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Daily Archives: 24th November 2020

24th November 2020

🎈 Markets lift off again

iTraxx Main

48.6bp, -2.5bp

iTraxx X-Over

264.3bp, -11bp

🇩🇪 10 Yr Bund

-0.57%, +1bp

iBoxx Corp IG

B+104bp, -2bp

iBoxx Corp HY

B+379bp, -9bp

🇺🇸 10 Yr US T-Bond

0.88%, +2bp

🇬🇧 FTSE 100

6,432, +98

🇩🇪 DAX

13,292, +165

🇺🇸 S&P 500

3,633, +56

It’s the moon next…

Judging by the level of market activity, a fear of missing out has returned and must be the dynamic driving the rally. The US Thanksgiving break has just about arrived and it has seen investors pile in ahead of it. We’re not going to see much after Wednesday’s session, with normal business resuming some time next week. S&P is soon to be having a look at 3,700 again, the Dow is up through 30,000 for the first time ever and the Dax is back in the black for the year. Bitcoin is a hair’s breadth from its own record high.

There is a clear bias in the risk pricing dynamic to the upside although one could argue that the big, exciting moves higher ought to be harder to come by – perhaps needing something out of the ordinary to help. Trump finally conceding office isn’t one of them, although US political certainty will help at the margin.

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