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Daily Archives: 2nd December 2019

2nd December 2019

Trump still pulling all the strings

iTraxx Main

48.8bp, +1.1bp

iTraxx X-Over

225.4bp, +4.6bp

🇩🇪 10 Yr Bund

-0.28%, +7bp

iBoxx Corp IG

B+114bp, unchanged

iBoxx Corp HY

B+378bp, -5bp

🇺🇸 10 Yr US T-Bond

1.82%, +4.5bp

🇬🇧 FTSE 100

6176.19, (+1.33%)
🇩🇪 DAX

12799.97, (+1.32%)
🇺🇸 S&P 500

3185.04, (+1.01%)

Manufacturing fog not lifting…

Well, that was a bit of a rollercoaster ride. We had an early shot in the arm from those Chinese factory orders for November with the Caixin PMI index up at a 3-year high of 51.8. German manufacturing also showed some signs of life, the PMI for November rose to a much better than expected 44.1 (expected 43.8), as France (51.7) and Italy 47.6) also beat expectations.

For the region as a whole, we had still further factory sector shrinkage, the Eurozone’s manufacturing PMI at 46.9 (45.9 previously). Based on those numbers, the headlines ought to have been about macro bottoming out amid some kind of platform possibly being established with which to hopefully launch a moderate recovery dynamic.

Unfortunately drawing on any positives was short-lived, ‘Trumped’ by the Donald, while the US rounded off the manufacturing PMIs with a 48.1 print for November (49.2 expected, 48.3 previously). Ouch!

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