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Daily Archives: 21st November 2018

21st November 2018

Feet up for Thanksgiving

MARKET CLOSE:
iTraxx Main

77.7bp, -2.9bp

iTraxx X-Over

320.5bp, -10.8bp

🇩🇪 10 Yr Bund

0.38%, +2bp

iBoxx Corp IG

B+163.6bp, -1.3bp

iBoxx Corp HY

B+482.4bp, -9bp

🇺🇸 10 Yr US T-Bond

3.07%, +2bp

🇬🇧 FTSE 100

6007.05, (-0.71%)
🇩🇪 DAX

13116.25, (-0.70%)
🇺🇸 S&P 500

3319.47, (-1.12%)

More of the same would be nice…

Wednesday’s recovery in markets will kid no one. With so little expected to happen on Thursday and Friday, this was about cleaning up for the week. It was obviously being viewed with some suspicion, as not even Stryker Corp dare test the water. The news flow was mixed, with the US back on the warpath as the US-China ceasefire of the past few weeks abruptly ended. Talk about WTO ‘eviction’ amid unreasonable behaviour is setting us up for a hit to global growth next year as tariffs come on line. And then there was Italy, sanctioned by the European Commission’s Excessive Deficit Procedure over it’s 2019 budget. The Italians were standing firm.

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