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Daily Archives: 10th January 2019

10th January 2019

Window wide open, no sign of a draft yet

MARKET CLOSE:
iTraxx Main

82.5bp, -0.4bp

iTraxx X-Over

337.3bp, +1.9bp

🇩🇪 10 Yr Bund

0.20%, -2bp

iBoxx Corp IG

B+179.7bp, -+xbp

iBoxx Corp HY

B+517.7bp, +2bp

🇺🇸 10 Yr US T-Bond

2.71%, -2bp

🇬🇧 FTSE 100

6050.59, (+0.31%)
🇩🇪 DAX

12687.53, (+0.10%)
🇺🇸 S&P 500

3360.47, (+0.20%)

Hype springs eternal…

Just when we thought it was safe, the old issues came back to remind us of the dangers being too presumptuous – and not get sucked into rallying markets. It is the facts that matter. The US shutdown drags on and Trump’s wall-tantrum continues and the optimism around those US-China trade talks has faded. The latter was the driver for much of this week’s upbeat tone.

The gamut of economic data from the Eurozone continues to highlight that the economy’s manufacturing activity faded badly in the final quarter – this time French industrial output for November showing a 1.3% monthly slide versus expectations of no change. The markets reacted, but actually in quite measured fashion for equities, as rates were much better bid for the most part.

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