|🇩🇪 10 Yr Bund
|iBoxx Corp IG
|iBoxx Corp HY
|🇺🇸 10 Yr US T-Bond
|🇬🇧 FTSE 100
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||🇺🇸 S&P 500
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As we’re off to jittery start to the week…
It looks like someone forgot to inform the credit markets that it was supposed to be a jittery start to the week, and we should have expected a quieter Monday. Equities took note as they moved smartly lower. Safe-haven rate markets were better bid and yields were again heading towards the lows of their recent ranges. BTPs came under some pressure as the honeymoon period for the new government comes to an end amid some intense negotiations on immigration (for now) and yields are on the up again. Credit spread markets were better offered for choice, but primary was relatively busy – for a Monday. And busier than we might have expected with plenty of higher yielding borrowers on the screens.
Given the heightened potential event risk situations, we are set up for an interesting final week of month/first-half whereby returns/performance might not recover enough – or at all, leaving most markets in the red for the first half.