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Daily Archives: 26th June 2018

26th June 2018

Who needs enemies with friends like…

MARKET CLOSE:
iTraxx Main

74.3bp, +1.2bp

iTraxx X-Over

317.5bp, +4.2bp

🇩🇪 10 Yr Bund

0.34%, +1bp

iBoxx Corp IG

B+132.1bp, +2bp

iBoxx Corp HY

B+403.5bp, +6bp

🇺🇸 10 Yr US T-Bond

2.88%, unchanged

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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Trade war tops the bill

The concern we all have about the unfolding trade war remains the pivotal issue for the market. The UK has additional concerns given how big business is now throwing its toys out of the pram and reducing UK investment – with spending plans apparently being thwarted because of Brexit. Risk assets failed to gain any traction to pull out of the misery being heaped on them and with the trade war saga having legs in it yet, we are going to close the first half out in somewhat depressed fashion.

For instance, the engine of the Eurozone’s industrial might, Germany, is going to see her stock market lower by 5% or more for the first half, should the DAX fail to rise from current levels. And we will second-guess that the outcome of the EU meeting this week will be no agreement (read fudge) on immigration, the budget and Brexit.

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