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Daily Archives: 12th November 2019

12th November 2019

Time to count one’s chickens

MARKET CLOSE:
iTraxx Main

48.1bp, -0.6bp

iTraxx X-Over

230bp, -0.5bp

🇩🇪 10 Yr Bund

-0.25%, unchanged

iBoxx Corp IG

B+110bp, unchanged

iBoxx Corp HY

B+386bp, unchanged

🇺🇸 10 Yr US T-Bond

1.94%, unchanged

🇬🇧 FTSE 100

6095.41, (+0.76%)
🇩🇪 DAX

12633.71, (+1.15%)
🇺🇸 S&P 500

3185.04, (+1.05%)

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 tariff situation all saw to that.

It would have been easier, for credit investors anyway, had we seen a significantly busier primary market. Nevertheless and while an end of year feel is beginning to emerge, we still set fresh record highs in US equities. There was an uplift to European equity and credit markets, while rates were once again better offered for choice. That’s becoming all too often a case.

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