Spotted: Some possible good news in rising bond yields

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, though many Asian markets will be closed on Friday for the Lunar New year. Japan's Nikkei rose 0.5 percent.

LITTLE matters more to shareholders now than interpreting the message from the bond markets. After the scare at the start of the month that knocked 10% off US stocks, there are indications of possible good news hidden in rising bond yields.

Yet, the danger remains that massive tax cuts will push up yields to the point where they become bad for shares – and identifying that point is one of the big challenges for investors.