Against a backdrop of rising geopolitical tensions and persistently high US inflation, risk aversion was more pronounced in equities (-4.1% for the S&P 500). On the other hand, the high-yield markets held up better, especially in Europe, where performance was flat and premium yields stable. In the US, despite declining by 0.96% (in local currency), these markets are seeing their risk premiums increase by 6 bps, although they remain at historically low levels. However, the technical factors for high-yield are reversing: increased primary issues and outflows from high-yield funds. Finally, government yields rose sharply with +50 bps on US treasuries and +30 bps on the Bund.