Archive

Monthly Archives: November 2019

27th November 2019

Thanksgiving flourish

Not bad AT all… That was a decent blast of pre-Thanksgiving deals as the market made a sterling effort on Wednesday, and all the signs are that we’ll possibly get a good stream of issuance still next week, before we finally close down for the end of year. The pipeline might look more sparse at […]
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25th November 2019

Solid primary

Good news line up… This much curtailed week (Thanksgiving, Black Friday) got off to a fine start and there is little reason to believe that we won’t stay in a positive mood over the next couple of sessions. Markets have chosen to be upbeat (again) on the trade talks, while the pro-democracy councillors’ huge success […]
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23rd November 2019

Looking to close out

China playing the long game… We should probably start to be thinking in terms of there being ‘no trade deal’ anytime soon. There are many reasons why the Chinese (and the US) ought to agree to one. However, in doing so, it would possibly mean the inevitable shoo-in for Trump who would milk it into […]
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20th November 2019

Tariffs and impeachment weigh on market

Optimism ebbs and flows… The murky trade outlook put the kybosh on the markets midweek. The sentiment wasn’t helped by the very weak producer price inflation numbers in Germany for October. Equities lurched lower at the open in Europe and rates were having as good a day they’ve had in several weeks. There’s no panic, […]
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19th November 2019

One last push

No let up in primary markets… It’s beginning to look like we are having one last major push to get business done before we close out for the year. The push can go on for a few weeks! Equities started on a high, but for no obvious reason – and faded the gains, rates didn’t […]
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18th November 2019

It’s all good, but…

… it will pay to be wary There’s stuff getting on but it appears that the markets are relatively bulletproof as they manoeuvre  Hong Kong, ECB QE, Brexit, Trump’s impeachment hearings and so on. It’s not quite a yawn, but that list of imponderables isn’t promoting a more bearish market, which might be seen as […]
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17th November 2019

Credit ticks all the boxes

Half time report… We’re at the halfway stage of the month, and it’s fair to say that credit markets have held up fairly well despite the (largely) trade-related unease which, at times, has been affecting equities. Despite general weakness in credit markets in the past week, IG spreads are unchanged this month, while the high […]
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14th November 2019

Macro skating on thin ice

China’s triple whammy warning… Giveth with one hand and whippeth away with the other. Germany defied expectations with a surprising albeit preliminary positive print (+0.1%) for Q3 GDP growth, thereby managing to dodge a technical recession. Few will have rejoiced given that they’re stagnating and the outlook doesn’t look great. Before that, China reported that […]
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12th November 2019

Time to count one’s chickens

Christmas might have come early… It wasn’t the easiest session to figure out and trade through – until the US opened anyway. The violent scenes in Hong Kong previously, developments in the UK election, needing to think about the German Q3 GDP print due later this week and some apprehension (again) around the US/China/Europe trade […]
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10th November 2019

Buy the dip opportunity

Keep believing, for now… The sell-off in the underlying has presented credit market investors with a near-term buying opportunity. It will keep spreads supported into year-end, although we are likely going to see an impact on total returns in low beta sectors of the credit market. No sweat. Given where the numbers are in credit […]
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