"Companies should know who really owns them..."
Show more6Tax needn't be taxing. It can also be a Hungarian debt wheeze
7QE down under
8The end of the end of the end of the commodities supercycle is nigh, in Asia
9When liquidity meets control in China [updated with credit crunch probability]
10The central bank (communications) bubble
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