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Daily Archives: 26th November 2018

26th November 2018

It’s all a little fishy

MARKET CLOSE:
iTraxx Main

78.4bp, -2.2bp

iTraxx X-Over

328.9bp, -4.8bp

🇩🇪 10 Yr Bund

0.36%, +2bp

iBoxx Corp IG

B+161.4bp, -1.1bp

iBoxx Corp HY

B+480.4bp, -3bp

🇺🇸 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%)

Tell it to the judge…

‘One large cod (British) & frites, s’il vous plait’

So that’s it, then. The softest Brexit is happening on terms dictated wholly by the EU. The EU signed off on the deal at the weekend with suggestions that more freebies are coming their way courtesy of the UK government rolling over some more and having its stomach tickled. And in a sign of flexing its muscle, the EC has seemingly managed to get the Italians to revise their budget deficit lower than the 2.4% currently envisaged.

The markets ‘loved’ it. We haven’t seen the session intra-day low 3.17% yield on the 10-year BTP for a few months. A 1%+ rise in European equities is also an unusual occurrence of late.

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