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Daily Archives: 8th September 2020

8th September 2020

🗞️ Still Under Siege

MARKET CLOSE:
iTraxx Main

53.8bp, +0.8bp

iTraxx X-Over

328.9bp, +5.1bp

🇩🇪 10 Yr Bund

-0.50%, -4bp

iBoxx Corp IG

B+124.5bp, +0.5bp

iBoxx Corp HY

B+453bp, +3bp

🇺🇸 10 Yr US T-Bond

0.68%, -4bp

🇬🇧 FTSE 100

5860.28, (+1.29%)
🇩🇪 DAX

12645.75, (+0.82%)
🇺🇸 S&P 500

3465.39, (+0.34%)

As ECB comes into view…

There is an air of uncertainty around the markets. Tech stocks, in particular, took another leg lower, gold dropped over 1%, oil was off by over 5%, and government bonds well-bid as we might well expect. Still, the tech sell-off hasn’t necessarily resulted in investors panicking. Concern, but little sense of panic.

Our take is that most believe the weakness in equities, largely confined to the aforementioned tech sector, will not necessarily see them reassess their view on risk assets/equity markets. They are still likely going higher.

Credit has certainly been rock-solid stable through the volatility. Spreads are actually tighter for choice, and while we’ve had only odd deals in primary, the equity sell-off never looked like shutting the primary window.

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