graph • Recession looms as Japanese economy shrinks Telegraph • Hong Kong set to overtake shrinking City Telegraph • World cannot afford second Fiscal Cliff after Europe's failed attempt Telegraph • More wobbles on Wall St, but US is better bet than Europe Telegraph • China numbers are just what leade

n of our longs in credit (except HY) by selling government debt against them. Fixed Income • Bonds backed violently this week, both due to the US Fiscal Cliff deal and the hawkish FOMC minutes. Technically, and because most traders only went short over the past 24 hours, yields will likely rise further ne