Daily Archives: 12th April 2018

12th April 2018

The Tweeter and the Porky Pie

iTraxx Main

56.0bp, -1.4bp

iTraxx X-Over

279.6bp, -5.2bp

10 Yr Bund

0.51%, +1.5bp

iBoxx Corp IG

B+105.7bp, -0.7bp

iBoxx Corp HY

B+320.8bp, -5bp

10 Yr US T-Bond

2.83%, +4bp

FTSE 100


S&P 500


Geopolitical tensions ease…

It’s just as well that we have no clue what’s going on because it seems like the US administration doesn’t either. Having readied us all for an imminent attack on Syria, Trump’s latest tweet pulled back on his earlier threat. The back channels are open and busy while Theresa May was busy consulting her cabinet regarding joining the US (and others) in a concerted strike. Markets were initially unchanged as if to expect some immediate action while the more conciliatory tone of the latest tweet saw a sense of relief and a small rally. Nevertheless, we think there will be some action, but we would think that it will probably emerge after the close of business on Friday and over the weekend.

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