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Daily Archives: 14th November 2018

14th November 2018

It’s over

iTraxx Main

72.9bp, +1.9bp

iTraxx X-Over

300.3bp, +6.5bp

🇩🇪 10 Yr Bund

0.40%, unchanged

iBoxx Corp IG

B+xxxbp, -+xbp

iBoxx Corp HY

B+xxxbp, -+xbp

🇺🇸 10 Yr US T-Bond

3.15%, unchanged

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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Christmas can’t come quick enough…

Ouch! No – not Brexit, but the German economy. It contracted by 0.2% in Q3 versus Q2 as export markets flagged. And while that was enough to fret about, we also had the Italian government’s response to the European Commission’s demand that they rein in the spending as presented in the budget. Well, the Italians decided to defy the Commission, play hardball and will not change their fiscal stance.

So while markets didn’t really feel impacted much by the UK/EU Brexit agreement, it felt a little heavy after those German GDP numbers and Italy’s defiance (which actually came overnight). It’s turning out to be a tough November for the Brussels bureaucratic machinery and we all know they are going to play it by the book. It is a process, after all.

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