Archive

Monthly Archives: March 2021

31st March 2021

🌤️ The outlook brightens

Ain’t no stopping us now… Relief, and in a sense good riddance. That was some volatile first quarter. Funny we’re thinking that, after all, global stocks in some cases have added almost 10% in the period and set many a closing record highs along the way. Record issuance in US high yield, a blustering pace […]
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30th March 2021

🗞️ Q2: The next leg higher

Volatile, but seeing it through safely… The month’s penultimate session dished up a mixed bag but we are going to close up the month with most risk markets recording solid returns for the month and first quarter. The latest event risk curveball from Archegos seems to have been managed with barely a ruction in markets, […]
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28th March 2021

🌎 Global macro’s fractured recovery

But Q1 ending on a high… A strong end to last week. Hopefully, we see a continuation of it this week into the end of the quarter, and investors can take home some good monthly/quarterly performance. It’s been a supremely testing period. Unfortunately, it’s not plain sailing from here – far from it, but it […]
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25th March 2021

🗞️ EU couldn’t make it up

Risk, my friend, should be your friend… Bond yields are stabilising in the US. They’re falling in the Eurozone – in no small part a result of the ECB’s increased QE purchases. Given the tantrum of late, that should be job done. Risk markets though appear anything but convinced. There is a hesitancy at the […]
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23rd March 2021

🗞️ Markets will overcome

Taking a breather… Just as well the corporate primary market is functioning normally because one would be forgiven in thinking that Easter is already upon us otherwise. Trading volumes are shockingly low leaving secondary credit eerily quiet. In fact, it’s been that way for quite a while, and of late, spreads are beginning to leak […]
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21st March 2021

🗞️ Place your bets

Rising yields, improving macro, earnings to come… There’s a real tug-of-war going between the rising yield-doomsayers and the growth/earnings/post-pandemic glory-period bulls. It has developed into an extended and exhausting period of uncertainty reflected in some serious levels of volatility across markets. Add in the latest US/China spat and amid all the uncertainty, risk asset valuations […]
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18th March 2021

📈 Risk markets battle higher yields

No retreat… Yikes! That 10-year US Treasury yield must be the most-watched market indicator at the moment, displacing the Bitcoin price and the level of US equities. It provides a running commentary on the possible direction of risk markets, but they’re not collapsing under the direction of travel currently seeing it head for 2%. A […]
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17th March 2021

🏦 Fed plays a blinder

Now let’s get on with it… The Fed nailed it. Markets had rediscovered the jitters into the FOMC meeting. No sweat, the Fed assuaged their concerns. Any inflationary burst will be short-lived and tolerated while a post-covid, stimulus-boosted US economy would be back at pre-pandemic levels sharpish. No rate increase until 2024. That’s suggesting that […]
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16th March 2021

🗞️ US Primed With Cheques & Vaccinations

Thank you, very much… The stimulus cheques are being disbursed. Some will simply will be banked, much will be spent on consumer goods/food, but a significant amount find their way on to the stock market and/or very likely into cryptocurrency. The next weeks should be positive ones for risk markets if only for those reasons. […]
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14th March 2021

🗞️ Rate Worries Dismissed

Markets less fearful of higher rates… We’re at the halfway point of the month and if performance is going to mean reverse as per the recent period, then markets are set for an extremely volatile week or so. We think that’s unlikely and, even if yields rise, we’re over them necessarily being a harbinger for […]
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