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Daily Archives: 20th October 2019

20th October 2019

Brexit’s final hurdle, Credit records to be broken

MARKET CLOSE:
iTraxx Main

52.3bp, -0.4bp

iTraxx X-Over

231bp, -2bp

🇩🇪 10 Yr Bund

-0.38%, +2bp

iBoxx Corp IG

B+118bp, -0.5bp

iBoxx Corp HY

B+403bp, unchanged

🇺🇸 10 Yr US T-Bond

1.75%, unchanged

🇬🇧 FTSE 100

6032.18, (+0.09%)
🇩🇪 DAX

12674.88, (+0.66%)
🇺🇸 S&P 500

3351.28, (+0.06%)

Magic Monday beckons…

Pffft. And so it goes on. STILL no definitive Brexit decision! A spoiler amendment to the legislation was passed, the meaningful vote pulled and the letters duly went off to the EU (not) requesting an extension. However, legislation proceeds this week to get us over the line by Halloween.. and we have the meaningful vote, still, delayed until on Monday, or possibly Tuesday. One couldn’t make it up.

Nevertheless, the odds are increasingly in favour that the vote passes finally, when it comes. In fact, the government has a matter of hours to find a dozen votes. And the markets should react positively in the immediate aftermath.

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