Archive

Monthly Archives: June 2019

30th June 2019

Please, sir, I want some more

Everyone’s a winner… We are needing to go some to match that first half. It was just about the best six month period ever for markets as equities, rates, credit, most commodities and even Bitcoin managed the most impressive of returns. For 2019 overall, we actually don’t need to match it to register a good […]
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27th June 2019

That’s a cracking first half

Now sit back and enjoy the G20… It got a little precarious through May, but we have recovered extremely well leaving us effectively to almost charge our way through a great first half of 2019. The reality check will come later. The markets have kind of fizzled out from an activity viewpoint this week reflecting […]
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25th June 2019

Fixed… income, really!

Snoozing to the halfway point… It looks as if the G20 meeting has come at just the most opportune of times, clearly leaving the markets unwilling to take a significant directional view as investors wait to see how any meeting between Trump and Xi turns out. We’re not quite treading water in the strictest of […]
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24th June 2019

Bandwagon rolls on

Opportunity to jump on… We’re in bandwagon territory, but few are neither advocating or thinking of getting off it. In fact, the thinking is that there is more to go and there’s a quite a scramble to get on board. Equities are close on 20% higher this year, fixed income in its safest form has […]
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23rd June 2019

Let the music play on

Fill your boots… There’s nothing delicate about it, but we are nicely poised to finish off the first half of the year with some style! Into the final week of the first 6 months of 2019 and it’s been a boon period for contrasting – and not always the right – reasons, for all asset […]
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19th June 2019

About turn!

Cold’ish Turkey moment… After the huge excitement generating rallies across all markets, the comedown. Time for some respite and reflection before we no doubt have another frenzied period where rates rally, equities push-on on the back of easier central bank policy and credit spreads tighten even as borrowers flood the markets with deals. Against the […]
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18th June 2019

Runaway train

It’s all gone Japanese… The hidden subliminal message is to buy corporate bonds… or anything fixed income, rather. The intraday record low -0.329% yield for the 10-year Bund is clearly milestone territory, but that is not the target level we should be looking at. It’s -0.50% although at this rate, we might be staring at […]
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17th June 2019

Haymaker

Get it in – while the going is good… It appeared a slow day – for anyone who wasn’t involved in the corporate bond market. Because primary was churning out deals through a very busy session. Corporate treasury desks were taking advantage of what appears to be quieter week on the news flow/data front with […]
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16th June 2019

You can’t stop the music

Nobody can stop the music We can probably brush away the impending milestone of -0.30% yield on the 10-year Bund, given that after hitting a record low intraday low of -0.27% it’s just a Trump tweet or a skirmish away from it. Something thereabouts is now being dismissed almost as being a normal state of […]
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13th June 2019

Time for a breather

Markets anticipating central bank action… As we approach the halfway point for the month, the markets have steadied, albeit comforted knowing that a dose of policy easing is likely coming, and are therefore willing to let the numerous difficult macro/geopolitical developing situations pass. For the moment. Equities generally tread water and government bonds are stable […]
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