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Daily Archives: 25th November 2019

25th November 2019

Solid primary

MARKET CLOSE:
iTraxx Main

48.3bp, -1.6bp

iTraxx X-Over

228.6bp, -5.9bp

🇩🇪 10 Yr Bund

-0.35%, unchanged

iBoxx Corp IG

B+117bp, -1bp

iBoxx Corp HY

B+399bp, -4bp

🇺🇸 10 Yr US T-Bond

1.76%, -2bp

🇬🇧 FTSE 100

7409.13, (-0.58%)
🇩🇪 DAX

13744.21, (-0.01%)
🇺🇸 S&P 500

3380.16, (+0.18%)

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 in local elections in Hong Kong will give rise to hopes that the authorities might yield much ground on the pro-democracy movements’ expectations.

In the UK, we now have all the election manifestos out and we believe (as do the polls) that we have the non-trivial prospect of a majority for the Conservative Party which then gives the markets reduced levels of uncertainty through the Brexit expectations. Sterling rose, the FTSE rose and even Gilts were slightly better bid.

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