| December |
|
Lagarde and Des Donnes
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| 15 December 2011 |
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| Early credit rally from better than expected economic data did not hold. Profit taking from shorts exhausted itself and comments from IMF head... |
| |
Spain rallying after auction
|
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| 15 December 2011 |
|
| A combination of profit taking, better than expected PMIs and a strong bond auction led to the markets rallying today. The Markit iTraxx Europe... |
| |
More of the Same
|
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| 14 December 2011 |
|
| Continued declines in the euro along with talk of a potential break-up drive risk-averse sentiment in the credit markets. |
| |
Pricing the Expected (Again?)
|
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| 13 December 2011 |
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| North American credit markets saw some volatility, albeit not as much as equities, in response to Merkel comments and FOMC decision despite there... |
| |
Merkel dampens sentiment
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| 13 December 2011 |
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| Traders were reporting light volumes in the CDS market today, so it was no surprise to see significant amounts of volatility. Headlines continue... |
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The Only Prescription is More Austerity
|
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| 12 December 2011 |
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| Markets reacted today to the prospects of sovereign rating downgrade following an EU leaders' summit that fell short of market expectations. |
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ECB pulls back
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| 12 December 2011 |
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| The cautious optimism that was evident in recent weeks was in short supply today as the sovereign debt crisis rumbled on. Last week's EU summit... |
| |
Optimism punctured
|
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| 08 December 2011 |
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| The ECB was the star of the show today and there was immense pressure on it to perform. Expectations were high, and in one sense it exceeded them.... |
| |
Will Draghi deliver?
|
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| 07 December 2011 |
|
| Sentiment in the financial markets has been shaped by headlines in Europe over the past few months, and today was a typical example. Volatility... |
| |
No to politics
|
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| 06 December 2011 |
|
| The rating agencies have triggered their fair share of controversy during the sovereign debt crisis and S&P's intervention yesterday was the... |
| |
"Other elements might follow"
|
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| 01 December 2011 |
|
| Credit markets outperformed their equity counterparts today as they continued to enjoy the benefits of yesterday's coordinated central bank... |
| |
|
 |
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| November |
|
Central Banks Flex But Not Fix
|
|
| 30 November 2011 |
|
| It was all about central bank action today. However, the lowering of dollar swap lines by 50bp addresses a symptom of the eurozone debt crisis,... |
| |
Central banks to the rescue
|
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| 30 November 2011 |
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| It was all about the central banks today as they stepped into the vacuum left by governments. The markets were drifting along when news broke that... |
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Rating Agency Bookends
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| 29 November 2011 |
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| Optimism re: Europe seemed to carry over a bit from yesterday but rating agency actions, particularly a review on European bank subordinated debt... |
| |
Italian relief
|
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| 29 November 2011 |
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| It was another volatile session for the credit markets today as positive and negative catalysts battled for control of sentiment. The Markit... |
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Hope or Jolliness
|
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| 28 November 2011 |
|
| The markets posted a significant rally today largely on hopes that European policymakers can bring about stronger fiscal ties. |
| |
Mini-summit blues
|
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| 24 November 2011 |
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| It was just settling into a typically docile Thanksgiving afternoon when the trio of Nicolas Sarkozy, Angela Merkel and Mario Monti made an... |
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An alarm signal
|
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| 23 November 2011 |
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| Many regard Germany as the source of the current market turbulence but the manner in which it triggered a correction today was unexpected. The... |
| |
Throwing in the Cape; Picking Up the Mantle
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| 22 November 2011 |
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| North American credit markets were range bound today despite the somewhat choppy moves in equitieis. Limited near-term implications from the... |
| |
No bazooka
|
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| 22 November 2011 |
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| Europe is still at loggerheads over the ECB, some of the continent's banks are undercapitalised and US GDP missed expectations. Despite all of... |
| |
Deliberations
|
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| 22 November 2011 |
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| Europe continues to deliberate about what to do next to address sovereign contagion. The US Congress remains gridlocked. |
| |
Yet more pain
|
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| 21 November 2011 |
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| It was another bloodbath in the markets today as investors took flight from risk. The Markit iTraxx Europe finished the day 10.5bp wider at 198bp,... |
| |
Vocal vs. Technical Support
|
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| 17 November 2011 |
|
| The markets were in 'risk-off' mode today following dismal bond auction results for Spain and continuing widening of spreads for France. The... |
| |
More uncertainty, more volatility
|
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| 17 November 2011 |
|
| More uncertainty, more volatility. The main credit indices traded in a wide range today, an occurrence that is becoming commonplace in the modern... |
| |
European Headwind
|
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| 16 November 2011 |
|
| A lot of whipsawing intraday for North American corporate credits but the market dribbled wider late after Fitch Ratings warned on outlook for US... |
| |
ECB intervening, role still in question
|
|
| 16 November 2011 |
|
| The credit markets bounced back from yesterday's capitulation but there was little in the way of fresh news to justify the recovery. Mario Monti... |
| |
Trying to Show Independence
|
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| 16 November 2011 |
|
| North American corporate credits managed to close only a bit wider in the aggregate despite a day weighed with negative headlines from Europe. |
| |
Inherent weakness
|
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| 15 November 2011 |
|
| It was volatility as usual today as the markets brushed off the installation of technocratic governments and focused on the inherent weaknesses in... |
| |
Of Technicals and Technocrats
|
|
| 14 November 2011 |
|
| Separation of politics and fiscal policy is harder than it sounds as new technocrats in Europe will discover in addressing their nation's woes. |
| |
No technocratic rally
|
|
| 14 November 2011 |
|
| If Europe's leaders hoped that the installation of technocratic governments in Italy and Greece would curtail the damage from the debt crisis then... |
| |
Succession Session
|
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| 10 November 2011 |
|
| Political instability in Europe eased a little as Greece appointed a new PM and momentum coalesced behind a single person for PM in Italy. |
| |
No bloodbath but plenty of volatility
|
|
| 10 November 2011 |
|
| Many expected a bloodbath in the markets today after yesterday's capitulation but it didn't materialise. It looked like it was going to another... |
| |
Italian Inversion
|
|
| 09 November 2011 |
|
| Italian bond yields blew out today following LCH.Clearnet's move to raise initial margin limits on BTPs. |
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Two Halves
|
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| 08 November 2011 |
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| Markets focused on Italy's budget vote and word of Berlusconi's pending resignation. |
| |
Berlusconi clinging on
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| 08 November 2011 |
|
| The financial markets are in thrall to politics at the moment. Last week participants were watching Athens with increasing trepidation; this week... |
| |
That's Not Amore
|
|
| 07 November 2011 |
|
| North American credit markets managed to finish the day mostly unchanged despite growing concerns about Italy being unable or unwilling to enact... |
| |
An Italian malaise
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|
| 07 November 2011 |
|
| The volatility that afflicted the markets last week shows no sign of abating as political risk preoccupies participants. The Markit iTraxx Europe... |
| |
Real and Unrealpolitik
|
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| 03 November 2011 |
|
| ECB's 25bp rate cut helped risk assets rally after a volatile morning due to ongoing political uncertainty in Greece. |
| |
Drama in Athens
|
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| 03 November 2011 |
|
| New ECB president Mario Draghi said today that it was hard to comment on political developments in Greece. The wild oscillations in the markets... |
| |
Awaiting Europe's Next Move
|
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| 02 November 2011 |
|
| Sideways market mostly today as investors attempted to sort out the Greek referendum and await moves by Italy and the ECB. |
| |
"We need clarity"
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| 02 November 2011 |
|
| Angela Merkel said that “we need clarity” as she left for her meeting in Cannes today with George Papandreou, Nicholas Sarkozy and... |
| |
Experimental Democracy
|
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| 01 November 2011 |
|
| Markets were blindsided by reports that a Greek referendum would be required to approve last week's bailout measures. |
| |
Underpricing political risk
|
|
| 01 November 2011 |
|
| It takes a lot to shock the markets in these turbulent times but Greek prime minister George Papandreou managed to do it after the close... |
| |
|
|
|
| October |
|
Spooked by Doubt
|
|
| 31 October 2011 |
|
| Credit market sentiment was driven by growing doubts on the 'grand plan' and MF Global's bankruptcy filing. |
| |
Risk averision returns
|
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| 31 October 2011 |
|
| Risk aversion was back today after the failure of a broker-dealer heightened tension in a market already concerned about the eurozone's stability.... |
| |
From Calm to Euphoria
|
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| 27 October 2011 |
|
| Broad-based tightening in CDS spreads today on the heels of Europe's unveiling of the 'grand plan' |
| |
The deal to end all deals?
|
|
| 27 October 2011 |
|
| It was all one-way traffic today in the credit markets as the deal struck by Europe's leaders in the early hours received a rapturous reception.... |
| |
Agreeing to Agree
|
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| 27 October 2011 |
|
| Markets still seem optimistic even though expectations are now that the summit will provide little in the way of detailed numbers. |
| |
Calm before the storm?
|
|
| 26 October 2011 |
|
| Today's trading session was always destined to be the calm before the storm and so it proved. Flows were light as the markets waited the outcome... |
| |
Hope in One Hand, Summit in the Other
|
|
| 25 October 2011 |
|
| North American credit markets showed greater resilience than other asset classes to speculation that a grand plan may not be forthcoming at... |
| |
Preparing for disappointment
|
|
| 25 October 2011 |
|
| For most of the day it looked like a typical trading session before a scheduled major event, i.e. one dominated by caution. Confidence that... |
| |
The Waiting Game
|
|
| 24 October 2011 |
|
| Investors await Wednesday's policy announcements re: a grand plan but continue to take an optimistic view. |
| |
Edging closer
|
|
| 24 October 2011 |
|
| Credit continued to trade in a tight range as the markets digested yesterday's EU summit. As expected, little in the way of concrete decisions... |
| |
Wednesday is the New Sunday
|
|
| 20 October 2011 |
|
| Spreads for North American corporate credits finished at the day's tights after French and German leaders indicate that a bailout plan will be... |
| |
Leaks and denials
|
|
| 20 October 2011 |
|
| It hardly needs saying that financial markets were once again in thrall to the headlines emanating from European discussions on the EFSF. Leaks... |
| |
Follow the Bouncing Ball
|
|
| 19 October 2011 |
|
| Reports that the EFSF as a first loss insurer may have critical legal issues dampened risk sentiment late. |
| |
A magic wand
|
|
| 19 October 2011 |
|
| Headlines, deadlines. The market continues to be driven by the output of the media, specifically the comments given by various sources close to... |
| |
Afternoon Delight?
|
|
| 18 October 2011 |
|
| US bank CDS benefitted significantly from reports of a Franco-German agreement on a European rescue plan. Home builders were tighter on improved... |
| |
Nerves are building
|
|
| 18 October 2011 |
|
| A modest late rally obscured what was another difficult session for credit. Profit taking no doubt contributed to the widening throughout the day... |
| |
Dampening expectations
|
|
| 17 October 2011 |
|
| The markets opened the week exuding the optimism that has been evident since the start of October. All of the main CDS indices were tighter and... |
| |
Onto the Next Milestones
|
|
| 13 October 2011 |
|
| Markets eased back today. Ongoing concerns about bank recapitalization, JPM earnings and Fitch rating actions led US banks to be the underperformers. |
| |
A rally curtailed
|
|
| 13 October 2011 |
|
| The strong rally observed in recent days came to an abrupt end today as investors began to question their appetite for risk. The markets have been... |
| |
Plans Being Made
|
|
| 12 October 2011 |
|
| Markets were in rally mode as EU Commission Head Jose Manuel Barroso provided confirmation of a bank recapitalization plan and Fed minutes reveal... |
| |
A Panglossian view
|
|
| 12 October 2011 |
|
| The Panglossian mood of the markets continued today, with several pieces of negative news having little effect on sentiment. After a lacklustre... |
| |
Awaiting Details of Something More
|
|
| 11 October 2011 |
|
| Low volatility day in credit markets despite delay in Slovakia approval vote on EFSF. Alcoa kicks off US earning season. |
| |
A Slovakian sojourn
|
|
| 11 October 2011 |
|
| Stocks and spreads gave back some of their recent gains in what was a relatively uneventful day. But there was still plenty of news to chew on... |
| |
We have a deadline
|
|
| 10 October 2011 |
|
| European markets staged a strong rally today amid mounting confidence that the EU is finally serious about tackling the debt crisis. The rally... |
| |
Absolutely No Chance
|
|
| 06 October 2011 |
|
| US banks led the rally in US credit markets today as the ECB took measures to address European bank liquidity issues. |
| |
A tale of two CBs
|
|
| 06 October 2011 |
|
| It was a case of “shock and awe” compared to “softly, softly” from Europe's two most important central banks today. The... |
| |
Central Banks Next
|
|
| 05 October 2011 |
|
| Today was a better day for credit as investors were heartened by a potential plan for European bank recapitalization. Morgan Stanley spreads led... |
| |
Is it finally dawning?
|
|
| 05 October 2011 |
|
| It was all about the banks today as it appeared that governments were finally recognising that the fate of financial institutions is paramount in... |
| |
Rough Cycle
|
|
| 04 October 2011 |
|
| More widening in US bank spreads. Ford and GM also both significantly wider despite recent/pending upgrade actions. |
| |
Bernanke limits the damage
|
|
| 04 October 2011 |
|
| A timely intervention from Ben Bernanke this afternoon helped the credit markets recover from yet another depressing trading session. This time... |
| |
Flying Wide
|
|
| 04 October 2011 |
|
| In North America, the fallout from today's bad news in Europe fell squarely on US banks. Also AMR Corp spreads widened significantly on... |
| |
Business as usual in Q4
|
|
| 03 October 2011 |
|
| Bullish investors hoping for a change of fortune in Q4 were disappointed today as risk aversion continued to permeate the market. Greece's... |
| |
|
|
|
| September |
|
Driving for Direction
|
|
| 29 September 2011 |
|
| Despite boost in sentiment early from the Bundestag's EFSF approval, a choppy session at the end does little to reassure investors regarding... |
| |
"Europe relies on Germany"
|
|
| 29 September 2011 |
|
| “Europe relies on Germany”. CDU front bencher Norbert Barthle closed today's debate on the EFSF changes in the Bundestag with those... |
| |
A Time to Reassess
|
|
| 28 September 2011 |
|
| North American IG credit spreads grinded wider today ahead of the Bundestag's vote on the EFSF. |
| |
A not so secret plan
|
|
| 28 September 2011 |
|
| Talk of a “secret plan” today typified how the markets have been fluctuating on rumours rather than concrete news. The Markit iTraxx... |
| |
Divining Policy
|
|
| 27 September 2011 |
|
| Sentiment continues to be driven out of Europe with every anticipated turn of a "grand" policy. US homebuilders performed well today after... |
| |
A cry for leverage
|
|
| 27 September 2011 |
|
| Leverage has become a dirty word in some circles in the wake of the recent banking crisis. But it is in vogue in Europe at the moment, and reports... |
| |
Positive Surprise Risk
|
|
| 26 September 2011 |
|
| Markets continue to be sentiment driven, today to the positive side as investors close shorts due to positive surprise risk for a broad European... |
| |
Lingering optimism
|
|
| 26 September 2011 |
|
| It seems that the markets are becoming used to disappointment. The lack of progress at the weekend's IMF/G20 meeting was all too predictable but... |
| |
Eroding Confidence in Every Corner
|
|
| 22 September 2011 |
|
| It was a harsh market session for risk assets as investors focused on the increased likelihood of a global recession and continued concerns... |
| |
A perfect storm
|
|
| 22 September 2011 |
|
| A perfect storm hit the financial markets today and the panic was almost palpable. The major European stock indices were down about 5%, making it... |
| |
The Tooth Fairy Cometh
|
|
| 21 September 2011 |
|
| Risk averse sentiment was on the rise again despite FOMC's announcement of "Operation Twist". Bank rating downgrades also weighed. |
| |
Twist and risk
|
|
| 21 September 2011 |
|
| Roll activity continued to dominate the CDS market today, resulting in a dichotomy with equities this morning. But the two markets were moving in... |
| |
Roll on the Fed
|
|
| 20 September 2011 |
|
| The CDS market probably wasn't the best place to gauge sentiment today. The vast majority of the Markit CDS indices rolled into the new contracts,... |
| |
Twist or Shout?
|
|
| 19 September 2011 |
|
| Investors had negative headlines from Europe to contend with today as talks of the 'troika' denying or delaying the next round of aid resurfaced. ... |
| |
Risk off (again)
|
|
| 19 September 2011 |
|
| The strong rally of last week was but a distant memory today as risk aversion enveloped the markets once again. The informal Ecofin/Eurogroup... |
| |
Central banks open fire
|
|
| 15 September 2011 |
|
| On September 15 governments and monetary authorities were guilty of inaction when Lehman Brothers went bankrupt. Three years later it seems that... |
| |
More Cavalry Coming?
|
|
| 14 September 2011 |
|
| North American credit markets managed to hold onto today's rally with sentiment being influenced by events in Europe. |
| |
A jittery rally
|
|
| 14 September 2011 |
|
| UK prime minister David Cameron said today in parliament that “Germany and France are meeting to stop Greece going bankrupt”. He was... |
| |
Searching for News
|
|
| 13 September 2011 |
|
| Investors flattened positons as they await more news out of Europe. CDS for HPQ wider today due to its $11 bln acq of Autonomy Corp. |
| |
Mixed messages
|
|
| 13 September 2011 |
|
| It was another trading session dominated by massive index swings as mixed messages from politicians made conditions difficult. Optimism from... |
| |
Eyes on Europe
|
|
| 12 September 2011 |
|
| With a somewhat vacant calendar for US economic data and Europe in focus, US credit markets will follow Europe's lead this week. |
| |
Breaking records
|
|
| 12 September 2011 |
|
| It was another brutal day in the European financial markets. The risk aversion that was evident on Friday continued into today, though there was a... |
| |
Trichet vents his spleen
|
|
| 08 September 2011 |
|
| A seemingly robust credit market rally dissipated during the afternoon as participants were reminded of the all-pervading uncertain conditions.... |
| |
Volatility Lingers
|
|
| 07 September 2011 |
|
| In credit markets, volatility remains on a day-over-day basis although intraday swings are muted. Improved tone today was driven by events in Europe. |
| |
A (brief?) bounceback
|
|
| 07 September 2011 |
|
| That the market would eventually rally was inevitable, and the fact that it occurred today wasn't a great surprise. Short covering was to be... |
| |
Loss of Euphoria
|
|
| 06 September 2011 |
|
| The US markets were heavily influenced by negative sentiment from Europe over the weekend as Merkel's party fared poorly in regional elections. |
| |
No respite
|
|
| 06 September 2011 |
|
| A tepid opening in both the credit and equity markets proved deceptive as another day of volatility ensued. Banks outperformed this morning... |
| |
Light flows and capitulation
|
|
| 05 September 2011 |
|
| European financial markets capitulated today in a session of light flows and fragile confidence. The Labor Day holiday in the US ensured that... |
| |
Dial Tone
|
|
| 01 September 2011 |
|
| Quiet day in credit with US corporate credits leaking weaker ahead of the jobs number tomorrow. |
| |
All about the data
|
|
| 01 September 2011 |
|
| The focus of the markets was firmly on economic data today, with both European and North American investors looking for direction from leading... |
| |
|
|
|
| August |
|
August: The Quiet Month
|
|
| 31 August 2011 |
|
| Rally in credit today likely due to markets pricing in increased chance of QE more than anything else. Today also closes the door on what was a... |
| |
Squeezing tighter
|
|
| 31 August 2011 |
|
| Fundamental and technical factors combined today to cultivate a strong rally in credit. Minutes from the latest Fed minutes published late... |
| |
Counting the Minutes
|
|
| 30 August 2011 |
|
| Credit markets saw a modest afternoon rally as talk from Fed governor's along with the last FOMC minutes gives a further insight to more... |
| |
Italy benefits from ECB support
|
|
| 30 August 2011 |
|
| London-based traders returned after the long weekend to find that last week's volatility has not abated. Short covering after the open saw spreads... |
| |
Not As Bad as Feared?
|
|
| 29 August 2011 |
|
| Today's news suggests that economic forecasts and concerns about the banks, much like concerns ahead of Hurricane Irene, may not be as bad as... |
| |
Staring into a Jackson Hole
|
|
| 25 August 2011 |
|
| US credit markets were quiet and rather directionless ahead of Jackson Hole. |
| |
Moving closer together
|
|
| 25 August 2011 |
|
| Investors expecting credit and equity to recouple and move in tandem today would have been disappointed. But the roles were reversed today, and... |
| |
The dislocation continues
|
|
| 24 August 2011 |
|
| And so the credit/equity dislocation continues. The stand-out theme of this week has been the different directions taken by the two markets:... |
| |
Tremors
|
|
| 23 August 2011 |
|
| The markets were a tough read today as credit and equity diverged early but converged late. Insights into Jackson Hole remain a bit murky. |
| |
Credit and equity part ways
|
|
| 23 August 2011 |
|
| The marked underperformance of credit compared to equity continued today, with the latter asset class proving resilient to sovereign and banking... |
| |
Perry and Ovid
|
|
| 22 August 2011 |
|
| Credit markets were cautious ahead of key PMI data releases and the Fed's Jackson Hole meeting this week. |
| |
Will Bernanke deliver?
|
|
| 22 August 2011 |
|
| The volatility from previous weeks showed no sign of abating as spreads continued to widen. Credit underperformed equity by some margin, with the... |
| |
Volatility 2.0
|
|
| 18 August 2011 |
|
| Negative sentiment in European financials carried over along with negative US economic data kept investors in risk-off mode. |
| |
Banking, Collateral and Data
|
|
| 18 August 2011 |
|
| After starting out quiet, European credit markets widened significantly led by concerns in the financial sector. |
| |
Looking for a reason
|
|
| 17 August 2011 |
|
| Retailers and banks led the rally at times today but otherwise the market seems to be looking for direction. |
| |
Squeezing in a day of summer
|
|
| 17 August 2011 |
|
| Markets seemed to lack direction today but short covering helped France's CDS spreads to tighten. |
| |
More incrementalism
|
|
| 16 August 2011 |
|
| In the last half of the day, it was the event that was supposed to be a non-event in Europe that drove US markets. |
| |
Well Behaved For Now
|
|
| 16 August 2011 |
|
| Eurozone sovereign CDS, peripheral and core, were fairly quiet leading up to the Merkel/Sarkozy meeting. |
| |
Slow easy breaths
|
|
| 15 August 2011 |
|
| Quieter day following a tumultous week. M&A activity rather than economic data drove the session. |
| |
No big bang?
|
|
| 15 August 2011 |
|
| A relatively quiet day follows a tumultous week as investors await the Merkel/Sarkozy meeting on Tuesday. |
| |
Incentive or invective
|
|
| 11 August 2011 |
|
| CDS for US banks and investment grade corporates underperformed Wall Street's equity rally. How will the recent volatility impact the next round... |
| |
Look at all these rumors
|
|
| 11 August 2011 |
|
| Another volatile market session with European banks again in focus. |
| |
What now?
|
|
| 10 August 2011 |
|
| Market volatility continues to reign. |
| |
Foul mood
|
|
| 10 August 2011 |
|
| Markets return to a foul mood, making yesterday's US equity rally short-lived. French banks were in the spotlight today. |
| |
An extended period
|
|
| 09 August 2011 |
|
| Investors digest the latest FOMC statement and the ratings downgrade waterfall facing the municipal market. |
| |
Back to Ben
|
|
| 09 August 2011 |
|
| After a bruising session yesterday, markets await the latest pronouncement from the FOMC. |
| |
Anticipated but unthinkable
|
|
| 08 August 2011 |
|
| CDS for US banks widened dramatically today following the US sovereign's downgrade. AIG's lawsuit against Bank of America due to mortgage... |
| |
All necessary measures?
|
|
| 08 August 2011 |
|
| Volatile market session following the S&P downgrade of the US and ECB intervention. |
| |
"You will see what we do"
|
|
| 04 August 2011 |
|
| It still seemed like a long shot this morning when rumours of ECB intervention were doing the rounds. Media reports had suggested that the central... |
| |
Berlusconi to the rescue?
|
|
| 03 August 2011 |
|
| With the US debt ceiling agreement agreed and signed off by Obama, the focus of the markets returned to fundamentals. This has become an... |
| |
Back to contagion
|
|
| 02 August 2011 |
|
| Risk aversion was permeating the markets today, despite US lawmakers approving the deal to lift the debt ceiling. The House of Representatives... |
| |
Lacking conviction
|
|
| 01 August 2011 |
|
| August opened with a rally after a deal was announced to lift the US debt ceiling. But the rally seemed to lack conviction, and yet another set of... |
| |
|
|
|
| July |
|
Italy back at 300bp
|
|
| 28 July 2011 |
|
| European credit markets recovered from early weakness and finished the day tighter, though there was plenty of news to concern investors. The... |
| |
USA takes the mantle
|
|
| 28 July 2011 |
|
| It was another day dominated by events in the US, with the debt ceiling impasse continuing to depress sentiment. Republican House speaker John... |
| |
Clarity from ISDA on US CDS
|
|
| 26 July 2011 |
|
| The debt crises on both sides of the Atlantic are rumbling on but the credit markets took the opportunity to retrace some of the widening from... |
| |
Coming down to the wire
|
|
| 25 July 2011 |
|
| Euphoria was replaced with unease on Friday afternoon, a trend that continued into today. Doubts over the EU's latest plan to tackle to the... |
| |
Have they delivered?
|
|
| 21 July 2011 |
|
| Will 21 July 2011 be remembered as the day when the EU finally grasped the nettle and stopped procrastinating? The power brokers in the region... |
| |
“Show European responsibility”
|
|
| 20 July 2011 |
|
| It is debatable whether investors were genuinely adding risk or if participants were merely covering shorts ahead of tomorrow's EU summit. But what... |
| |
Hacked off
|
|
| 19 July 2011 |
|
| Perhaps it was the amazing spectacle of Rupert Murdoch and his son being grilled by MPs, or maybe just sheer fatigue. Whatever the reason, there wa... |
| |
Still stressed
|
|
| 18 July 2011 |
|
| If policymakers thought that Friday's stress test results would give them a breather from the recent market turmoil then they must have felt disapp... |
| |
Italy's costly bargain
|
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| 14 July 2011 |
|
| The rating agencies had a major impact on the markets last week when Portugal was downgraded to junk by Moody's. Plans for private sector participa... |
| |
Wild swings
|
|
| 12 July 2011 |
|
| It was another day of wild swings in the credit markets as participants struggled to adjust to the persistent sovereign turmoil. The contagion evid... |
| |
Contagion
|
|
| 11 July 2011 |
|
| Contagion was the word on everyone's lips today as the eurozone debt crisis threatened to envelope the periphery. The Markit iTraxx SovX Western Eu... |
| |
Trichet causing a stir
|
|
| 07 July 2011 |
|
| It was shaping up to be another dismal day in the sovereign CDS market. The Markit iTraxx SovX Western Europe index opened wider and left the key 2... |
| |
Portugal closing in on second
|
|
| 06 July 2011 |
|
| It was all about risk aversion today as sovereigns buckled under the weight of negative news flow. Credit underperformed equity significantly, as i... |
| |
Italy back at 200bp
|
|
| 05 July 2011 |
|
| European credit markets underperformed their equity counterparts by some margin today, with sovereigns again providing the negative impetus. But it... |
| |
Selective fears
|
|
| 04 July 2011 |
|
| A predictably quiet day in the markets thanks to the holiday in the US. The Markit iTraxx Europe was slightly wider throughout the day, and the per... |
| |
|
|
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| June |
|
And now over to the Eurogroup
|
|
| 30 June 2011 |
|
| The positive momentum from yesterday gathered pace today amid expectations that another “yes” vote would be delivered in the Greek parl... |
| |
First hurdle cleared
|
|
| 29 June 2011 |
|
| And so the event that the financial markets have been waiting for passed without incident. Not in Greece, of course. The second day of the general... |
| |
Pre-vote rally
|
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| 28 June 2011 |
|
| Spreads tightened today and the rally gained strength through the afternoon. The “French proposal” for private sector participation in... |
| |
A French proposal
|
|
| 27 June 2011 |
|
| As June draws to a close we can expect trading volumes to fall over the rest of the summer. But before then there is the small matter of Greece and... |
| |
Red alert
|
|
| 23 June 2011 |
|
| In scenes reminiscent of last week credit markets capitulated in the face of worrying economic news and yet more concerns about the Greek bailout.... |
| |
Just the first hurdle
|
|
| 22 June 2011 |
|
| The credit markets were pricing in a victory for Greek prime minister George Papandreou in the no confidence vote last night, and they were proved... |
| |
Something brewing
|
|
| 21 June 2011 |
|
| The political future of George Papandreou may be in doubt but the markets seem to be pricing in a victory for the beleaguered Greek prime minister.... |
| |
EFSF sparks recovery
|
|
| 20 June 2011 |
|
| Market expectations for the Eurogroup meeting culminating today were never sky-high but it still proved a disappointment to many. Spreads opened th... |
| |
As if there wasn't already enough pressure...
|
|
| 16 June 2011 |
|
| The state of the sovereign CDS market today could only be described as one of capitulation. Records for spreads have been broken with regularity in... |
| |
Striking down records
|
|
| 15 June 2011 |
|
| A worrying deterioration in the Greece situation provoked a negative reaction from financial markets today. Procrastination from the various powerb... |
| |
Banking on China
|
|
| 14 June 2011 |
|
| Solid economic data from two of the world's growth engines helped offset the now ubiquitous concerns about Greece. Both credit and equity markets r... |
| |
Still divided
|
|
| 13 June 2011 |
|
| Equities were moderately higher throughout the day but credit couldn't keep up, though it did recover slightly in the afternoon. In a quiet day &nd... |
| |
An "enormous mistake"?
|
|
| 09 June 2011 |
|
| Credit spreads were wider in Europe throughout most of the day but the deterioration was trimmed in the afternoon by a recovery in US stocks. The F... |
| |
A letter to Trichet
|
|
| 08 June 2011 |
|
| Credit investors were back in a risk averse frame of mind today as a combination of concerns over US monetary policy and the dreaded “R&rdquo... |
| |
Nokia on threshold of junk
|
|
| 07 June 2011 |
|
| It was another tepid day in the markets as participants searched for direction amid a dearth of meaningful news. As expected, there were more headl... |
| |
An introspective mood
|
|
| 06 June 2011 |
|
| After last week's swathe of economic data it was little surprise to see market participants in an introspective mood today. The damage done by the... |
| |
Stress and credibility
|
|
| 02 June 2011 |
|
| It was no surprise to see European markets open on a negative note this morning after US stocks experienced their worst day this year. Yesterday's... |
| |
Stoic resistance
|
|
| 01 June 2011 |
|
| European markets maintained their resilience this morning but then capitulated under the weight of disappointing economic news. Leading indicators... |
| |
|
|
|
| May |
|
Ready to relax?
|
|
| 31 May 2011 |
|
| The European financial markets started the week on a high as news from the sovereign debt crisis boosted sentiment at the open. However, it was que... |
| |
"Everything depends on the troika"
|
|
| 26 May 2011 |
|
| A rally in European credit petered out today as a combination of disappointing US economic data and renewed concerns around Greece weighed on senti... |
| |
The special relationship
|
|
| 26 May 2011 |
|
| Financial markets were struggling for direction today, with an improvement in European sovereign spreads helping to limit the damage from below par... |
| |
Noyer's video nasty
|
|
| 24 May 2011 |
|
| There was plenty of news around sovereigns today but, unlike yesterday, it had little impact on the broader markets. ECB governing council member C... |
| |
Politics in the periphery
|
|
| 23 May 2011 |
|
Appetite for risk dissolved today in the face of yet more sovereign debt concerns and worrying economic signals. It was the two countries regarded as the safest of the |
| |
A local squabble
|
|
| 19 May 2011 |
|
| A squabble that could have important ramifications for the eurozone had only a limited impact on the broader credit and equity markets today. |
| |
Adding insult to injury
|
|
| 18 May 2011 |
|
| The major European credit indices underperformed their equity counterparts throughout the day, a late recovery in US markets yesterday failing to compress spreads at t... |
| |
A re-profile of Greece
|
|
| 17 May 2011 |
|
| Weak US housing data, concerns over US earnings and the prospect of re-profiling all combined to depress sentiment. |
| |
A "non-conclusive way"
|
|
| 16 May 2011 |
|
| It was an inauspicious start to the week for risky assets, with European equity markets down by about 1% and credit indices also losing ground. |
| |
Range of Expectations
|
|
| 12 May 2011 |
|
| With yesterday’s “Commodity Sell-Off V2.0”, it was natural that most of today’s session would focus on commodity price movements and economic data rather than the cred... |
| |
Dining on China
|
|
| 11 May 2011 |
|
| Credit spreads opened tighter in Europe but a lacklustre morning session in the US saw the rally peter out in the
afternoon. |
| |
Bring the noise
|
|
| 10 May 2011 |
|
| A session dominated by noise from Greece and its EU masters somehow resulted in risky assets rallying. Spreads
opened tighter after a solid showing from Wall Street la... |
| |
Who’s casting doubt?
|
|
| 09 May 2011 |
|
| Risk appetite was on the retreat today, though unlike last week commodity prices weren’t the instigator. No, it was the
familiar and escalating eurozone sovereign debt... |
| |
Looking for vigilance
|
|
| 05 May 2011 |
|
| Credit has been doing its best to withstand the sell-off in equities but it finally succumbed to risk aversion today. The
fear of monetary policy tightening in emergin... |
| |
Bailout and Auction
|
|
| 04 May 2011 |
|
| The focus began this morning in peripherals where market participants awaited to see the credit reaction to yesterday’s late announcement that the Portuguese caretaker... |
| |
A rebalancing act
|
|
| 03 May 2011 |
|
| Traders returned from the four-day weekend in the UK to a range-bound market. The death of Osama bin Laden has had little impact on risk appetite; he was an increasing... |
| |
Obituaries and Markets
|
|
| 02 May 2011 |
|
| The death of Osama bin Laden influenced the markets early today but then faded somewhat Macroeconomic data will likely be the focus this week. |
| |
|
|
|
| April |
|
Waiting for Ben
|
|
| 28 April 2011 |
|
| European credit spreads today were driven by month-end positioning in a market impaired by poor liquidity. Sovereign spreads were significantly tighter on short coveri... |
| |
Ugly rumours
|
|
| 20 April 2011 |
|
| It appears that the markets have quickly rediscovered their appetite for risk after the S&P-inspired blip on Monday. |
| |
Taking a breather
|
|
| 19 April 2011 |
|
| After the panic of yesterday the markets returned to something resembling normality today, though the negative S&P action on the US was still a cogent factor. |
| |
AAA in danger
|
|
| 18 April 2011 |
|
| Traders’ attentions were diverted away from Greece’s many problems after S&P placed the US AAA sovereign rating on negative outlook. |
| |
Greece and "other steps"
|
|
| 14 April 2011 |
|
| Meaningful talk of a eurozone country restructuring its debt. Spreads hitting record levels. The supposedly diminished risk of contagion being reappraised. |
| |
Quashing speculation
|
|
| 13 April 2011 |
|
| Since the rally over the first week of April the credit markets have struggled to find direction. The Markit iTraxx Europe index has been trading in a relatively narro... |
| |
Warm words won't do
|
|
| 12 April 2011 |
|
| Risk aversion was back in the ascendency today as a combination of Japanese woes, disappointing economic data and an underwhelming start to earnings season combined to... |
| |
Anticipated But Still Monumental Events
|
|
| 07 April 2011 |
|
| It was an eventful day in the markets even if mostly anticipated. Let’s start with Portugal. Most have been anticipating an eventual Portuguese request for a bailout s... |
| |
Banks powering rally
|
|
| 06 April 2011 |
|
| The credit markets had a strong tone today as risk aversion showed further signs of waning. |
| |
Portugal and Ireland swap places
|
|
| 05 April 2011 |
|
| Mixed economic data and rising oil prices ensured that the risk appetite evident yesterday was dampened in today’s session. Markit Services PMIs for the eurozone and U... |
| |
M&A activity supporting risk appetite
|
|
| 04 April 2011 |
|
| Credit markets rallied today, with risk appetite fuelled by Friday’s strong US economic data. The robust non-farm payrolls and ISM manufacturing reports instilled conf... |
| |
|
|
|
| March |
|
Stressful enough?
|
|
| 31 March 2011 |
|
| Financials continued to act as a drag on credit as it underperformed equity for a second consecutive day. The impending stress test results from Ireland are creating u... |
| |
A reversal of fortune
|
|
| 30 March 2011 |
|
| The overall tone in the markets was positive today but it was tempered by nerves in the banking sector. |
| |
Time for “PIG”?
|
|
| 29 March 2011 |
|
| It was left to the rating agencies to jolt the credit markets into life today after a tepid morning session. S&P surprised the markets this afternoon by downgrading Po... |
| |
“absolutely unforgiveable”
|
|
| 28 March 2011 |
|
| A weighty second-half of the week ensured that risky assets were little changed today. |
| |
Let's "wait and see"
|
|
| 24 March 2011 |
|
| Not even the collapse of a eurozone government could prevent risky assets rallying today, with stocks reaching their highest levels for two weeks. |
| |
Portugal on the verge?
|
|
| 23 March 2011 |
|
| Credit spreads opened wider this morning as traders woke up to higher oil prices and a Japan nuclear situation that is far from resolved. |
| |
Wider ahead of budgets tomorrow
|
|
| 22 March 2011 |
|
| Spread direction has been powered by events in Japan over the last week or so, with Libya and occasional M&A deals secondary concerns for investors. |
| |
Roll on M&A
|
|
| 21 March 2011 |
|
| A perceived improvement in the Japan nuclear situation and a revival in trans-Atlantic M&A helped risky assets rally today. |
| |
Tepco grasping the nettle?
|
|
| 17 March 2011 |
|
| Financial markets are beholden to the Japanese nuclear situation, and the twists and turns of the story are causing volatility in spreads and stocks. |
| |
Incendiary comments
|
|
| 16 March 2011 |
|
| It was perhaps inevitable that there would be a short covering rally at some point this week. Credit markets in Japan had widened dramatically for three days in succes... |
| |
Japan, Tepco at record wide levels
|
|
| 15 March 2011 |
|
| Risk aversion enveloped the markets today as investors reacted to the unfolding disaster in Japan. European spreads opened significantly wider after it emerged that th... |
| |
Uncharacteristic decisiveness
|
|
| 14 March 2011 |
|
| Uncharacteristic decisiveness from the EU took the markets by surprise and helped credit markets withstand the risk aversion created by the tragic events in Japan. |
| |
Competitiveness and solvency
|
|
| 10 March 2011 |
|
| The eurozone’s periphery hasn’t been a major cause of risk aversion for a while. But that has changed this week, with sovereigns once again triggering unease in the ma... |
| |
Sovereign unsustainability
|
|
| 09 March 2011 |
|
| A twin-pronged attack from oil and peripheral sovereigns led to European risky assets retreating this afternoon. The price of crude was already creeping back up earlie... |
| |
Bonds bearing the brunt
|
|
| 08 March 2011 |
|
| Oil continued to have a bearing on market sentiment, and a retreat in the price of the commodity helped support a weak rally in risky assets today. |
| |
Greek indignation
|
|
| 07 March 2011 |
|
| European credit markets underperformed their equity counterparts today, with sovereigns widening ahead of the interim EU summit on Friday. |
| |
Vigilance and optimism
|
|
| 03 March 2011 |
|
| A hawkish Jean-Claude Trichet couldn’t prevent spreads benefitting from strong economic data and a falling oil price. |
| |
Oil dictating sentiment
|
|
| 02 March 2011 |
|
| The oil price continued to power spread direction today, a sharp rise in the commodity late yesterday ensuring that spreads opened wider this morning. |
| |
MENA rumours quash upbeat economic news
|
|
| 01 March 2011 |
|
| The positive momentum that was building in the markets this morning was dampened thoroughly by the afternoon as MENA concerns returned (did they ever go away?). |
| |
|
|
|
| February |
|
Greek Week Continues
|
|
| 08 February 2012 |
|
| Corporate CDS finish the day more or less unchanged but saw some intraday volatility as the markets chased headlines regarding Greece. |
| |
Will they or won't they?
|
|
| 08 February 2012 |
|
| Will they or won't they? That was the question being asked today in the markets, and it concerned the tense relationship between the ECB and... |
| |
Wheels of Progress Turn Slowly
|
|
| 07 February 2012 |
|
| Market sentiment continued to be driven by the perception of progress or lack of in Greece. Next week is reported to be the deadline for a PSI... |
| |
Primary in the spotlight
|
|
| 07 February 2012 |
|
| The secondary markets were basically on hold today as they awaited clarity on the Greek bailout. Déjà vu was the order of the day as... |
| |
Greek Week
|
|
| 06 February 2012 |
|
| With no macroeconomic data releases today and little news over the weekend, investors had little choice but to focus on the lack of progress on... |
| |
Stasis in Athens
|
|
| 06 February 2012 |
|
| The credit markets opened the week on a negative note as the seemingly interminable Greek bailout talks continued. There was some evidence that... |
| |
Consolidation
|
|
| 02 February 2012 |
|
| Markets had little to go on for direction today as US initial jobless claims came in around expectations and investors still await word of details... |
| |
Waiting in anticipation
|
|
| 02 February 2012 |
|
| It was very much a case of the markets treading water ahead of an important day for economic data tomorrow. Non-farm payrolls will be closely... |
| |
Rally Resumed
|
|
| 01 February 2012 |
|
| Credit markets showed technical strength today with in-line to better macroeconomic numbers. Credit risk for the US auto sector improved on... |
| |
Another barnstormer
|
|
| 01 February 2012 |
|
| The rally that has been a hallmark of the markets in recent weeks gathered pace today following positive economic data and optimism around the... |
| |
Saudi to the rescue?
|
|
| 24 February 2011 |
|
| It was a predictably volatile day for credit and equity markets as participants struggled to understand the consequences of Libya’s ongoing political upheaval. |
| |
Credit and oil price shocks
|
|
| 23 February 2011 |
|
| Risk appetite continued to dwindle today as the price of oil spiralled upwards. Brent crude hit $110 a barrel this afternoon, the first time it has done so in nearly t... |
| |
MENA causing risk aversion
|
|
| 22 February 2011 |
|
| Risk aversion permeated the markets today as investors grappled with the implications of turmoil in the Middle East and North Africa. |
| |
Crossover breaking out of range
|
|
| 17 February 2011 |
|
| It seems that it will take something major to shift spreads from their current trading range. But there were tentative signs today that the main credit indices are loo... |
| |
Corporates inspire confidence
|
|
| 16 February 2011 |
|
| Upbeat news from the corporate sector and encouraging US economic data helped offset weakness in peripheral sovereigns, leading to risky assets rallying on both sides... |
| |
No catalysts
|
|
| 15 February 2011 |
|
| Risky assets were range-bound today as a swathe of economic data failed to ignite animal spirits. |
| |
Pause for thought
|
|
| 14 February 2011 |
|
| Today lacked the drama of Friday, with Egypt returning to normality and a dearth of economic news. |
| |
Drama in the Middle East
|
|
| 10 February 2011 |
|
| It was a day of high drama in the Middle East. This morning Twitter was alive with rumours that Saudi Arabia’s King Abdullah was dead. |
| |
Nonplussed by Egypt
|
|
| 09 February 2011 |
|
| It seems that the credit markets are in the midst of one of their quietest periods for some time as investors look to consolidate after the recent rally. Egypt, perhap... |
| |
Inertia prevails
|
|
| 08 February 2011 |
|
| Inertia was the prevailing state of the markets today in another quiet session. A 25bp rise in Chinese interest rates to 6.06% - the third hike since October – had lit... |
| |
The old disunity
|
|
| 07 February 2011 |
|
| After the multitude of market moving events last week, today was placid in comparison. The absence of any negative catalysts led to stock markets gaining both in Europ... |
| |
Politics vs Economics
|
|
| 03 February 2011 |
|
| The themes occupying the markets today remained the same, with geopolitical, sovereign and economic issues all making a clear spread direction hard to find. |
| |
Economy as bulwark
|
|
| 02 February 2011 |
|
| The credit markets kicked off this morning where they left off yesterday: in tightening mode. If anything, the momentum increased as the two major corporate indices br... |
| |
Manufacturing growth
|
|
| 01 February 2011 |
|
| Events in North Africa have dominated trading activity in recent days, overshadowing important economic releases such as eurozone inflation yesterday. |
| |
|
|
|
| January |
|
Underwhelming Session, Solid Month
|
|
| 31 January 2012 |
|
| January has been a strong month for risky assets but disappointing results in today's US macroeconomic releases was the primary factor in holding... |
| |
Italian banks regain access
|
|
| 31 January 2012 |
|
| Position-squaring means that caution has to be borne in mind when interpreting market moves at month-end. Both the credit and equity markets... |
| |
Waiting for Imminent
|
|
| 30 January 2012 |
|
| Headlines and market activity were subdued today ahead of what will be a busy week of macroeconomic data releases. Investors chose to focus on... |
| |
Slow progress
|
|
| 30 January 2012 |
|
| The credit markets have started the week in a negative mood amid slow progress around Greek PSI talks. Reports suggest that a deal is “very... |
| |
The To and Fro
|
|
| 26 January 2012 |
|
| There was some intraday volatility exhibited in credit markets today as investors reacted to headlines suggesting that a Greek debt deal was close... |
| |
Dire straits
|
|
| 26 January 2012 |
|
| A combination of a dovish Fed and rumours that a Greek PSI deal is imminent led to a robust rally in both credit and equity today. The Fed... |
| |
Extension of Extended
|
|
| 25 January 2012 |
|
| Risk assets overcame concerns regarding the Greek debt negotiations from earlier in the session as the FOMC extended their "extended period"... |
| |
Ireland springs a surprise
|
|
| 25 January 2012 |
|
| The major credit indices finished the day more or less flat but that belied a day of considerable news flow and meaningful volatility. Spreads... |
| |
Counterbalance
|
|
| 24 January 2012 |
|
| US corporate credit spreads were only a little wider on Greek deal jitters. Positive macroceconomic data today helped counterbalance what could... |
| |
Portugal close to a record 1,300bp
|
|
| 24 January 2012 |
|
| Credit and equity markets reacted badly to the stasis in the eurozone today, though a late rally limited the damage. The stalemate on Greek... |
| |
Awaiting Action
|
|
| 23 January 2012 |
|
| US corporate credit markets outperformed equities in a session light on volume and news. Investors look forward to more news on Greek debt... |
| |
Shrugging off stalemate
|
|
| 23 January 2012 |
|
| The rally continues apace despite the lack of progress in the Greek PSI talks. News that weekend discussions had failed to produce an agreement... |
| |
A Picture's Worth
|
|
| 19 January 2012 |
|
| Credit markets got a boost today from solid bond auctions in Europe and a drop in initial jobless claims. However, there will be a credit event... |
| |
Downgrade? What downgrade?
|
|
| 19 January 2012 |
|
| The rally in the credit market regained its momentum today as a series of events combined to inspire optimism. A strong US close yesterday –... |
| |
Still Rallying
|
|
| 18 January 2012 |
|
| North American credit markets saw a rally fueled by reports of an imminent deal on Greek haircuts, more firepower at the IMF and improving... |
| |
Portugal in the firing line
|
|
| 18 January 2012 |
|
| The week-long rally in the credit markets struggled to maintain its momentum today despite a timely intervention from the IMF. A spokesman for the... |
| |
Of Economy, Earnings and Europe
|
|
| 17 January 2012 |
|
| The markets saw renewed risk appetite after taking in S&P's sovereign rating downgrades in stride. Bank earnings today were mixed with C missing... |
| |
A distant memory?
|
|
| 17 January 2012 |
|
| The S&P induced drama of last Friday almost seems a distant memory. Spreads have recovered with apparent ease from the widening late last week;... |
| |
Portugal bearing the brunt
|
|
| 16 January 2012 |
|
| After the drama of Friday afternoon it was back to the relative docility that we have seen thus far in 2012. Martin Luther King Day in the US... |
| |
What's the Next Negative Catalyst?
|
|
| 12 January 2012 |
|
| Any euphoria over Italian and Spanish bond auction results did not last long as US macroeconomic data weighed and concerns about the status of PSI... |
| |
Readily accessible
|
|
| 12 January 2012 |
|
| Credit comfortably outperformed equity today as successful debt sales from Spain and Italy sparked a revival in risk appetite. Spreads were... |
| |
A Reminder
|
|
| 11 January 2012 |
|
| Markets showed some signs of risk aversion earlier in the session but firmed up a bit at close. Tomorrow's Italian and Spanish government bond... |
| |
Still searching
|
|
| 11 January 2012 |
|
| The credit markets are searching for direction thus far in 2012 as investors struggle to ascertain what underlying theme will emerge dominant in... |
| |
Absent a Negative or Ignoring the Negatives?
|
|
| 10 January 2012 |
|
| Credit markets rallied today on the heels of equity markets. Whether it is the absence of near-term negative catalysts or the market is simply... |
| |
Ready to rally?
|
|
| 10 January 2012 |
|
| Optimism over the current earnings season and hopes that China will loosen monetary policy helped risk assets recover from yesterday's widening.... |
| |
Quiet Day in Potentially Eventful Week
|
|
| 09 January 2012 |
|
| Credit markets were fairly quiet as little new information came out over the weekend and investors awaited possibly major events later in the week. |
| |
A Merkozy non-event
|
|
| 09 January 2012 |
|
| It was an uneventful start to the week as markets struggled to find direction amid a dearth of news. The rally from Friday's better than expected... |
| |
Seeking Direction
|
|
| 05 January 2012 |
|
| US credit markets traded flat to wider despite positive US labor numbers; European concerns weighed. CDS for retailers were flat to wider despite... |
| |
More pain for banks
|
|
| 05 January 2012 |
|
| The trend from yesterday – in fact, the trend from last year – continued today with sovereigns and banks bearing down on sentiment. A... |
| |
Snapshot
|
|
| 04 January 2012 |
|
| Liquidity concerns for European financials and spread widening in eurozone sovereigns tarnished sentiment early in the day but markets did better... |
| |
Austria feeling Hungary's pain
|
|
| 04 January 2012 |
|
| It seemed like business as usual today as yesterday's rally was reversed amid widespread risk aversion. Sovereigns and banks resumed their 2011... |
| |
Mubarak clinging on
|
|
| 31 January 2011 |
|
| A relatively quiet day for economic data ensured that the ongoing drama in Egypt was the main focus for investors. President Mubarak’s attempts to hold on to power, in... |
| |
Dreams and haircuts
|
|
| 27 January 2011 |
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| European markets were preparing to react to President Obama’s State of the Union address –which turned out to be a something of a non-event – when an unexpected salvo... |
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Now to the FOMC
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| 26 January 2011 |
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| A relatively uneventful day saw the major credit indices fail to hold on to their gains and finish the session more or less flat. The Markit iTraxx Europe and Crossove... |
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UK regaining its influence
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| 25 January 2011 |
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| It was inevitable that CDS spreads would suffer a correction at some point. After all, the Markit iTraxx Europe index had tightened 20bp to 95bp since January 10. But... |
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Political risk in Ireland
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| 24 January 2011 |
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| It was another positive session for risky assets, and credit in particular. The asset class has been rallying for the past two weeks, and the Markit iTraxx Europe tigh... |
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An Irish contrast
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| 20 January 2011 |
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| Persistent tightening in sovereign and financials has helped the European credit markets withstand a sell-off in equities over the last few days. |
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Greek volatility
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| 19 January 2011 |
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| A strong showing from sovereigns and financials led to the credit market outperforming equities today. The latter sector was under scrutiny as two major US banks poste... |
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Citi holding firm
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| 18 January 2011 |
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| The return of the US markets after a holiday-extended weekend had little impact on European credit spreads. Citigroup’s results were the highlight in what was otherwis... |
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Who's next
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| 17 January 2011 |
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| European markets were more or less unchanged today on reportedly low volumes, an unsurprising fact given that there was a US holiday. |
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Reaching consensus
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| 13 January 2011 |
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| After yesterday’s “successful” Portuguese bond auctions (10-year yields of 6.71% successful?), the Spanish and Italian debt sales today were unlikely to set the pulses... |
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The price is right?
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| 12 January 2011 |
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| Events posited as potential tipping points often have a habit of underwhelming. Portugal’s keenly awaited bond auction was a case in point. |
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ECB lends a helping hand
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| 11 January 2011 |
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| A combination of short covering and a recovery in risk appetite led to the major credit indices tightening today. |
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Back to March 09
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| 10 January 2011 |
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| The credit markets continued where they left off last week and extended their recent widening trend. Most of the gains made in the Markit iTraxx Europe index towards t... |
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Banks under the cosh
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| 06 January 2011 |
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| European credit markets underperformed their equity counterparts by some distance today as uncertainty over the fate of senior bank bondholders pushed spreads wider ac... |
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From west to east
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| 05 January 2011 |
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| After yesterday’s strong start to the year it was no great surprise to see a correction today, though the plethora of market moving economic releases clearly had an im... |
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A tale of exports and inflation
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| 04 January 2011 |
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| The European CDS market opened 2011 on a strong note in response to economic data released yesterday and today. It was the first opportunity for London traders to reac... |
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