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Daily Archives: 6th October 2019

6th October 2019

Hold on tight

MARKET CLOSE:
iTraxx Main

57.9bp, -1.4bp

iTraxx X-Over

250bp, -2.3bp

🇩🇪 10 Yr Bund

-0.58%, unchanged

iBoxx Corp IG

B+125.3bp, unchanged

iBoxx Corp HY

B+428bp, +6bp

🇺🇸 10 Yr US T-Bond

1.52%, -1bp

🇬🇧 FTSE 100

6026.94, (-1.27%)
🇩🇪 DAX

12591.68, (-0.54%)
🇺🇸 S&P 500

3349.16, (+0.22%)

Global macro dominating the landscape…

We’ve hit a difficult patch. The data suggests that we’re heading into slump territory. Either way, there’s something new to ponder. That is, the slowdown in manufacturing and services – globally.

Of course, we knew that it would come – and the recent PMI data for these sectors (published last week for September) tell us that there is little doubt that the global economy is slowing, and rapidly. However, it is a slow-burning fuse and not the cliff risk event that will completely derail the markets. Markets are thus in the process of adjusting. But we have observed many times over the past decade, those very same markets have a habit of brushing away the concerns after that period of soul searching.

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