Mark Dowding, BlueBay Chief Investment Officer, discussed the latest macro views, including: Escalation in the Middle East looking likely, raising the risk of further energy price shocks. Is France becoming ungovernable? UK budget expected to deliver little, with gilts remaining challenging and further rate hikes to come. Bank of Japan staying gradual, with domestic buying of JGBs supporting long-dated yields. Lula's surprise win in Brazil triggering a sell-off, but outlook one of continuity.