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

7,877.45, 18.28

13,169.92, 92.20
S&P 500

2,724.44, -8.57

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.

Continue reading