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Daily Archives: 18th June 2018

18th June 2018

Running scared

MARKET CLOSE:
iTraxx Main

68.0bp, +2.4bp

iTraxx X-Over

297.9bp, +4.9bp

🇩🇪 10 Yr Bund

0.40%, unchanged

iBoxx Corp IG

B+125bp, +0.5bp

iBoxx Corp HY

B+377bp, +2.5bp

🇺🇸 10 Yr US T-Bond

2.93%, unchanged

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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It’s more than a rumble…

No sign of the expected deluge of issuance. It will come. Instead, we’ve kicked off the week in defensive mode reflecting and fearful on the outcome of the US import tariffs against Chinese imports – and the retaliation. It wasn’t necessarily a very bad session – just soft, reflecting the potential risks which come from what is looking like an intractable trade war.

It doesn’t look good. So weaker equities followed, oil prices declined, credit did very little and rates received a little bid. Sterling was again under pressure as the BOE’s MPC meets this week, with no change expected amid a weak(ening) domestic UK economy.

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