02 Feb 2018
Leading the industry in money fund news.
** With no fresh supply to talk about on Monday, perhaps the most interesting news on the day was the latest CSPP update from the ECB where the central bank revealed it held EUR50.604bn of corporate securities as of 16th December. This latest data implies a daily purchase rate of EUR140m in the latest week, marking the slowest pace since the programme began. For more see IGM's ECB CSPP REVIEW
** Metro AG's bonds continued to widen on the day after the company's ratings were put on review for downgrade by ratings agency Moody's on Friday, which could see the rating descend into junk status. See IGM's CORP SNAPSHOT for more.
Broader market developments on Monday:
** EU risk assets trade mixed with no overall direction in ultra-low conviction trade despite German IFO beat, while US Services PMI missed expectations
** EGB yield curves broadly bull flatten, core debt extends gains although peripherals ultimately maintain lead. 10yr Bund spread vs Gilts widens for 5th consecutive session as Bunds rise as much as 4/5pt to a two week high of 97.483, outperforming Gilts. For IGM's FI close see here
** Oil turns negative amid oversupply concerns to follow two-day winning streak.
** iTraxx Main and Crossover indices sea-sawed but were on course to end marginally tighter, while the Senior Financials index widened
Market Snapshot (15.19)
** SXXP -0.08% / SX7P -1.40%
** Brent -0.45% at USD54.96, on course to end two-day winning streak
** iTraxx Main -0.1 at 71.9 / Crossover -1.7 at 292.0 / Sr Financial +1.2 at 96.3
What to watch Tuesday
** Data: No top tier releases scheduled in Europe or US. For interest though, Germany reports Nov PPI and the UK, Dec CBI Retail sales.
** Events: UK Parliament questions PM May on Brexit (14.00), House of Commons to hold last session before Xmas recess (reconvenes 9th Jan).
IGM FX and Rates
31 Jan 2017
Between the inevitabilities of death and taxes one would like to hope there’s room for a comfortable, perhaps a long, retirement. Alas, the data on that possibility is rather depressing for an awful lot of Americans.