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Daily Archives: 4th November 2019

4th November 2019

🗞️ Plain sailing surely, into year end

iTraxx Main

48.7bp, -1.3bp

iTraxx X-Over

226.7bp, -5.7bp

🇩🇪 10 Yr Bund

-0.35%, +3bp

iBoxx Corp IG

B+111.7bp, -1.5bp

iBoxx Corp HY

B+397.6bp, -6bp

🇺🇸 10 Yr US T-Bond

1.78%, +5bp

🇬🇧 FTSE 100

6382.41, (-0.64%)
🇩🇪 DAX

12430.56, (-0.45%)
🇺🇸 S&P 500

3112.35, (-0.28%)

Pulling in one direction…

Now is the time to hang in there and see it out. Markets are rallying, few should be looking to bail. The going is good. November has got off to a fine start and we might just see the risk markets rise throughout the month, before coming to a more measured close through December.

It’s not plain sailing, there is no macro recovery, not even a whiff of one even after some mixed data from the US (factory orders missed, declining by 0.6% in September, being the latest). Yet the broad mood is improving and it’s on trade – not least because Trump needs a deal with the Chinese. That is going to see us over the line with equities having added over 20% this year and fixed income across the board with total return performance of 7% or more.

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