Category Archives for "Fixed Income Market"

14th November 2019

Macro skating on thin ice

China’s triple whammy warning… Giveth with one hand and whippeth away with the other. Germany defied expectations with a surprising albeit preliminary positive print (+0.1%) for Q3 GDP growth, thereby managing to dodge a technical recession. Few will have rejoiced given that they’re stagnating and the outlook doesn’t look great. Before that, China reported that […]
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12th November 2019

Time to count one’s chickens

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 […]
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10th November 2019

Buy the dip opportunity

Keep believing, for now… The sell-off in the underlying has presented credit market investors with a near-term buying opportunity. It will keep spreads supported into year-end, although we are likely going to see an impact on total returns in low beta sectors of the credit market. No sweat. Given where the numbers are in credit […]
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7th November 2019

Twin peaks

Record supply meets the demand… There are still six weeks of business left in the market this year, but already IG non-financial corporate bond issuance has set a fresh record. Deals from Apple and Bayer took us zipping past the €285bn record from 2009. And a trio of transactions in a busy high yield primary […]
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5th November 2019

Risk markets rediscovering appetite

As trade deal hopes rise… The rallying markets are not getting ahead of themselves – as seen in a more reflective session on Tuesday. Nevertheless, the potential for some kind of a trade deal is the main driver for an improvement in the general tone, and the odds are stacked in favour of something getting […]
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4th November 2019

🗞️ Plain sailing surely, into year end

Pulling in one direction… Now is the time to hang in there and see it out. Markets are rallying, few should be looking to bail. The going is good. November has got off to a fine start and we might just see the risk markets rise throughout the month, before coming to a more measured […]
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3rd November 2019

Path clears, seeing out an excellent year

US blows hot and cold… US manufacturing might have contracted for the third successive month in October, but that jobs report is what will focus investors’ minds. The 128k Jobs added in October was well ahead of expectations and markets were boosted by the sharp revision to September’s additions. The Fed probably has a little […]
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31st October 2019

Picking the last of the low hanging fruit

Chapter 11… The election season has kicked off in the UK, and in the US the Fed has cut rates for the third time this year with the jury out as to whether they will again in 2019. We still have slightly optimistic signals (limited truce?) coming from the US/China trade situation, with only the […]
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29th October 2019

Finally!

Clarifying Brexit moment looms… Investors will be hoping that this week trades out as well as it has started. The FOMC, US data deluge (earnings and key macro), Brexit/UK election and the US/China trade talks have thus far failed to dampen the mood. While that concoction of event-risk might be expected to have an impact […]
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27th October 2019

QE to preserve fixed income performance

The damned sticky plaster… It might appear fairly gloomy, but for fixed income we’re in decent shape to see a good run into year-end. The sell-off in rate markets in October has run its course. Meanwhile, Draghi has gone – leaving the Eurozone (as ever) on the brink of a deflationary spiral, struggling to generate […]
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