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Daily Archives: 5th November 2020

5th November 2020

🗞️ It ain’t done and dusted just yet

MARKET CLOSE:
iTraxx Main

58bp, -3bp

iTraxx X-Over

339.7bp, -9.4bp

🇩🇪 10 Yr Bund

-0.64%, -2bp

iBoxx Corp IG

B+125bp, -1bp

iBoxx Corp HY

B+469bp, -5bp

🇺🇸 10 Yr US T-Bond

0.78%, -10bp

🇬🇧 FTSE 100

5,883, +96

🇩🇪 DAX

12,324, +235

🇺🇸 S&P 500

3,443, +74

Path to victory still there, for both…

According to the polls and the popular press (read: establishment), this what we should have written. “A substantial two-day pre-election rally, and the market was pricing perfection. For once, it was right. A Biden victory looked nailed on, but the Democrats sweeping into control of both houses (Congress and Senate) is what will drive them on some more. That stimulus package is coming. The markets will love it.”

Instead, we are left incredulous at what has been a gargantuan and resilient effort, David-like from Trump against the Goliath of the establishment/’social’ media which is potentially on the brink of being defeated. All very Brexit-like.

As at the time of writing, President Trump is still in the game. And the blue-wave trade might be on the brink of unravelling – not that we would have thought judging by the euphoric Election Day rally.

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