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3rd November 2019

Path clears, seeing out an excellent year

MARKET CLOSE:
iTraxx Main

51.7bp, -1.7bp

iTraxx X-Over

232.4bp, -7.6bp

🇩🇪 10 Yr Bund

-0.38%, +3bp

iBoxx Corp IG

B+113bp, unchanged

iBoxx Corp HY

B+404bp, -3bp

🇺🇸 10 Yr US T-Bond

1.74%, +5bp

🇬🇧 FTSE 100

5415.50, (-1.18%)
🇩🇪 DAX

9525.77, (-0.47%)
🇺🇸 S&P 500

2488.65, (-1.51%)

US blows hot and cold…

US manufacturing might have contracted for the third successive month in October, but that jobs report is what will focus investors’ minds. The 128k Jobs added in October was well ahead of expectations and markets were boosted by the sharp revision to September’s additions. The Fed probably has a little more to do, though.

Still, the S&P rose to fresh records and, after having had a very good October, the Dax added another 0.75% – itself just around 5% away from its record high. Rates were in reverse, credit primary drew a blank in Europe and cash was unchanged. And the ECB’s QE operation was up and running. It should be a good November.

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