Markit Insight

Argentina's spreads snap back on court ruling

Thu, 29 Nov 2012 11:57:18 GMT

Argentina's CDS levels experienced a precipitous drop – almost 'cliff' like – on Thursday after a US court ruling all but eliminated...

Sentiment swayed by fiscal cliff headlines

Thu, 29 Nov 2012 04:38:41 GMT

Risk appetite has returned on Thursday but European markets continue to be buffeted by US fiscal cliff headlines.brbrSpreads are tightening on...

Recapitalisations put focus on peripheral banks

Wed, 28 Nov 2012 12:00:13 GMT

Peripheral banks were in focus on Wednesday after two major institutions announced recapitalisation plans.brbrBanca Monte dei Paschi said it...

Greece, US woes curtail rally

Wed, 28 Nov 2012 04:40:45 GMT

Persistent sovereign concerns and the approaching fiscal cliff are weighing on sentiment and preventing the year-end rally from gaining...

Little relief despite Greek aid deal and better data

Tue, 27 Nov 2012 17:37:00 GMT

Credit markets showed little signs of relief despite a deal that would have Greece receive its next round of aid and arguably retreat from...

Argentina fights to avert default

Tue, 27 Nov 2012 11:30:16 GMT

Greece's debt position looks slightly more secure after the EU deal, but fellow laggard Argentina is still struggling to avert default.brbrThe...

Swiss Re hurting from Sandy

Mon, 26 Nov 2012 12:53:08 GMT

After last week's robust rally it was no surprise to see some risk being taken off the table on Monday.brbrThe Markit iTraxx Europe was 4bps...

Argentina cries 'legal' colonialism'

Fri, 23 Nov 2012 11:56:56 GMT

It might come as a surprise to some that Argentina and the US were once rivals on the world economic stage. At the turn of the 20th century the...

Markets resilient against growing threats

Thu, 22 Nov 2012 11:35:51 GMT

The twin threats of a prolonged recession in the eurozone and a possible default in Argentina weren't enough to prevent spreads grinding tighter...

PMIs boost risk assets

Thu, 22 Nov 2012 04:38:43 GMT

Expectation-beating Markit PMIs have provided a welcome boost to the market and led to spreads reaching their tightest levels for nearly a month....

Turkey misses out on upgrade

Wed, 21 Nov 2012 12:00:04 GMT

Turkey's CDS spreads moved close to their tightest ever levels on Tuesday, despite Moody's refraining from upgrading the sovereign to investment...

Muted reaction to EU disappointment

Wed, 21 Nov 2012 04:30:08 GMT

Eurozone finance ministers failed to reach agreement on a deal for Greece, but the markets have taken the procrastination in their...

Market seeks direction as Eurogroup meets

Tue, 20 Nov 2012 11:48:51 GMT

Last week's apparent increase in risk aversion has been more than offset by a recovery over the last two days.brbrThe Markit iTraxx Europe has...

Data and DC lift market mood

Tue, 20 Nov 2012 10:35:09 GMT

Renewed conciliatory tones from policymakers in Washington DC have led investors to be more optimistic on a fiscal cliff deal.

Ceasefire talks underpin rally

Mon, 19 Nov 2012 11:24:02 GMT

Geopolitical developments helped the markets maintain their momentum and continue to rally on Monday.brbrReports that a ceasefire in Gaza,...

Credit upbeat on fiscal cliff optimism

Mon, 19 Nov 2012 04:46:30 GMT

Credit markets have opened the week on a positive note amid hopes that the two opposing sides in the US fiscal cliff debate are moving closer...

No catharsis for credit

Fri, 16 Nov 2012 12:33:32 GMT

If market participants thought that the US election would be a cathartic moment and trigger a rally into year-end then they were very much...

Japan continues to tighten

Fri, 16 Nov 2012 04:29:33 GMT

Mixed signals from Asia led to European credit indices trading in a tight range on Friday.brbrPositive sentiment was emanating from Japan amid...

'Glenstrata' credit gap narrows

Thu, 15 Nov 2012 11:42:52 GMT

Glencore was one of the few credits to rally on Thursday as risk appetite continued to be dampened by geopolitics and gloomy economic...

KPN widening on potential sacrifice

Thu, 15 Nov 2012 04:37:10 GMT

Dutch telecoms carrier KPN is one of the weakest performers on Thursday morning amid concerns that the company could sacrifice its credit...

Tougher environment

Wed, 14 Nov 2012 17:22:08 GMT

Tough talk on the fiscal cliff and unrest in the Middle East prompted investors to avoid risk.

Credit unfazed by euro strikes

Wed, 14 Nov 2012 12:49:53 GMT

Austerity is still depressing the European economy, and the markets received a potent reminder from the streets that popular discontent is...

Europe consolidates on upbeat Cisco

Wed, 14 Nov 2012 04:30:45 GMT

Strong results from US technology firm Cisco have helped European markets consolidate amid ongoing concerns about the fiscal cliff and...

Markets seek direction

Tue, 13 Nov 2012 17:59:04 GMT

Credit markets sought direction as investors remain focused on the pending fiscal cliff and headlines in Europe surrounding the next aid tranche...

Greece dictates market direction

Tue, 13 Nov 2012 12:21:37 GMT

Greece has returned to centre stage this week and a couple of favourable headlines helped the markets to recover on Tuesday. brbrSpreads had...

Politics pushes spreads wider

Tue, 13 Nov 2012 04:47:49 GMT

Credit spreads drifted wider on Tuesday as sentiment continues to be determined by political developments on both sides of the...

Markets defensive over policy uncertainty

Thu, 08 Nov 2012 17:36:45 GMT

Credit markets showed weakness today on policy uncertainty both at home and abroad.

'ECB effect' may be waning

Thu, 08 Nov 2012 11:26:34 GMT

Spain completed its financing for the year on Thursday but signs that the ECB effect may be wearing off cast a shadow over European credit...

Taking stock after post-election bloodbath

Thu, 08 Nov 2012 04:39:03 GMT

European markets are taking stock on Thursday after the previous day's post-election bloodbath.brbrThe clear victory for President Obama has...

Initial election relief fades rapidly

Wed, 07 Nov 2012 11:45:22 GMT

European markets are beholden to US sentiment as the upbeat mood after the open quickly dissipated.brbrSpreads tightened in relief at the...

Spreads tighten after decisive election result

Wed, 07 Nov 2012 04:46:27 GMT

European credit markets are enjoying a relief rally after the US presidential election produced a decisive resultbrbrPresident Obama won the...

Earnings deflect election fever

Tue, 06 Nov 2012 11:38:57 GMT

Solid corporate results in Europe helped credit markets shrug off election-related nerves and tighten modestly on Tuesday.brbrThe Markit...

Election uncertainty nullifies credit

Tue, 06 Nov 2012 04:35:02 GMT

The inherent uncertainty of this particular US presidential election should ensure that markets remain range-bound throughout...

Quiet calm for credit markets

Mon, 05 Nov 2012 17:21:39 GMT

The markets were fairly quiet as all eyes were on U.S. election news. Despite the attempts of some to draw connections between market movements...

Turkey upgrade boosts regional names

Mon, 05 Nov 2012 11:20:06 GMT

The impending US presidential election ensured that politics took precedence on Monday, but there was a rare piece of good news from the Middle...

Markets cautious ahead of US elections

Mon, 05 Nov 2012 04:45:26 GMT

Caution will be the watchword in the markets over the next two days ahead of the US presidential election on Tuesday.brbrPresident Obama...

Taking stock of 'Sandy'

Fri, 02 Nov 2012 13:00:18 GMT

In the UK, talking about the weather is something of a national pastime. But the British - and everyone else - were this week discussing the...

Markets resist signs of European weakness

Fri, 02 Nov 2012 06:15:18 GMT

A strong performance on Wall Street has helped European markets resist signs of continued weakness in the region's economy.brbrMarkit PMIs...

Credit shrugs off sovereign concerns

Thu, 01 Nov 2012 13:00:02 GMT

Political turmoil in Greece and the possibility of a CDS default in Argentina weren't enough to stop European credit spreads tightening on...

Barclays CDS spooked by results

Wed, 31 Oct 2012 13:00:48 GMT

UK banks were always going to capture the headlines this week with three of the four major institutions reporting third-quarter...

Spreads tighten on Japan, earnings

Wed, 31 Oct 2012 05:45:38 GMT

Monetary largesse from the Bank of Japan and another round of solid corporate earnings have helped European markets counter negative sentiment...

Italy, earnings trigger rally

Tue, 30 Oct 2012 12:36:56 GMT

A decent Italian debt auction and a robust set of corporate earnings ensured that European credit spreads tightened amid light trading...

Deutsche Bank posts solid results

Tue, 30 Oct 2012 05:56:23 GMT

Solid results from Deutsche Bank helped divert the attention of the market away from the unfolding disaster on the US eastern seaboard.brbrThe...

Markets widen as storm approaches

Mon, 29 Oct 2012 12:24:17 GMT

European credit markets took the path of least resistance on Monday and widened, a direction that was to be expected given the hurricane...

Markets braced for "Frankenstorm"

Mon, 29 Oct 2012 05:27:32 GMT

European credit spreads have opened the week on a negative note amid concerns over the impact of “Frankenstorm” in the US.brbrUS...

France Telecom fighting to stay single A

Thu, 25 Oct 2012 13:02:21 GMT

In the absence of game-changing news from the political sphere, European markets remain beholden to earnings reports.brbrFrance Telecom, one...

Focus turns to European banks

Thu, 25 Oct 2012 04:30:14 GMT

European banks took some of the attention away from the US after two major institutions posted third-quarter results.brbrBanco Santander...

A tale of two autos

Wed, 24 Oct 2012 12:02:02 GMT

Auto manufacturers were under scrutiny on Wednesday after two very different firms posted results.brbrPeugeot is not exactly a star performer...

Risk aversion swoops in

Tue, 23 Oct 2012 11:32:08 GMT

Risk aversion gained the upper hand on Tuesday as US earnings continued to disappoint. brbrBy mid-afternoon the Markit iTraxx Europe was 5bps...

KPN helps push spreads wider

Tue, 23 Oct 2012 04:29:06 GMT

A strong close on Wall Street hasn't prevented European markets from opening on a negative note on Tuesday, as Dutch telco KPN disappoints....

Weaker tone on earnings

Mon, 22 Oct 2012 17:17:42 GMT

The markets continued to show some weakness as lower earnings guidance weighs on investors. Lack of news regarding the timing of an aid request by...

Little movement on mixed earnings

Mon, 22 Oct 2012 12:01:04 GMT

European credit spreads saw little movement on Monday amid mixed earnings reports on both sides of the Atlantic. brbrThe electronics sector...

Mood dimmed by Spain, earnings

Mon, 22 Oct 2012 04:39:50 GMT

Ongoing uncertainty around Spain and a shaky start to the earnings season has ensured that European markets opened the week on a lacklustre...

Eurozone breakup fears ebbing away

Fri, 19 Oct 2012 11:35:24 GMT

The EU Leaders Summit appears to have been largely a non-event in terms of market reaction. Relative calm in the markets may buy more time for...

Defensive mood takes hold

Thu, 18 Oct 2012 17:15:13 GMT

Investors were focused on the EU summit and a surprising, early release of Google’s earnings results. While spreads were weaker, the move was not...

Moody's mauls Monte dei Paschi

Thu, 18 Oct 2012 11:32:55 GMT

The damaging symbiotic relationship between banks and sovereigns was laid bare on Thursday when the world's oldest lender was downgraded to...

Solid China data supports Europe

Thu, 18 Oct 2012 04:27:29 GMT

A solid set of GDP numbers from China released overnight has helped European markets consolidate after a strong week.brbrChina grew by 7.4% in...

Credit outperforms equity again

Wed, 17 Oct 2012 17:36:50 GMT

Positive housing data along with no rating downgrade for Spain helped credit markets outperform equities again on Wednesday.

Spain spreads euphoria

Wed, 17 Oct 2012 11:49:20 GMT

European credit markets surged tighter for the second consecutive day amid tentative optimism that the eurozone debt crisis is entering a less...

Peripherals returning to normality

Wed, 17 Oct 2012 04:48:17 GMT

Peripheral CDS spreads are returning to something approaching normality after Moody's refrained from downgrading Spain to junk.brbrThe agency...

Positive earnings parade

Tue, 16 Oct 2012 17:24:32 GMT

Earnings results helped maintain positive sentiment after investors received optimistic reports that Spain could be inching closer to an aid request.

Spain stokes risk appetite

Tue, 16 Oct 2012 11:36:50 GMT

Risk appetite was back in vogue on Tuesday amid signs that Spain is inching closer to a bailout.brbrHowever, late news that the troika has...

Riding the wave of US optimism

Tue, 16 Oct 2012 04:38:50 GMT

European markets started Tuesday on the front foot as strong indicators from the US overshadowed uncertainty around Spain and Greece.brbrThe...

Markets strike measured tone

Mon, 15 Oct 2012 17:07:45 GMT

Credit markets were mildly better on the day as comments from European policymakers were viewed as supportive of keeping Greece in the euro, while...

Caution reigns ahead of EU summit

Mon, 15 Oct 2012 04:45:23 GMT

European credit markets have opened on a cautious note ahead of a crucial EU summit later this week.brbrThe Markit iTraxx Europe is slightly...

How to fight fragility

Fri, 12 Oct 2012 12:41:10 GMT

It's on relatively quiet week's that one recalls the wisdom of great economists, such as Hyman Minsky, who established that financial market...

Markets consolidate ahead of earnings

Fri, 12 Oct 2012 04:48:43 GMT

European markets are in a consolidation phase ahead of what could be season-defining results from JPMorgan and Wells Fargo.brbrBoth banks are...

Markets look towards bank earnings

Thu, 11 Oct 2012 17:14:40 GMT

It ended up being a fairly quiet day for credit markets as investors shrugged off S&Ps downgrade of Spain from late yesterday. Investors remain...

Italy auction lifts sentiment

Thu, 11 Oct 2012 11:41:57 GMT

A robust Italian debt auction Thursday morning helped the market shrug off negative sentiment from S&P's downgrade of Spain. brbrItaly managed...

Spanish downgrade knocks sentiment

Thu, 11 Oct 2012 04:47:13 GMT

A late downgrade on Spain from S&P sent European credit markets into retreat on Thursday. brbrThe rating agency cut the sovereign two notches...

Focus on earnings

Wed, 10 Oct 2012 16:40:03 GMT

Credit markets followed the equity markets for the worse as earnings results and lower guidance prompted spread deterioration.

Transportation sector drives spreads wider

Wed, 10 Oct 2012 12:12:48 GMT

The collapse of a major European cross-border deal and downgrades of two leading car makers pushed spreads wider for the fourth consecutive...

Downbeat Alcoa fuels growth concerns

Wed, 10 Oct 2012 04:36:06 GMT

A late sell-off in US markets and a pessimistic outlook from Alcoa have led to European credit spreads opening wider.brbrThe Markit iTraxx...

Markets unmoved by Athens protests

Tue, 09 Oct 2012 11:49:34 GMT

Protests raged in Athens over a visit by Germany's Angela Merkel, however this had little impact on a becalmed European credit market.brbrWhen...

Looking for a catalyst

Tue, 09 Oct 2012 04:59:20 GMT

European markets have opened on an uncertain footing in a week lacking potential catalysts.brbrThe Markit iTraxx Europe tightened initially,...

Risk assets in retreat

Mon, 08 Oct 2012 12:23:26 GMT

Risk assets were in retreat on Monday on a day when the closure of US bond markets ensured volumes were low.brbrThe Markit iTraxx Europe was...

The power of politics

Fri, 05 Oct 2012 11:49:45 GMT

Politics and economics have been locked in a tempestuous relationship since the financial crisis started in 2007.brbrAcademic economists often...

US jobs data in focus

Fri, 05 Oct 2012 04:31:52 GMT

After Thursday's uneventful European Central Bank meeting it is the turn of the US to dominate proceedings.brbrAll eyes will be on the...

US jobs data in focus

Fri, 05 Oct 2012 04:28:11 GMT

After Thursday's uneventful European Central Bank meeting it is the turn of the US to dominate proceedings.brbrAll eyes will be on the...

Early improvement then sideways

Thu, 04 Oct 2012 17:01:59 GMT

Most of the improvement in corporate credit spreads came early in the session on little news. The ECB meeting was a non-event.

'Hoodie' livens up Draghi presser

Thu, 04 Oct 2012 11:51:34 GMT

Mario Draghi appeared to have been caught off-mic describing the ECB's press conference on Thursday as “boring”. brbrIndeed, some...

ECB takes centre stage again

Thu, 04 Oct 2012 04:32:02 GMT

A month has passed since Mario Draghi placed a rocket under risk assets and it is once again the turn of the ECB to take centre stage.brbrThe...

A march toward tightening

Wed, 03 Oct 2012 17:42:45 GMT

Credit risk markets outperformed equities on Wednesday on the heels of better than expected economic data from the U.S.

CEEMEA indices see high volumes

Wed, 03 Oct 2012 12:13:22 GMT

Mixed economic data couldn't prevent the credit markets from posting a modest rally on Wednesday. brbrMarkit PMIs for the eurozone indicated...

Weak PMIs drag on sentiment

Wed, 03 Oct 2012 04:46:35 GMT

European markets have opened on the back foot after weak PMIs in Spain and China provided more evidence of slowing growth.brbrThe Markit Spain...

The bailout shuffle

Tue, 02 Oct 2012 17:37:07 GMT

Markets saw a choppy session as early reports of an imminent aid request from Spain were firmy denied by the nation's prime minister. Auto sales...

Confusion reigns in Spain

Tue, 02 Oct 2012 11:29:44 GMT

Confusion reigned around Spain on Tuesday amid conflicting noises on a potential bailout.brbrA report released late on Monday suggested that...

Surprise Aussie rate cut increases China concerns

Tue, 02 Oct 2012 04:28:41 GMT

A surprise interest rate cut in Australia overnight has added to concern that China will fall short of its growth target this year.brbrThe...

Undercurrents of risk appetite return

Mon, 01 Oct 2012 17:21:02 GMT

With quarter-end positioning over and on the other side of key events for Spain last week, investors seemed to be adding risk.

US data restores market momentum

Mon, 01 Oct 2012 12:23:00 GMT

European markets regained their momentum on Monday afternoon after better than expected survey data from the US.brbrThe ISM Manufacturing...

Fourth quarter volatility looms

Mon, 01 Oct 2012 05:03:59 GMT

The fourth quarter is upon us and may turn out to be another volatile period for European markets.brbrThe broader market barely moved at the...

The stress of waiting...

Fri, 28 Sep 2012 12:05:34 GMT

The events that were eagerly anticipated by market participants all week related to Spain. The markets had a positive initial reaction to Spain’s...

Markets reward Spain's reforms

Fri, 28 Sep 2012 06:14:04 GMT

European Credit markets have on the whole rallied on Friday morning, following Spain's 2013 budget and structural reforms announced yesterday....

U.S. markets react to Spain

Thu, 27 Sep 2012 16:51:13 GMT

U.S. corporate credit spreads moved tighter on hopes that Spain’s budget meets conditions for an eventual aid request.

Credibility over headlines

Thu, 27 Sep 2012 12:29:23 GMT

CDS market reaction to Spain’s budget proposals will have to wait until Friday as the announcement has been delayed.

Market eyes Spanish milestones

Thu, 27 Sep 2012 05:30:02 GMT

Credit markets were optimistic on Thursday morning ahead of key events that will surely shape the eurozone's fiscal fortunes in the months...

Greek strike sends markets reeling

Wed, 26 Sep 2012 05:48:33 GMT

European credit markets suffered Wednesday morning as Greek workers went on strike, adding to the negative sentiment in the eurozone.brbrThe...

Positive data fails to lift mood

Tue, 25 Sep 2012 17:17:21 GMT

Better than expected economic data releases were not enough to support markets today as investors continued to lock in profits before month end...

Scrutiny on Spain

Tue, 25 Sep 2012 11:59:57 GMT

Investors continue to await key events in Spain with European credit markets seeing a noticeable drag compared with the US.

Tension builds over Spain

Tue, 25 Sep 2012 05:37:24 GMT

Tuesday morning witnessed all Markit European credit indices widening as tension mounts over how Spain will deal with its current debt...

Spreads flat in light trading

Mon, 24 Sep 2012 17:11:15 GMT

Markets seemed to lack strong conviction ahead of key events in Europe and little new information. Some investors are believed to be locking in...

Risk takes defensive stance

Mon, 24 Sep 2012 12:53:47 GMT

Market sentiment today was driven by focus on potential policy challenges in Europe as differing views over banking union proposals played out and...

Market mixed on Eurozone woes

Mon, 24 Sep 2012 06:21:18 GMT

European credit markets were mixed on Monday morning with the stalemate on banking union proposals and concerns about a Spanish bailout dominating...

Credit markets buoyed by Spanish bailout hopes

Fri, 21 Sep 2012 05:43:46 GMT

European credit markets exhibited positive sentiment. The Markit iTraxx Europe (126bps, -2.3) was consistently tighter than Thursday's closing...

Economic data dominates

Thu, 20 Sep 2012 17:04:45 GMT

The release of Markit PMI data globally drove market sentiment today. The surprising beat in the Philadelphia Manufacturing survey helped prevent...

Spur of activity

Thu, 20 Sep 2012 12:18:57 GMT

Markit PMI results for Europe prompted some risk-aversion. Widening in Spain CDS spreads and secondary bond yields remaining elevated sparked...

Markets nervous ahead of Spanish bond auction

Thu, 20 Sep 2012 05:46:01 GMT

Thursday morning saw Spanish spreads widen over Wednesday's close at 361bps (+9.2). Spain will hold a bond auction on Thursday morning amid...

Housing data boosts home builders

Wed, 19 Sep 2012 17:03:29 GMT

The main driver of market sentiment today was a surprisingly strong figure for U.S. existing home sales. Naturally, home builders saw improvement...

Subdued session for European markets

Wed, 19 Sep 2012 13:08:53 GMT

With many of the same themes dominating talk in the market, spreads for European corporate credits were flat for most of the day until...

Eventless Europe, Cautious Asia...

Wed, 19 Sep 2012 05:48:46 GMT

The European credit markets have been pretty eventless since yesterday morning. The Markit iTraxx Europe index has been trading tighter than at...

FedEx earnings cast shadow

Tue, 18 Sep 2012 17:23:59 GMT

North American corporate credits remained subdued for a second day. Investors digested earnings for FedEx and continued to wonder about the timing...

Focus on Spain and banks

Tue, 18 Sep 2012 13:10:55 GMT

For European credit markets, the focus remained on Spain and banking union issues as speculation continues to mount as to the timing of a formal...

Eyes on Spain

Tue, 18 Sep 2012 05:48:35 GMT

The benefits of last week's promising rally on the European credit markets appear to have been completely lost on Tuesday morning. The Markit...

Slipping on EU and weak manufacturing data

Mon, 17 Sep 2012 16:39:36 GMT

Credit risk markets saw subdued volumes with spreads leaking a bit wider in consolidation of the improvement over the last couple of weeks. ...

Discord over a banking union?

Mon, 17 Sep 2012 12:28:41 GMT

Concerns about disagreements over the formation of a European banking union and anxiety over if and when Spain may formally request aid were cited...

Incomplete Rally

Mon, 17 Sep 2012 06:11:32 GMT

The Markit iTraxx SovX Western Europe index (170.5bps, -8.9) welcomed Eurogroup president Jean-Claude Juncker ruling out Greece exiting the...

Riding the wave of liquidity

Fri, 14 Sep 2012 11:26:47 GMT

A tsunami of liquidity is heading our way and sweeping up the last vestiges of risk aversion. brbrAt least that is how it appeared in Europe...

Bernanke stokes risk appetite

Fri, 14 Sep 2012 05:08:59 GMT

brBen Bernanke stoked the fires of risk appetite on Thursday evening and European markets are responding in kind. brbrThe Markit iTraxx...

An open-ended commitment

Thu, 13 Sep 2012 17:18:41 GMT

Credit markets cheered the move by the FOMC to engage in an open-ended QE focused on MBS.

Bold moves and tangible effects

Thu, 13 Sep 2012 11:38:24 GMT

The ECB's bold approach to tackling the European debt crisis has captured the headlines over the last week, but it is also having tangible effects...

Delivery time for the Fed

Thu, 13 Sep 2012 05:00:00 GMT

brThe ECB and the German Constitutional Court have delivered – it is now the turn of the US Federal Reserve to make its...

Risk appetite rises again

Wed, 12 Sep 2012 17:46:36 GMT

On the eve of the FOMC decision on whether or not to conduct another round of QE, risk appetite improved due to the German Constitutional Court’s...

Optimism builds ahead of ESM ruling

Wed, 12 Sep 2012 04:15:31 GMT

European markets opened tighter amid hopes the long-anticipated ruling on the ESM from Germany's Constitutional Court will be...

Remembrance and looking ahead

Tue, 11 Sep 2012 17:15:04 GMT

On the eve of ‘Super Wednesday’, headlines actually provided more context for the FOMC decision on Thursday.

Markets limp towards 'Big Wednesday'

Tue, 11 Sep 2012 11:28:49 GMT

Global markets are flat ahead of Europe's 'Big Wednesday', though it could turn out that 'Fed Thursday' is far more important.brbrGermany's...

No Murray rally in credit

Tue, 11 Sep 2012 04:49:36 GMT

Andy Murray showed remarkable resilience in his dramatic and historic US Open tennis victory, but for credit markets, things could still go either...

Consolidating gains and thoughts

Mon, 10 Sep 2012 17:52:44 GMT

It was a consolidation session for corporate credits in the wake of last week’s strong rally and ahead of key decisions by the FOMC and German...

A pause for profit taking

Mon, 10 Sep 2012 11:31:43 GMT

European markets paused for breath at the start of what will be another eventful week.brbrThe Markit iTraxx Europe was 2.5bps wider at...

Looking to non-farm payrolls

Thu, 06 Sep 2012 17:53:04 GMT

Corporate credits saw a strong rally due to the ECB’s much anticipated announcement of its sovereign bond purchasing plan as well as better than...

ECB sparks euphoria

Thu, 06 Sep 2012 11:30:49 GMT

ECB President Mario Draghi handed the baton to Europe's politicians on Thursday after he announced a wide-ranging plan aimed at suppressing bond...

Draghi's time to deliver

Thu, 06 Sep 2012 04:21:57 GMT

The moment we have all been waiting for is almost upon us as ECB President Mario Draghi prepares to take the stage on Thursday...

Anxious wait for kick-off

Wed, 05 Sep 2012 18:03:46 GMT

Spread movements for North American corporate credits were subdued on the eve of the ECB meeting.

Credit boosted by ECB leak

Wed, 05 Sep 2012 11:27:47 GMT

The market was caught on the hop Wednesday when a market-moving leak from Europe's corridors of power hit the wires. brbrCredit markets had...

Easing back into it

Tue, 04 Sep 2012 17:04:22 GMT

Overall secondary credit markets were close to unchanged today, but the auto sector saw some strength around solid sales figures for August and...

German carmakers fill up

Tue, 04 Sep 2012 11:41:53 GMT

New issuance dominated the European credit markets on Tuesday as a raft of companies sold debt.brbrDaimler announced a 10-year €750...

Hopes build for ECB action

Tue, 04 Sep 2012 04:23:33 GMT

Credit and equity went their separate ways Tuesday morning, with the former asset class increasingly confident of imminent central bank...

Nestle bond issue shows prowess

Mon, 03 Sep 2012 12:08:07 GMT

Swiss food firm Nestle gave a demonstration of its credit strength on Monday with a new bond that had one of the lowest ever coupons for a 10-year...

Market poised for eventful week

Mon, 03 Sep 2012 04:59:28 GMT

Markets have started September in a cautious mood ahead of what should be an eventful week, with Europe firmly at the centre of the economic news...

Outlook cloudy

Fri, 31 Aug 2012 11:36:40 GMT

Summer is drawing to a close in the northern hemisphere and it is evident that the outlook for the credit market is not so clement.brbrThe...

Spanish banks in focus

Fri, 31 Aug 2012 04:56:02 GMT

Spanish banks are likely to be in focus on Friday as the docile month of August draws to a close.brbrBankia, which was nationalised in May, is...

Markets drift into holiday weekend

Thu, 30 Aug 2012 16:55:32 GMT

On the eve of Jackson Hole, investors are more focused in previewing next week’s critical ECB meeting.

Merger doubts leave miners gasping

Thu, 30 Aug 2012 12:17:35 GMT

A proposed merger between two mining giants looked to be on the brink of collapse Thursday, leaving industry credits gasping for air. brbrNews...

Continental Drift

Thu, 30 Aug 2012 04:14:03 GMT

European credit spreads continue to drift wider in what may be the last quiet week for some time. brThe Markit iTraxx Europe index is 1.5bps...

Shifting expectations

Wed, 29 Aug 2012 17:13:08 GMT

Credit markets saw little action as many investors look to the holiday weekend and await central bank decisions in September.

French prove a drag on inspiration

Wed, 29 Aug 2012 11:46:12 GMT

French corporates were conspicuous laggards in a market waiting for inspiration from governments and central banks. Bouygues was among the worst...

Uncertainty pushes spreads wider

Wed, 29 Aug 2012 04:34:47 GMT

Uncertainty over Spain and the actions of the world's major central banks are pushing credit spreads wider Wednesday morning.brbrThe Markit...

Edging toward Jackson Hole

Mon, 27 Aug 2012 17:26:59 GMT

As Jackson Hole approaches, speculation over the prospect for additional QE rises. The Apple-Samsung patent infringement lawsuit and various...

The bumblebee days of summer

Fri, 24 Aug 2012 12:47:17 GMT

It has been a sleepy August compared to recent years for the credit markets. With several key events slated for September, many market expect...

Asia triggers nerves in Europe

Fri, 24 Aug 2012 05:20:05 GMT

European markets are taking their cue from Asia, where spreads widened amid fears China might refrain from monetary stimulus.brbrThe Markit...

Market awaits Jackson Hole speech

Thu, 23 Aug 2012 17:58:41 GMT

Comments from one Fed president deflated expectations for further easing in monetary policy leading to a negative bias in market sentiment today.

Gasping for growth

Thu, 23 Aug 2012 11:28:30 GMT

Growth, or lack of it, once again dominated the minds of investors on Thursday.brbrEuropean markets looked set to resume their rally shortly...

Europe rallies on stimulus expectations

Thu, 23 Aug 2012 04:35:54 GMT

After a brief hiatus on Wednesday, the rally in European credit is back on track amid expectations that central banks will boost the flagging...

Caution and catalysts

Wed, 22 Aug 2012 11:47:43 GMT

A combination of profit taking and caution ahead of potential market-moving catalysts led to the recent rally being curtailed on...

Credit takes a breather

Wed, 22 Aug 2012 04:36:33 GMT

European credit markets retreated for the first time in over a week as Europe's leaders begin their latest round of meetings.brbrAfter the...

The search continues

Tue, 21 Aug 2012 18:15:03 GMT

Early optimism for central bank action in September faded as the session wore on leaving participants wondering still about market direction.

Putting faith in action

Tue, 21 Aug 2012 11:58:17 GMT

Hope that the ECB is preparing for action led to credit spreads extending their seemingly inexorable rally on Tuesday.brbrParticipants are...

Pinning hopes on ECB

Tue, 21 Aug 2012 04:38:33 GMT

Favourable headlines in Europe continue to support the current rally in a week light on tangible information.brbrA report published overnight...

A tightening bias

Mon, 20 Aug 2012 17:50:13 GMT

Market direction continued to be non-committal as investors weighed statements from policymakers responding to an article regarding caps on...

Technicals on top

Mon, 20 Aug 2012 11:28:22 GMT

It was a case of technicals trumping fundamentals in the European credit markets on Monday as the rally in spreads continued unabated.brbrThe...

Rally on political action hopes

Mon, 20 Aug 2012 04:52:31 GMT

European credit's relentless rally shows no sign of stopping amid optimism that the region's politicians are preparing to tackle the debt...

Hurdles lurking ahead

Fri, 17 Aug 2012 11:21:43 GMT

If an uninitiated observer looked at the recent performance of eurozone sovereign credit, they might assume that the region's economy is on the...

Credit boosted by crisis optimism

Fri, 17 Aug 2012 04:53:33 GMT

European markets opened with a mildly positive tone as a combination of optimism around the debt crisis and stronger data from the US pushed...

Vocal support from Merkel

Thu, 16 Aug 2012 16:49:57 GMT

Credit markets saw a mild rally today on the heels of euro supportive comments from German Chancellor Angela Merkel.

European banks underperform

Thu, 16 Aug 2012 11:32:50 GMT

Banks underperformed on Thursday in a market waiting for a game-changing catalyst.br brThe Markit iTraxx Senior Financials index was 3bps...

China signals action

Thu, 16 Aug 2012 04:32:28 GMT

Central banks have played a crucial role in risk assets maintaining their recent rally, and expectations of future policy actions will be a major...

Looking toward September

Wed, 15 Aug 2012 18:06:57 GMT

Credit markets are still range bound as investors look to major events in September.

Markets in mid-August malaise

Wed, 15 Aug 2012 11:39:01 GMT

European spread movements continue to lack conviction, with the widening on Wednesday morning a typical example. brbrThe Markit iTraxx Europe...

Greece in focus as Europe drifts

Wed, 15 Aug 2012 04:40:01 GMT

European credit markets remain rudderless, though there are several stories that could influence spread direction.brbrGreece has been in the...

A week for retail?

Tue, 14 Aug 2012 18:01:13 GMT

Credit markets see little reason to react to macroeconomic data today. Retail sales results and earnings were in focus.

Markets mull mixed data

Tue, 14 Aug 2012 11:37:07 GMT

There was plenty to chew on today, with major economic releases in the eurozone, UK and US, as well as headlines relating to the debt crisis....

GDP data lifts Europe

Tue, 14 Aug 2012 04:39:20 GMT

Better than expected GDP figures from Germany and France have lifted markets, though gains may be limited amid persistently low...

Holding pattern

Mon, 13 Aug 2012 17:12:24 GMT

Credit markets shrugged off negative economic data and worrying headlines out of Europe on Monday. The market seems to be in stasis until the ECB...

Market slows on news void

Mon, 13 Aug 2012 11:31:18 GMT

Low volumes and static spreads were once again the order of the day amid a dearth of market moving news.brbrThe Markit iTraxx Europe was...

Market eyes key data

Mon, 13 Aug 2012 05:00:28 GMT

Here in London we've been preoccupied with the Olympics, and what a magnificent two weeks it has been. But it's now back to business for the...

Credit's lost decade

Fri, 10 Aug 2012 10:30:12 GMT

Japan is now synonymous with its “lost decade”, a period that began in 1991 and is now often referred to in the plural sense; the...

Standard Chartered shows resilience

Fri, 10 Aug 2012 04:46:00 GMT

A relatively sleepy week in the markets looks set to end on a negative note after Chinese trade data disappointed.brbrThe Markit iTraxx Europe...

Broken record

Thu, 09 Aug 2012 18:31:06 GMT

Credit markets showed little direction today as volumes remained low and there was little new information to drive sentiment.

Chinese stimulus hopes boost credit

Thu, 09 Aug 2012 05:51:19 GMT

Europe's financial markets are in limbo amid a hiatus in debt crisis developments.brbrThe Markit iTraxx Europe is 1bp wider at 148bps, while...

Sorting the consolidation

Wed, 08 Aug 2012 17:41:15 GMT

Credit markets exhibited a bit of consolidation as investors took profits and re-examined sovereign risk.

Credit tracking equity

Wed, 08 Aug 2012 12:30:43 GMT

Credit was tracking equity on Wednesday as participants took the opportunity to take profits and trim long positions.brbrThe Markit iTraxx...

Digging for signs of life

Tue, 07 Aug 2012 17:44:27 GMT

Again there was little in the way of macro news to guide market direction in the credit markets. Widening late in the session stemmed from a...

Banks lag in quiet market

Tue, 07 Aug 2012 12:59:44 GMT

Watching the Olympics seemed a more appetising prospect than following the markets on Tuesday, as the summer lull descended.brbrThe Markit...

Spain's basis in focus

Tue, 07 Aug 2012 05:46:45 GMT

If the sovereign debt crisis has taught us anything it is that headlines can disrupt the most becalmed markets. However, it does seem that August...

Shifting to the micro

Mon, 06 Aug 2012 16:40:51 GMT

With a generally slow week for economic data releases, China’s data later in the week being the exception, and little new information from Europe,...

From Ennis to ennui

Mon, 06 Aug 2012 11:36:10 GMT

After the euphoria of the weekend's Olympic events – Jessica Ennis and Usain Bolt stood out among the tremendous performances – it was...

Path of least resistance

Mon, 06 Aug 2012 06:14:47 GMT

Risk assets continue to benefit Monday from a better than expected U.S. non-farm payrolls report and a belated thumbs-up to Mario Draghi's...

An extraordinary turnaround

Mon, 06 Aug 2012 04:00:38 GMT

It was billed as a battle of wills between the presidents of the ECB and the Bundesbank, and if this week's ECB meeting was viewed as a conflict...

Still a bumblebee

Thu, 02 Aug 2012 17:30:27 GMT

The credit markets were clearly disappointed by the lack of policy action by the ECB but moves were more subdued than many expected from what was...

How to spoil a rally

Thu, 02 Aug 2012 12:28:14 GMT

“Read the speech”. Mario Draghi's used this retort to a journalist who implied the ECB president's comments last week signalled an...

Counting on a lifeline

Thu, 02 Aug 2012 06:09:35 GMT

Team GB had a gold rush on Wednesday – at least by their standards – but it remains to be seen whether markets get the same amount of...

Over to Draghi

Wed, 01 Aug 2012 18:02:30 GMT

The markets showed little reaction to the FOMC meeting or PMI data today as investors anxiously await to learn what the ECB will do Thursday.

Hopes pinned on Draghi

Wed, 01 Aug 2012 11:54:14 GMT

Leading indicators from across the global economy gave yet more reasons to be miserable. However, they did not curtail the recent rally; on the...

Central bank decisions looming

Wed, 01 Aug 2012 06:18:16 GMT

Caution is the watchword for Wednesday with the Federal Reserve poised to announce its monthly policy decision after the European close.brbrIt...

Grumbling or acquiescence?

Tue, 31 Jul 2012 17:26:05 GMT

Credit risk markets were listless as investors simply waited out month end and remain cautious ahead of central bank meetings.

Headlines from Germany

Tue, 31 Jul 2012 12:15:57 GMT

Tuesday looked set to be a typical day of caution and consolidation ahead of two major central banks announcing crucial policy decisions later...

In thrall to central banks

Tue, 31 Jul 2012 05:49:34 GMT

On the eve of a Federal Reserve policy decision on Wednesday and with a crucial ECB meeting due Thursday, it isn't surprising that the markets are...

Awaiting policy

Mon, 30 Jul 2012 17:07:18 GMT

Credit risk markets were more or less flat as market participants await a major policy decision from the ECB on Thursday.

Optimism is in the air

Mon, 30 Jul 2012 05:47:36 GMT

Optimism is in the air on Monday morning, and here in London the sunny weather and the great start to the Olympics are playing their...

A battle for supremacy

Fri, 27 Jul 2012 12:09:01 GMT

A battle for supremacy has begun that will have the financial world transfixed over the coming weeks. The Olympics may have started in London, but...

Olympic fever

Fri, 27 Jul 2012 06:22:43 GMT

Olympic fever is taking over London as the opening ceremony draws near. It promises to be a spectacular event – let's hope there are no flag...

A fragile rally

Thu, 26 Jul 2012 06:25:39 GMT

European credit markets have broken their four-day losing streak, but the rally is already looking fragile.brbrThe Markit iTraxx Europe index...

Caught between risk aversion and potential policy responses

Wed, 25 Jul 2012 17:32:34 GMT

Credit markets saw some swings but ended up flat day over day as investors remain cautious of both the risks as well as the potential for policy...

Rumour and reality

Wed, 25 Jul 2012 12:22:27 GMT

Rumour eventually bowed down to reality today, stymieing a tentative rally in risk assets.brbrThe Markit iTraxx Europe opened tighter on the...

U.K. economy hits the buffers

Wed, 25 Jul 2012 05:42:37 GMT

Financial markets are taking a breather after two consecutive days of volatility, despite the fact there's been no respite in terms of...

A core issue

Tue, 24 Jul 2012 17:58:59 GMT

Investors are still exhibiting risk aversion as disappointing economic data weighs today in addition to European woes.

The problem with Spain

Tue, 24 Jul 2012 11:48:18 GMT

A quiet session in credit may have contributed to its marked underperformance versus equities on Tuesday, though the day was not without negative...

Core pressuring credit

Tue, 24 Jul 2012 06:01:05 GMT

Equity markets are flat but credit continues to deteriorate amid worrying economic data and ongoing eurozone concerns. brbrThe Markit iTraxx...

Remember sovereign risk?

Mon, 23 Jul 2012 17:08:07 GMT

Eurozone sovereign risk concerns are back in focus on worries that other Spanish regional governments will follow Valencia in aid requests and...

Eurozone concerns reign supreme

Mon, 23 Jul 2012 12:29:11 GMT

If there was any doubt about what would be the main factor driving sentiment this week then it was put to rest shortly after the market opened on...

Spain hits new record

Mon, 23 Jul 2012 05:28:52 GMT

Spain's fiscal problems are inflicting damage on risk assets across Europe at the beginning of what will be a very eventful week.brbrThe...

Business as usual

Fri, 20 Jul 2012 11:43:35 GMT

Corporate credit has seen its limelight stolen in recent years by sovereigns and their ever-increasing debt burdens. Spreads in companies tend to...

Credit keeps its cool

Thu, 19 Jul 2012 11:52:08 GMT

A rare earnings miss from a U.S. bank and disappointing economic data weren't enough to derail the current credit market rally, which is proving...

Spanish auction disappoints

Thu, 19 Jul 2012 05:47:32 GMT

Strong earnings on both sides of the pond have given further impetus to the recent credit market rally.brbrThe Markit iTraxx Europe is 3bps...

A bottom in housing?

Wed, 18 Jul 2012 17:21:40 GMT

The markets saw a respectable rally today on generally good earnings results and a stronger than expected release of US housing starts.

Striding onwards

Wed, 18 Jul 2012 11:45:15 GMT

European credit spreads continued to rally on Wednesday, and even managed to take Angela Merkel's doubts about the euro in their...

Credit Suisse bolsters capital

Wed, 18 Jul 2012 06:19:15 GMT

Momentum from Tuesday's rally in U.S. markets continued into Europe providing positive sentiment on Wednesday morning, with the Markit iTraxx...

The summer wind

Tue, 17 Jul 2012 17:33:48 GMT

The session saw choppy trade as market participants found Bernanke's testimony generally disappointing but rallied in the latter half of the day.

Europe takes a back seat

Tue, 17 Jul 2012 12:07:27 GMT

Central bank leaders were under the market spotlight again on Tuesday, but for different reasons. brbrBank of England Governor Mervyn King...

Taking the lead from the US

Tue, 17 Jul 2012 05:32:12 GMT

Tuesday morning was always likely to be a quiet session ahead of key events in the U.S., and so it has proved. The Markit iTraxx Europe is 2bps...

Retail sales contract

Mon, 16 Jul 2012 16:54:26 GMT

The main drivers of market sentiment were concerns of slowing economic growth in China and disappointing U.S. retail sales figures.

US economy spluttering

Mon, 16 Jul 2012 11:37:42 GMT

European credit markets started the week on the back foot as weak U.S. economic data and the omnipresent uncertainty in the eurozone conspired to...

Senior burden sharing mooted

Mon, 16 Jul 2012 06:07:27 GMT

European credit spreads moved wider Monday morning in a market still searching for direction. brbrThe Markit iTraxx Europe is 2.5bps wider at...

The verdict

Fri, 13 Jul 2012 11:57:11 GMT

Britain's justice system was under scrutiny Friday following footballer John Terry's “not guilty” verdict. One could argue about the...

Italy surviving Friday the 13th

Fri, 13 Jul 2012 05:47:07 GMT

Friday the 13th is proving to be unlucky for Italy after it was downgraded two notches by Moody's.brbrThe agency cut its rating to Baa2 from...

More from central banks

Thu, 12 Jul 2012 17:28:16 GMT

Another week of central bank policy actions met with similar results as market participants remain cautious on concerns of slowing economic...

Peugeot dents high-yield spreads

Thu, 12 Jul 2012 12:26:58 GMT

Risk appetite suffered a blow Thursday afternoon as worrying corporate news from both sides of the Atlantic threatened to destabilise an already...

Spain's heavy burden

Wed, 11 Jul 2012 12:35:17 GMT

Both credit and equity markets saw little movement throughout Wednesday as everyone awaited the Chinese 'data dump' and JPMorgan's second-quarter...

Gauging guarantees

Tue, 10 Jul 2012 11:17:38 GMT

The Markit iTraxx Europe index broke a four-day losing streak to recover some ground Tuesday, albeit in low volumes.brbrSpreads tightened...

Rallying amid confusion

Tue, 10 Jul 2012 05:59:31 GMT

Credit markets are managing to shrug off disappointing Chinese data and confusing signals from Europe, though they still lack a firm...

Europe, Economy and Earnings

Mon, 09 Jul 2012 17:24:47 GMT

Market participants are anxious to see how the slowing global economy impacts U.S. corporate earnings. Doubts about an adequate near-term policy...

Euphoria evaporates

Mon, 09 Jul 2012 12:11:03 GMT

As Europe's leaders meet to try to thrash out an implementation plan for the summit agreement, it has become clear the markets are no longer...

Muggy Monday

Mon, 09 Jul 2012 06:42:49 GMT

It has been a mildly negative start to the week with the markets still feeling the effects of Friday's disappointing U.S. jobs report. brbrThe...

Reality bites

Fri, 06 Jul 2012 11:08:03 GMT

Perhaps it was inevitable that a promising start to the week would tail off as reality hit home.brbrSentiment had already turned when the US...

Drifting Away from Central Banks and Jobs Numbers

Thu, 05 Jul 2012 17:17:23 GMT

Credit markets saw spreads steadily wider despite central bank rate cuts and better than expected U.S. jobs figures.

Central banks fall short?

Thu, 05 Jul 2012 12:30:01 GMT

Monetary easing from three major central banks on Thursday has failed to prevent a reversal in risk assets.brbrThe ECB cut its main...

All eyes on central banks

Thu, 05 Jul 2012 05:45:03 GMT

The outperformance in credit markets versus equities markets after last week's EU summit went into reverse Wednesday and the trend has continued...

"Liborgate" and little else

Wed, 04 Jul 2012 11:58:26 GMT

The short squeeze released its grip on the credit markets Wednesday in a session tamed by the US July 4 holiday. brbrBob Diamond's testimony...

Diamond taking centre stage

Wed, 04 Jul 2012 05:35:56 GMT

The July 4 holiday in the US will probably see a subdued session in Europe, although ex-Barclays chief Bob Diamond's testimony to the UK...

Squeezing tighter

Tue, 03 Jul 2012 12:01:07 GMT

Risk assets remained immune from this week's negative economic news while the positive sentiment from last week's EU summit lingers. brbrThe...

Diamond widening

Tue, 03 Jul 2012 05:08:58 GMT

The post-summit rally continued unabated on Tuesday morning, albeit at a less frenetic pace.brbrThe Markit iTraxx Europe index was 3bps...

A rally with legs?

Mon, 02 Jul 2012 11:23:49 GMT

It is no surprise to see a rally after a major announcement in the eurozone. However, by recent standards the current spread improvement is...

Post-summit rally

Mon, 02 Jul 2012 05:41:41 GMT

Credit markets are still basking in the glow of last week's EU summit and enjoying the rally customary after such events. brThe Markit iTraxx...

Great Expectations

Fri, 29 Jun 2012 14:42:06 GMT

The immediate market reaction to the EU leaders' summit is positive but challenges remain.

Personalities Over Policies?

Thu, 28 Jun 2012 12:32:53 GMT

Sovereign spreads are calm going into the EU summit and after mixed results from Italian bond auction.

Squaring Positions

Wed, 27 Jun 2012 16:30:17 GMT

Credit markets were range bound today as investors squared positions ahead of what is expected to be an uneventful EU summit.

Preparing for Disappointment

Wed, 27 Jun 2012 11:32:09 GMT

Credit markets were calm today despite growing signs that the EU leaders' summit was more likely to generate debate than policy.

This Merkel Coil

Tue, 26 Jun 2012 12:04:26 GMT

The EU summit scheduled for later this week was looming on the horizon Tuesday and kept spreads in a relatively tight range.brbrThe Markit...

Waiting for the European Vision

Tue, 26 Jun 2012 06:16:38 GMT

European credit markets are treading water after Monday's capitulation. brbrThe Markit iTraxx Europe is more or less unchanged at 177bps on...

Pessimism setting in

Mon, 25 Jun 2012 13:52:33 GMT

Credit and equity markets capitulated on Monday as fears grow that the EU's leaders won't rise to the occasion at the summit later this week....

Risk assets on the back foot

Mon, 25 Jun 2012 06:55:48 GMT

Risk assets have started the week on the back foot in the run up to the all-important EU summit on Thursday. brA German government spokesperson...

Germany v Greece: game on

Fri, 22 Jun 2012 13:56:31 GMT

Germany and Greece are preparing to do battle Friday evening in one of the most emotive football fixtures in living memory.brbrIt's often said...

Week ending on negative note

Fri, 22 Jun 2012 07:10:30 GMT

The penultimate week of June is shaping up to end on a negative note as eurozone concerns come to the fore yet again. brThe results of the...

Intervention hopes lifting sentiment

Thu, 21 Jun 2012 13:03:28 GMT

Hopes for European intervention ameliorated sentiment in a session swamped by disappointing economic news. brThe Markit iTraxx Europe was...

Spain tightens after auction

Thu, 21 Jun 2012 06:34:32 GMT

There is certainly a lot more to go on Thursday after the last two days saw the market in stasis. The wait for the FOMC decision, as well as the...

Fed acts to boost U.S. economy

Wed, 20 Jun 2012 13:25:22 GMT

US policymakers have voted to extend the Fed's “operation twist”, and expectations have grown of further Bank of England stimulus.

Rolling into a Twist?

Wed, 20 Jun 2012 12:35:37 GMT

Roll activity boosted low volumes in CDS on Tuesday and it was a similar story Wednesday as participants refrained from taking positions ahead of...

Impending intervention?

Wed, 20 Jun 2012 05:57:15 GMT

Intervention hopes, both from central banks and governments, are helping spreads to continue their rally.brbrThe Markit iTraxx Europe index is...

Hopes of central bank intervention boost stock markets

Tue, 19 Jun 2012 13:06:50 GMT

Risk appetite is building as economic data add to the growing view that central banks will intervene to boost economic growth.

Market firms ahead of FOMC

Tue, 19 Jun 2012 12:40:59 GMT

The U.S. FOMC decision Wednesday (or was it the impending England football match?) ensured that it was a relatively quiet trading day in Europe...

Spreads drifting wider

Tue, 19 Jun 2012 05:14:41 GMT

Credit spreads drifted wider Tuesday morning as the markets awaited the outcome of talks to form a Greek government. brbrThe latest reports...

More Nuanced

Mon, 18 Jun 2012 17:00:57 GMT

Corporate credit markets saw little direction despite a pro-bailout outcome in this weekend's Greek elections. Spanish banking woes and a full...

Greek election relief proves short-lived

Mon, 18 Jun 2012 13:25:27 GMT

Initial positive reaction to the Greek election soon faded today, hitting equities and pushing Spanish bond yields and CDS spreads to new highs.

Rallies getting shorter and shorter

Mon, 18 Jun 2012 12:07:52 GMT

It wasn't too long ago that a vaguely positive statement from an EU “source” could spark a robust rally in credit spreads. Now we get...

Rally has already faded

Mon, 18 Jun 2012 06:02:24 GMT

This time last week the credit markets were in the midst of a rally that had faded by the end of the day. It soon became apparent that the Spanish...

Greece decides

Mon, 18 Jun 2012 05:50:16 GMT

We are on the eve of a result that could have a seismic impact on a section of the European population. Many England supporters will have their...

Cental bank stimulus hopes drive equities higher

Fri, 15 Jun 2012 13:05:02 GMT

Equity markets are rallying on hopes of central bank intervention as authorities make preparations ahead of the weekend's Greek election.

‘Grexit’ pain could be minimised

Fri, 15 Jun 2012 05:40:35 GMT

Leading economist says disruption from a potential departure of Greece from the eurozone could be minimised

Anxiety grows as Spanish bond yields rise above 7%

Thu, 14 Jun 2012 12:55:36 GMT

Economic gloom continued to hit market nerves today, with further anxiety in the Eurozone coupled with disappointing news on the US economy.

The "anchor of stability"?

Thu, 14 Jun 2012 11:39:52 GMT

Chancellor Angela Merkel declared on Thursday that “Germany is the anchor of stability in Europe”. brbrIf so, then the chain is...

Double downgrade

Thu, 14 Jun 2012 05:01:08 GMT

Spain is once again under market scrutiny after two ratings agencies downgraded the sovereign late on Wednesday. Moody's cut its rating by three...

Falling sales boost US stimulus hopes

Wed, 13 Jun 2012 14:37:11 GMT

Falling US retail sales have raised hopes of further stimulus by the US Fed, but ongoing Eurozone tensions are keeping a firm lid on risk appetite

Waiting for Sunday

Wed, 13 Jun 2012 12:13:23 GMT

The Greek elections are drawing ever closer and the markets are treading water waiting for the result. The Markit iTraxx Europe traded in a tight...

Temporary consolidation

Wed, 13 Jun 2012 05:53:15 GMT

European markets are taking their cue from the late rally in the US on Tuesday. The Markit iTraxx Europe is 1bp tighter at 182.5bps but is still...

European worries intensify

Tue, 12 Jun 2012 12:41:42 GMT

European economic worries have intensified as data showed UK manufacturing slumping and Spanish bond yields hitting a euro era high.

PMIs and payrolls add to mounting economic gloom

Mon, 11 Jun 2012 05:22:25 GMT

Weak economic data have added to recent global gloom, dampening market spirits and putting pressure on policymakers to stimulate failing...

Economic growth rates disappoint markets

Thu, 31 May 2012 14:01:24 GMT

Disappointing economic data have led to further risk aversion, driving equities lower and pushing up demand for "safe haven” government bonds

Emerging market CDS feeling the pain

Thu, 31 May 2012 06:21:38 GMT

Further evidence emerged today that the turmoil in the eurozone is having detrimental effects outside of the continent. India's GDP fell to 5.3%...

Yields on US, UK and German debt hit record lows as investors scramble for safety

Wed, 30 May 2012 13:13:00 GMT

Yesterday's brighter mood in the markets has proved short-lived, replaced by growing anxiety about the euro zone and wider global growth fears...

Downbeat U.S. consumers pushed aside as markets rally

Tue, 29 May 2012 12:49:39 GMT

Equities are rallying depsite a fall in US consumer confidence, buoyed by hopes of higher infrastructure spending in China

Japanese GDP surges but global outlook hit by eurozone uncertainty

Thu, 17 May 2012 06:54:30 GMT

Markets are struggling again, despite news of a strong rebound in Japanese GDP, as euro worries continue to dominate.

Bank of England grows gloomy on short-term outlook

Wed, 16 May 2012 07:01:12 GMT

The Bank of England today set out a benign inflation outlook, opening the door for more stimulus to boost an economy that is growing “too weakly".

Greek stand-off rattles markets

Mon, 14 May 2012 13:37:09 GMT

Equities, commodities, the euro and peripheral Eurozone sovereign debt are all being hit as bad news continued to flow out of the single currency...

US consumers help lift market mood

Fri, 11 May 2012 12:42:27 GMT

News from China of a weakening economy sent Asian stock markets lower, but better news on US consumers helped lift the market mood.

Market rally tempered by news of weak export growth from China

Thu, 10 May 2012 13:24:06 GMT

Markets rallied today following the losses seen in previous sessions, but downbeat data from China served as a reminder of the current weak state...

UK and German bond yields hit record lows as investors seek safe havens

Wed, 09 May 2012 14:07:54 GMT

Stocks continued to slide as the Eurozone’s crisis escalated once again, with investors instead seeking safe haven government bonds.

Rising Eurozone political tensions drive markets lower

Tue, 08 May 2012 12:37:03 GMT

Stronger-than-expected industrial production data for Germany failed to outweigh growing political worries in the eurozone

Growth fears hit risk appetite

Fri, 04 May 2012 15:02:08 GMT

US job creation disappointed again in April, raising fears that the US economic recovery is losing momentum. Alongside new signs of deepening...

Stocks hit by weak US economic data

Thu, 03 May 2012 12:37:00 GMT

Risk aversion is creeping back into the markets following weaker than expected economic data from the US and UK.

Euro hit by weak manufacturing surveys

Wed, 02 May 2012 12:52:45 GMT

Weak PMI data from Markit have hit the euro, and stock markets are on the back foot again as global growth worries return.

Dollar and equities gain as US manufacturing strength contrasts with European weakness

Tue, 01 May 2012 13:26:18 GMT

US manufacturing is showing surprising resilience, contrasting with near stagnation in the UK and China and deepening recession in the Eurozone

Spanish woes hit Euro and banking stocks

Mon, 30 Apr 2012 13:42:25 GMT

The euro came under pressure again today, as did Spanish banking stocks, on the news that Spain fell back into recession.

Risk appetitie hit by weak US GDP growth and Spain's deepening crisis

Fri, 27 Apr 2012 12:29:34 GMT

The Eurozone's crisis continued to escalate, with rising Spanish unemployment adding to woes following S&Ps credit rating downgrade for the...

Eurozone retail sales fall at fastest rate since late-2008

Fri, 27 Apr 2012 06:41:19 GMT

Eurozone retail sales showed the largest fall since the height of the financial crisis, according to PMI data, led by a steep drop in Italy and...

Jobless claims cast shadow on US outlook, while euro zone stress hits banking stocks

Thu, 26 Apr 2012 12:49:15 GMT

More downbeat economic news from the US coincided with corporate earnings disappointing compared to previous days’ results, limiting market gains.

Sterling hit as UK slides back into recession

Wed, 25 Apr 2012 12:44:05 GMT

It was sterling's turn to come under pressure today, as official data showed the UK to have slid back into recession, although the economic news...

Eurozone worries eased by bond auction success

Tue, 24 Apr 2012 12:53:38 GMT

Equity markets recouped some of yesterday's losses after government bond auctions met solid demand, though gains were limited at concerns persist...

UK net borrowing hits OBR £126bn estimate for 2011-12

Tue, 24 Apr 2012 07:28:46 GMT

The UK's public sector deficit came in on target at £126bn in 2011-12, down sharply from £136.8bn in 2010-11.

Risky assets suffer as Flash PMIs add to Eurozone gloom

Mon, 23 Apr 2012 13:31:05 GMT

The week has started badly for risky assets, as renewed worries about the Eurozone drove investors into safe havens

China’s growth slide contributing to labour market weakness

Mon, 23 Apr 2012 03:19:02 GMT

HSBC/Markit 'flash' China Manufacturing PMI ticks higher in April, but still signals contraction.

Week ahead economic calendar [23 - 27 Apr]: Markit flash PMIs to provide glimpse of second quarter growth profiles

Fri, 20 Apr 2012 10:02:28 GMT

Flash PMIs, Ben Bernanke's Wednesday presser and UK/US Q1 GDP statistics all in focus next week.

Stronger-than-expected UK retail sales in part reflect temporary factors

Fri, 20 Apr 2012 05:12:58 GMT

Strong retail sales in March add further to hopes that the UK economy grew in the first quarter, but the upturn reflects temporary factors.

Bank of England worried by inflation outlook

Wed, 18 Apr 2012 10:19:14 GMT

The prospect of further stimulus from the Bank of England took a further set back due to worries about inflation

US manufacturing shows surprise contraction

Tue, 17 Apr 2012 09:58:11 GMT

A drop in manufacturing output caused US industrial production to be flat in March, but the economy stilll looks to have grown in Q1.

Upturn in UK inflation adds to Bank of England worries

Tue, 17 Apr 2012 06:11:38 GMT

UK consumer price inflation rose for the first time in six months in March, dampening hopes of further quantitative easing.

China’s economic growth slide continues in the first quarter

Fri, 13 Apr 2012 05:48:06 GMT

China’s economic growth rate slowed to the weakest for nearly three years in Q1, in line with the weakening trend signalled by PMI surveys.

US trade deficit narrows as exports hit record high

Thu, 12 Apr 2012 11:26:34 GMT

Further evidence of robust US economic growth was provided by record exports in February.

Setback for UK's export-led recovery

Thu, 12 Apr 2012 10:50:37 GMT

The UK's scope for an export-led recovery took a further setback today, as the trade deficit widened unexpectedly in February.

US jobless claims jump higher

Thu, 12 Apr 2012 10:31:33 GMT

US jobless claims moved higher last week, providing further evidence of a sluggish labour market recovery, though business surveys suggest hiring...

Global manufacturing limps along in March

Mon, 02 Apr 2012 13:14:02 GMT

The world-wide Manufacturing PMI surveys indicated only a modest expansion again in March. At 51.1, the headline index of business activity was...

US manufacturers boost output and payrolls in March, but order book growth slips

Mon, 02 Apr 2012 11:40:04 GMT

ISM survey data on the manufacturing sector offer further encouraging news that the sector continued to expand at robust pace at the end of the...

US durable goods orders show ongoing robust trend in February

Wed, 28 Mar 2012 10:09:47 GMT

Orders for non-durable goods rose 4.4% in the three months to February, adding to signs that the US economy continues to expand at a robust pace...

UK economic decline steeper than previously thought in final quarter of 2011

Wed, 28 Mar 2012 05:20:24 GMT

The UK economy contracted more than previously thought in the final quarter of last year, with gross domestic product (GDP) falling 0.3% compared...

March flash PMI surveys signal downturns in Eurozone and China

Thu, 22 Mar 2012 07:21:16 GMT

Today's flash PMI surveys for the Eurozone and China both signalled accelerating rates of decline, falling well short of analysts' expectations...

Brighter UK outlook clouded by doubts over business investment surge

Wed, 21 Mar 2012 14:14:51 GMT

The OBR edged up its prediction for UK economic growth in 2012, but doubts persist about optmistic-looking business investment growth in future years

UK inflation falls to 15-month low, but proves stickier than expected

Tue, 20 Mar 2012 07:45:35 GMT

UK inflation fell in February but remained higher than expected, raising concerns that persistent high inflation could subdue the recovery.

Business surveys and jobless claims hint at robust US economy in March

Thu, 15 Mar 2012 12:13:00 GMT

Business surveys have turned up and new jobless benefit claims fallen to a four-year low, suggesting economic growth strengthened in March.

UK unemployment rate sticks at highest since 1995

Wed, 14 Mar 2012 07:58:50 GMT

The latest batch of labour market data point to stubbornly high unemployment, with hiring and pay pressures both remaining subdued.

East v West

Thu, 08 Mar 2012 05:52:36 GMT

Western Europe has only one entrant in the top 10 outperforming sovereign CDS over February: Portugal. That might come as a surprise to some but...

Risk of UK recession continues to fade as PMI signal further growth in February

Mon, 05 Mar 2012 05:27:43 GMT

UK economic growth slowed in February, according to the PMI surveys, but the country still looks likely to avoid a slide back into recession.

Global manufacturing struggles to expand amid weak order books and rising prices

Thu, 01 Mar 2012 11:41:15 GMT

World-wide manufacturing continued to improve in February, according to the PMIs, although growth remained weak and price pressures rose.

French bank CDS has suffered from Greek exposure

Thu, 23 Feb 2012 06:15:38 GMT

Greece was put on the backburner today in the credit markets but its influence was more than apprent in bank earnings published today. Credit...

Bank of England considered larger stimulus at latest policy meeting

Wed, 22 Feb 2012 08:57:18 GMT

The need for further stimulus was argued for at the Bank of England's latest policy meeting, but recent data suggest that the Bank may hold fire...

No relief rally in the CDS market

Tue, 21 Feb 2012 06:33:41 GMT

As expected, the Greek bailout deal was finally agreed before the market opened today, though it took until about 3am for the final sign-off. The...

Bank of England acts to boost fragile economy

Thu, 09 Feb 2012 07:18:31 GMT

The Bank of England's MPC voted to print another £50bn, but may now adopt a wait-and-see mood due to the brighter economic outlook

Improved manufacturing performance drives UK trade deficit close to nine-year low

Thu, 09 Feb 2012 06:35:22 GMT

Rising UK exports helping the trade deficit fall to its lowest since 2003, adding to signs that the gloom is slowly lifting from the UK economy

Strong start to the year for sovereign credit

Wed, 08 Feb 2012 06:37:05 GMT

Sovereign credit experienced a strong, albeit volatile, start to 2012. The Markit iTraxx SovX Western Europe ended January at 339bps, about 15bps...

German industrial production slump confirms economic downturn in late-2011

Tue, 07 Feb 2012 10:37:50 GMT

German production slumped in December, confirming survey evidence, but business may be over the worst

Global economic growth hits 11-month high

Fri, 03 Feb 2012 12:17:34 GMT

Composite PMI measures rose in the US, UK, Eurozone and Japan, pushing global economic growth to an 11-month high in January

US employment jumps higher in January

Fri, 03 Feb 2012 11:48:35 GMT

A batch of indicators point to a marked improvement in the US labour market in January.

Services PMIs add to brighter economic picture in Europe

Fri, 03 Feb 2012 06:41:42 GMT

Improvements in services PMIs for key European countries add to the recent flow of upbeat economic data, further boosting risk appetite

Global manufacturing growth hits seven-month high

Wed, 01 Feb 2012 12:40:44 GMT

Risk appetite has improved as worldwide PMI surveys point to a surprise upturn in business conditions in January

Manufacturing PMIs drive risk rally in Europe

Wed, 01 Feb 2012 06:31:05 GMT

European equity markets have rallied on news that manufacturing business conditions improved in the UK and Germany, suggesting double-dip...

Italian and French consumer downturns intensify, contrasts with German resilience

Mon, 30 Jan 2012 09:20:08 GMT

Retail sales fell at the fastest rates for at least eight years in Italy and almost three years France in January, but sales rose in Germany...

US economic growth hits one-and-a-half year high

Fri, 27 Jan 2012 10:02:28 GMT

The US economy grew at an annualised rate of 2.8% in Q4, but the increase was led by stock building, fueling concerns that growth may slow in 2012

Improved goods orders add to upbeat US dataflow

Thu, 26 Jan 2012 11:28:36 GMT

The underlying trend of US durable goods orders hit an 11-month high in December, adding to a flurry of recent consensus-beating data

UK economy contracts 0.2% in final quarter of 2011

Wed, 25 Jan 2012 07:14:33 GMT

Thew UK slid back into contraction at the end of last year, but there are growing indications that any downturn is likely to be mild and short-lived.

China's manufacturing PMI boosts equities

Wed, 25 Jan 2012 07:12:48 GMT

Equities rallied 1% in China as the flash reading of the Markit-compiled HSBC PMI rose marginally on December

U.S. inflation rate hits nine-month low

Thu, 19 Jan 2012 13:16:54 GMT

An easing in US consumer price inflation adds to signs that global price pressures have peaked, providing a boost to recovery hopes.

Monte dei Paschi suffering, Commerzbank outperforming

Thu, 19 Jan 2012 06:33:31 GMT

Bank CDS are tightening this morning, with one notable exception. Banca Monte dei Paschi is widening (513bp, +15) amid reports that it could...

UK inflation continues its descent

Tue, 17 Jan 2012 04:45:41 GMT

UK inflation hit a six-month low of 4.2% in December, and further falls in coming months should help alleviate the squeeze on household spending.

ECB holds rates steady amid improved news flow

Thu, 12 Jan 2012 12:32:07 GMT

The European Central Bank held its main policy rate unchanged in January, noting how survey data and baning sector liquidity had improved.

Tesco's CDS spreads at widest level since April 2009

Thu, 12 Jan 2012 10:02:11 GMT

The retail sector is underperforming today after Tesco issued a profit warning. The UK supermarket chain said it experienced a disappointing...

Bank of England holds policy unchanged as manufacturing downturn plays to script

Thu, 12 Jan 2012 08:07:10 GMT

As expected, the Bank of England left policy unchanged at its January Monetary Policy Committee meeting, maintaining Bank Rate at 0.5% and its...

CDS index volumes remain subdued - MarkitServ

Wed, 11 Jan 2012 05:56:20 GMT

CDS Index volumes have been subdued since the start of the year, according to MarkitServ data. The Markit iTraxx Senior Financials index, in...

Production trends weaken in Germany and France

Tue, 10 Jan 2012 04:46:48 GMT

Manufacturing trended downwards in both France and Germany in November, adding to signs that economic growth stalled at best in both countries in Q4.

Global economy ends 2011 with (US-led) growth spurt

Thu, 05 Jan 2012 13:35:43 GMT

The global economy finished 2011 with growth hitting a nine-month high, but expansion was biased towards the US and worries about the eurozone...

AAA eurozone sovereigns trading over 200bps

Thu, 05 Jan 2012 07:28:17 GMT

France and Austria, two of the AAA-rated eurozone sovereigns, have both seen their spreads widen sharply over the last six months. France is in...

Eurozone worries dampen market spirits

Wed, 04 Jan 2012 15:03:15 GMT

Risk aversion has replaced yesterday’s bullish mood as worries about the Eurozone have resurfaced, fueled by weak PMI data for Italy and Spain.

Global manufacturing enjoys boost from US

Tue, 03 Jan 2012 11:57:12 GMT

Stock markets rally as PMIs signal the first improvement in worldwide manufacturing conditions for four months in December.

UK 10-year bond yield falls below 2%

Fri, 23 Dec 2011 08:02:58 GMT

The UK 10-year government bond yield has fallen below 2% for the first time as investors seek safe havens amid widening economic disparities.

German economy shows further signs of stabilising

Tue, 20 Dec 2011 08:50:10 GMT

Germany's two leading surveys - the IFO and PMI - both turned up in December, but the outlook remains gloomy

Week ahead: European data to highlight growing recession risk

Fri, 16 Dec 2011 07:23:49 GMT

The coming week sees the publication of the Bank of England MPC minutes, business and consumer sentiment surveys, US housing market data plus a...

UK retail sales fall in November

Thu, 15 Dec 2011 06:30:35 GMT

UK retail sales fell in November. Does this represent a blip or weaker trend? Falling spend last week suggests the latter.

UK unemployment hits 17-year high

Wed, 14 Dec 2011 13:26:01 GMT

Official data showed UK unemployment hitting a 17-year high, and surveys suggest the number will rise higher

Official data add to Eurozone industry woes

Wed, 14 Dec 2011 13:10:29 GMT

Eurozone industrial production showed no growth in October, according to official data, taking growth over the latest three months compared to the...

UK inflation falls for second month running

Tue, 13 Dec 2011 05:17:30 GMT

The much anticipated easing in UK inflation appears to be gaining traction. Inflation fell for the second month running in November, dropping from...

Concerns persist about long- and short-term euro prospects

Mon, 12 Dec 2011 14:34:58 GMT

Markets voiced disappointment on the failure of Friday's EU summit to tackle both the short- and long-term issues facing the Eurozone

Guide to the week ahead: December Flash PMIs, inflation and the Fed

Mon, 12 Dec 2011 13:05:59 GMT

Flash PMIs to provide guidance on December business conditions in China and the Eurozone, while recent data may encourage the Fed to hold off on...

UK exports surge, Germany's slump

Mon, 12 Dec 2011 13:01:08 GMT

Contrasting export trends are becoming evident as sales surge in UK but slump in Germany.

Rise in UK retail sales masks weak trend

Fri, 02 Dec 2011 11:29:35 GMT

UK retail sales rose 0.6% in September, but a quick look at the data for previous months is enough to erode any hopes of a high street recovery.

PMI surveys signal stalled UK recovery

Fri, 02 Dec 2011 11:28:42 GMT

A downturn in the all-sector PMI signals a stagnation of GDP in October, and a worsening trend in new orders adds to the risk of the economy...

Eurozone unemployment hits record high

Wed, 30 Nov 2011 14:35:12 GMT

Unemployment in the Eurozone hit 8.3% in October, the highest since the euro was created, as the region showed signs of sliding back into recession.