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Daily Archives: 18th November 2019

18th November 2019

It’s all good, but…

MARKET CLOSE:
iTraxx Main

48.8bp, unchanged

iTraxx X-Over

232.3bp, unchanged

🇩🇪 10 Yr Bund

-0.34%, -1bp

iBoxx Corp IG

B+114.2bp, +0.7bp

iBoxx Corp HY

B+400bp, unchanged

🇺🇸 10 Yr US T-Bond

1.81%, -3bp

🇬🇧 FTSE 100

6095.41, (+0.76%)
🇩🇪 DAX

12633.71, (+1.15%)
🇺🇸 S&P 500

3185.04, (+1.05%)

… 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 a bit of a worry – because something might be about to blindside us.

It seems like markets are hanging on for a few more weeks before investors can clock-out for 2019 having recorded some unbelievably fantastic performance. Equities, rates, credit have all done phenomenally well which in itself is most unusual, although reconciled by the fact that these are not normal times in macro, allowing most types of investors to benefit from the mass market manipulation resulting from central bank policy over the years.

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