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🌬️ Headwinds, but we’re working through them
We shall overcome... In credit, there isn't too much going on, save for a gentle squeeze taking IG spreads back to levels last seen in early March, taking in a 21bp tightening so far in July. The recovery in the high yield market is a little more circumspect - which is understandable, but with the iBoxx index now at B+485bp it is 40bp tighter this month so far. And the AT1 m [...]
💧 Market Liquidity, My Friend, is Your Friend
Beginning to see the light... The S&P is now dipping in and out of the black for 2020. The bank earnings season is off to a flyer, markets basking in a brighter than anticipated start to the season as the big US banks deliver. While a cautious tone persists generally on the medium-term outlook, markets are looking at the glass as being half full. We'd say, though, that t [...]
🔭 Looking Beyond the Earnings Season
Autumnal riches might be out of reach... The mood music keeps on changing. And it's an unpredictable daily playlist. If we believed the equity markets for much of Monday, then the outlook was bright. That includes an earnings season which is going to be as bad as one might imagine it to be, but it looks like that is 'priced in'. On Tuesday, however, after California's rol [...]