Global bond yields have fallen after BoE Governor Mark Carney warned of a shipwreck to the global economy if trade tensions intensify. The move to safe havens is a marked difference to the brief optimism after the G20 which, as we predicted, was short lived. Today Phil Dobbie asks NAB’s Rodrigo Catril when the RBA will cut next, after two goes in as many months, and what kind of ECB Governor Christine Lagarde would make. They also discuss the UK’s construction PMI, German retail sales and a bunch of services PMIs out today. All squeezed in before Independence Day.