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Daily Archives: 28th January 2019

28th January 2019

Tough get going

MARKET CLOSE:
iTraxx Main

74.5bp, +1.6bp

iTraxx X-Over

326.3bp, +4.8bp

🇩🇪 10 Yr Bund

0.20%, unchanged

iBoxx Corp IG

B+166bp, -0.5bp

iBoxx Corp HY

B+497bp, unchanged

🇺🇸 10 Yr US T-Bond

2.75%, unchanged

🇬🇧 FTSE 100

6050.59, (+0.31%)
🇩🇪 DAX

12687.53, (+0.10%)
🇺🇸 S&P 500

3360.47, (+0.20%)

Timing is key

The upcoming first FOMC meeting of the year, a ramp up in the earnings season, Friday’s non-farms payroll report and the next stage of the Brexit debate with a series of votes due (on Tuesday) will all make for this week to be a rather disjointed one – with opportunities to get some business done needing investors to be spot-on with their timing.

As we might have expected, we endured a tentative start to the week, meaning there was little direction in markets – until US markets opened amid several poor earnings reports, and lower we went. Stocks were clearly weaker largely on the back of the subdued 2019 outlook from bellwether giant Caterpillar and rates were eventually better bid for choice. Credit was treading water (moderately tighter if anything), even as we managed to get a couple of corporate bond deals away.

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