Daily Archives: 17th April 2018

17th April 2018

It must be a relief rally

iTraxx Main

52.6bp, -0.8bp

iTraxx X-Over

267.8bp, -3bp

10 Yr Bund

0.51%, -1bp

iBoxx Corp IG

B+103bp, -0.6bp

iBoxx Corp HY

B+312bp, -1.5bp

10 Yr US T-Bond

2.82%, -1bp

FTSE 100


S&P 500


Because macro isn’t improving…

Uh oh… The signs are there, the Eurozone is slowing sharply and we might ultimately be heading into recession territory for the region. The ZEW index, a measure of economic confidence in the German economy fell to -8.2 in April and to the lowest level in over five years. Add into that the weak Q1 reports taking in industrial activity, exports and consumer growth, then the German economy – long seen as the engine for growth for the whole of Europe, is slowing sharply.

The ECB has a real job on its hands now.

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