Stocks are attempting a rally, but have generally not accomplished enough yet - with some Asian exceptions. US and Dollar denominated emerging market sovereign bonds are doing very well, and local currency developed market sovereign bonds are staging a comeback - but major confidence tests lie ahead. Gold is pulling back somewhat. Oil is weakening. Copper has been hot, but is moderating. Inflation is declining at the moment, but higher interestrates are predicted in a year or so by most prognosticators.