Markit Intraday Alert

Marking Time to the Election

Thu, 24 May 2012 17:42:17 GMT

Corp credit risk markets showed little change as decent US economic data countered eurozone worries

More oscillations

Thu, 24 May 2012 11:36:50 GMT

Europe's leaders fail to deliver on the debt crisis – yet again. Leading indicators for China and the eurozone give little hope that the...

Policy Standstill

Wed, 23 May 2012 17:19:23 GMT

With no new policy responses out of Europe today, there were some flight to quality moves and weakness in the euro but North American corporate...

Destined for disappointment

Wed, 23 May 2012 12:21:05 GMT

Risk aversion enveloped the credit and equity markets today as the realisation set in that the EU is not on the verge of announcing measures that...

Blind optimism?

Tue, 22 May 2012 11:47:15 GMT

Perhaps it should be no surprise that European credit markets are rallying this week. They have, after all, widened significantly since the...

Could Have Had a G8

Mon, 21 May 2012 16:54:32 GMT

Renewed talk of a common eurobond issuance and a pan-European bank deposit guarantee plan helped improve sentiment a bit today following an...

Consolidation

Mon, 21 May 2012 12:18:52 GMT

It was a quiet start to the week in the credit markets but there was still a reasonable amount of volatility. Spreads opened tighter then the...

Referendum on Membership

Thu, 17 May 2012 17:22:07 GMT

Flight to quality, deposit flight and biding time until the next Greek election. Will Greek election results be any different if it becomes a...

Political Stalemate and Lightning Bolts

Tue, 15 May 2012 17:34:35 GMT

An early but tentative rally gave way to weakness today as political uncertainty in Greece countered bettter than expected 1Q GDP figures for Europe.

Heading for the Door?

Mon, 14 May 2012 17:33:36 GMT

With talk of a Greek exit from the euro reaching a fevered pitch, many are watching tomorrow's scheduled bond payment closely.

Bloodbath

Mon, 14 May 2012 13:24:43 GMT

Spreads rallied towards the close but there was no disguising that it was a bloodbath in the markets today. At one point the Markit iTraxx Europe...

An Uneasy Calm

Thu, 10 May 2012 17:48:15 GMT

Credit markets appeared to be searching for direction today. Investors appear cautious and uneasy ahead of tomorrow's announcement on Spanish banks.

A new deal?

Thu, 10 May 2012 12:48:38 GMT

The credit markets finished the day slightly tighter but the day-to-day comparison doesn't tell the whole story. The Markit iTraxx Europe opened a...

Banking and Sovereigns Together Again

Wed, 09 May 2012 17:30:16 GMT

Sentiment continues to be driven out of Europe but today it was more about the challenges facing Spanish banks than extreme political rhetoric.

"Catastrophic uncertainty"?

Wed, 09 May 2012 12:20:03 GMT

It was a quiet day for economic data today but in any case it would have taken a major release to knock Greece off the headlines. German finance...

More Election Talk

Tue, 08 May 2012 17:10:18 GMT

With little in the way of incremental news, markets remain focused on the implications of this past weekend's election results in Europe.

Grexit?

Tue, 08 May 2012 12:04:57 GMT

Risk aversion is back amid renewed talk of a Greek exit from the euro. Antonis Samaras, leader of the centre-right New Democracy party, admitted...

The Uncertain Uncertainty

Mon, 07 May 2012 17:16:56 GMT

While there was some widening in CDS spreads in reaction to European election news from the weekend, spreads firmed up a bit as the session wore on.

Waiting for NFP, elections

Thu, 03 May 2012 12:10:46 GMT

It fell to the US again to dampen any positive sentiment that was lingering in Europe. The ISM non-manufacturing survey came in at 53.5 in April,...

Soft Reaction to Tough Data

Wed, 02 May 2012 16:58:44 GMT

Credit markets proved to be resilient, finishing only slightly weaker from yesterday despite disappointing PMI and ADP data. Also CDS reaction to...

ISM rally cancelled out

Wed, 02 May 2012 11:21:12 GMT

After yesterday's expectation-beating ISM manufacturing survey European markets might have been expected to ride on the wave of positive...

Modest Start to May

Tue, 01 May 2012 17:04:32 GMT

Quiet day by volumes in CDS today. ISM Manufacturing PMIs set the tone for sentiment. Individual credit reactions for Chesapeake Energy and Red...

Contrasting fortunes

Tue, 01 May 2012 12:00:11 GMT

A typically muted May Day trading session sprang to life this afternoon following the release of the ISM manufacturing report. “Sprang to...

Technical Strength

Mon, 30 Apr 2012 17:24:41 GMT

A quiet session to finish April for credit markets despite Spain's woes.

Banks and sovereigns intertwined

Mon, 30 Apr 2012 12:14:03 GMT

An inauspicious end to what has been a fairly eventful month. The Markit iTraxx Europe was 2.5bps wider at 141bps, meaning it widened by about...

Positive sentiment fades

Thu, 26 Apr 2012 12:29:55 GMT

The positive sentiment from yesterday's FOMC announcement faded as the day progressed and the main credit indices finished the day slightly wider....

Non-Event

Wed, 25 Apr 2012 17:04:46 GMT

Credit spreads were generally tighter today but with what new compelling reasons? FOMC kept policy steady and provided littlel hint of what...

Over to the Fed

Wed, 25 Apr 2012 12:45:06 GMT

Here in the UK there was blanket coverage of the Leveson inquiry into the activities of the press and the country falling into technical...

Reversal of Fortunes?

Tue, 24 Apr 2012 16:43:22 GMT

Today's session saw a slight reprieve from eurozone concerns as Netherlands kept its coveted 'AAA' ratings. Also CDS market reaction for Ford...

Czech one-two

Tue, 24 Apr 2012 11:58:25 GMT

After yesterday's correction it was perhaps inevitable that there would be a retracement today. Spreads were tighter from the open after US...

More Slippage

Mon, 23 Apr 2012 17:12:34 GMT

It was a risk-off session on poor Markit Eurozone Flash PMI data and political uncertainty in Europe.

Politics and PMIs

Mon, 23 Apr 2012 11:30:20 GMT

Politics and economics conspired today to send risk assets into retreat. Both equity and credit markets suffered a torrid day amid political...

Foci

Thu, 19 Apr 2012 17:05:54 GMT

Disappointing US economic data provided a negative backdrop for the day but corporate credit spreads were fairly subdued again. Despite positive...

Spain and France sharing the spotlight

Thu, 19 Apr 2012 12:43:05 GMT

A robust Spanish bond auction and solid earnings from the US were shrugged off by the credit markets today as they widened to levels not seen...

A Recent 'Peake

Wed, 18 Apr 2012 16:59:56 GMT

Investors await initial jobless claims data and the results of the Spanish bond auction tomorrow. Reports that Chesapeake Energy's CEO borrowed...

France in the firing line

Wed, 18 Apr 2012 12:32:36 GMT

Will the ECB step in with further intervention? If so, when? The markets don't know the answers to these questions and the uncertainty is causing...

Recovering ground

Tue, 17 Apr 2012 12:41:46 GMT

Risk appetite was well and truly back today as the European credit markets recovered most of the ground that was lost last week. A solid Spanish...

Cues and Clues

Mon, 16 Apr 2012 16:50:07 GMT

Credit markets finish mixed on the day as concerns about Spain were counteracted somewhat by a positive US retail sales report. Repsol and...

Spain keeps widening

Mon, 16 Apr 2012 12:33:36 GMT

The credit markets recovered from a weak open this morning but still underperformed their equity counterparts. Solid results from Citigroup helped...

Bouncing back

Thu, 12 Apr 2012 11:50:24 GMT

A relatively quiet day in the markets saw CDS spreads continue yesterday's tightening trend. The Markit iTraxx Europe was 7.5bp tighter at 134bps,...

Wishing an Intervention

Wed, 11 Apr 2012 17:18:49 GMT

Today's relief rally was heavily predicated on an assumption or hope that the ECB may resume its SMP to support European sovereign bonds.

The return of the SMP?

Wed, 11 Apr 2012 12:31:53 GMT

A combination of profit taking and the prospect of yet more intervention from the ECB helped spreads mount a modest recovery today after...

Spain and transparency

Tue, 10 Apr 2012 11:46:45 GMT

The credit markets ended the last week on a negative note and the long weekend hasn't improved matters. Today was the first chance to react to...

Post-NFP Reaction

Mon, 09 Apr 2012 16:04:26 GMT

With many markets still closed for the Easter holiday and no significant news out, markets continued to display a negative tone following Friday's...

Lingering Malaise

Wed, 04 Apr 2012 16:24:06 GMT

Interpretation of FOMC's minutes yesterday had a lingering, negative impact on sentiment today. A weak Spanish bond auction did not help either. ...

Fed and Spain triggering risk aversion

Wed, 04 Apr 2012 11:18:40 GMT

Signs that the world's major economies may be improving – or the declines at least moderating – weren't enough to prevent risk...

Hanging On Every Word

Tue, 03 Apr 2012 17:31:51 GMT

Sentiment soured today following the release of the FOMC minutes. Also today was the first day of trading US municipal CDS under new protocol and...

Holding pattern

Tue, 03 Apr 2012 12:16:36 GMT

The markets were in a holding pattern today ahead of key announcements due later this week and the impending Easter holiday. Credit outperformed...

Slow But Positive Start

Mon, 02 Apr 2012 17:28:03 GMT

The positive print for US ISM manufacturing drove market sentiment today and yielded a solid start to 2Q for risky assets.

ISM boosting sentiment

Mon, 02 Apr 2012 12:43:42 GMT

The credit markets opened the second-quarter on a cautious note but a better than expected ISM number boosted sentiment in the afternoon. The...

More of the Same?

Thu, 29 Mar 2012 17:17:35 GMT

It was another risk-off session again today as economic data and a smaller firewall for Europe disappointed.

Business as usual

Thu, 29 Mar 2012 12:16:55 GMT

Peripheral spreads widening sharply. Economic data missing expectations. Strikes breaking out across the eurozone. It could almost have been...

Almost over?

Wed, 28 Mar 2012 12:43:57 GMT

Risky assets suffered a reversal today as weak economic data on both sides of the Atlantic weighed on sentiment. Fourth-quarter GDP in the UK was...

Awaiting a New Quarter

Tue, 27 Mar 2012 17:07:44 GMT

Credit risk markets appear to be awaiting for more certainty on risk factors, a new quarter to begin or both.

Portugal and Ireland outperforming

Tue, 27 Mar 2012 12:39:54 GMT

The prospect of further quantitative easing and an expansion of the eurozone firewall set the conditions for another positive session in credit....

Searching

Mon, 26 Mar 2012 17:12:34 GMT

Markets sought direction early and there was increased talk about another round of policy options.

A Little Bit Sour

Thu, 22 Mar 2012 17:28:54 GMT

Disappointing Markit Flash Manufacturing PMIs for the Eurozone and China along with yield widening in 10-yr benchmark issues for Italy and Spain...

All about growth

Thu, 22 Mar 2012 14:43:12 GMT

The markets have been looking for catalysts to give them a semblance of direction all week, and today they were provided with some. Unfortunately...

Lacklustre

Wed, 21 Mar 2012 17:45:26 GMT

Markets yielded little insight today and showed little direction. Key events included Bernanke's Capitol HIll testimony and disappointing US...

EFSF proving popular

Wed, 21 Mar 2012 13:15:42 GMT

The markets are searching for direction as the eurozone debt crisis enters a hiatus. Spreads widened yesterday as concerns about Chinese growth...

Rolling On

Tue, 20 Mar 2012 17:03:50 GMT

Roll activity for the Markit CDX NA IG was robust despite a fairly slow day for headlines in the market. It felt a lot like a consolidation day.

Move over Greece, here comes China

Tue, 20 Mar 2012 12:59:06 GMT

Move over Greece, here comes China. The latter country seems to have taken on the mantle of the new market focal point, though it is doubtful it...

Climax and Anticlimax

Mon, 19 Mar 2012 17:19:55 GMT

The Markit CDX NA IG exhibited a solid rally ahead of the roll for the next series. The Greece CDS auction went as expected with many market...

On the eve of the roll

Mon, 19 Mar 2012 13:10:47 GMT

On the eve of the index rolls the market was focused on the Greek CDS credit event auction. Much had been written about the potential for the...

Another strong session

Wed, 14 Mar 2012 13:10:48 GMT

It was another strong session for credit amid an apparent increase in optimism that the rally can be maintained. Very few single names widened...

Volatility on the slide

Tue, 13 Mar 2012 12:56:22 GMT

A tentative recovery in risk appetite gathered strength during the afternoon. The tailwinds that lay behind the recent rally – central banks...

Calm vs. Capital Adequacy

Mon, 12 Mar 2012 17:26:10 GMT

A fairly directionless day in the markets following Friday's announcement of a Greece restructuring event and ahead of this week's US bank stress...

Spain the next Greece?

Mon, 12 Mar 2012 14:18:48 GMT

The Greek credit event was finally called Friday evening, the debt exchange was completed today and the new bonds started trading but the broader...

Cautious optimism

Thu, 08 Mar 2012 11:21:54 GMT

European officials expressed “cautious optimism” on the Greek PSI deal, and the term just about summed up the mood of the market...

The Paper Chase

Wed, 07 Mar 2012 17:40:00 GMT

Reports that participation in the Greek debt swap has at least increased to levels sufficient to avoid a disorderly default helped calm markets...

Past the threshold

Wed, 07 Mar 2012 12:11:52 GMT

Credit spreads rallied today amid rumours that Greece is very close to securing the minimum participation to accept the debt exchange. Depending...

Anticipation

Tue, 06 Mar 2012 17:33:51 GMT

Reaction in risky assets today prompted many to wonder if the markets have fully priced in a triggering of CACs.

CACs armed and ready

Tue, 06 Mar 2012 11:58:28 GMT

Risk aversion returned to the financial markets today, with the tone worsening through the afternoon. The Markit iTraxx Europe suffered its...

Ready to use CACs

Mon, 05 Mar 2012 11:02:13 GMT

A defensive start to the week in the credit markets, a swathe of forward looking economic data battling for the limelight with the omnipresent...

And We Wait

Thu, 01 Mar 2012 17:48:17 GMT

The Markit CDX NA IG spent most of the day within a 1bp range. Investors seem to want a little more clarity out of Europe.

A divergent discourse

Thu, 01 Mar 2012 11:38:43 GMT

Today was one of those days where the discourse of the media and the markets diverged. The fourth estate was preoccupied by ISDA's decision on a...

Central Banks in Focus (early cut)

Wed, 29 Feb 2012 15:18:14 GMT

Market focus was naturally on LTRO results today but Bernanke's comments to Congress today also played a bit on market direction.

A positive, if muted response

Wed, 29 Feb 2012 12:30:49 GMT

There was a muted reaction to the second three-year LTRO in the markets today, despite its undoubted importance to the European banking sector. A...

Jumping the Catalysts

Tue, 28 Feb 2012 17:02:15 GMT

With little else to drive sentiment today, investors spent the day focused on various scenarios for tomorrow's ECB LTRO results.

LTRO rally

Tue, 28 Feb 2012 12:47:04 GMT

Spreads tightening was the path of least resistance in the credit markets today as participants waited for the results of tomorrow's three-year...

Data, Liquidity and Firepower

Mon, 27 Feb 2012 17:00:50 GMT

Corporate CDS spreads were mostly unchanged today on light flows as most of the major catalysts are loaded toward week's end.

Merkel succeeds

Mon, 27 Feb 2012 13:20:26 GMT

Credit spreads were wider throughout the day, though the German parliament approving the Greek bailout provided some respite in the afternoon....

No Gifts?

Thu, 23 Feb 2012 17:32:46 GMT

Mostly quiet in corporate CDS markets today with a little bit of improving sentiment on better than expected US economic data.

No concern over credit event?

Thu, 23 Feb 2012 12:09:42 GMT

It is hard to become enthused about the markets when they are as listless as they have been for the past few days. Credit spreads again stayed in...

More PSI?

Wed, 22 Feb 2012 12:24:27 GMT

It was another low volume, uneventful day as the markets continue to digest the implications of the Greek bailout agreement. The main credit...

Indecision Mode

Tue, 21 Feb 2012 17:36:56 GMT

After an early rally, the markets appeared indecisive as investors pondered what's next in the Greek debt saga.

A plethora of unknowns

Tue, 21 Feb 2012 12:38:11 GMT

Questions, questions. The Greek bailout deal was finally approved by the Eurogroup but the market reaction today reflected the plethora of...

Just 10%

Mon, 20 Feb 2012 12:35:42 GMT

The US on holiday. A crucial Eurogroup meeting set to conclude after the market close. It was never likely to be the most eventful trading session...

Anything But

Thu, 16 Feb 2012 17:32:14 GMT

Early risk-off sentiment from Greece deal jitters and Moody's bank downgrade concerns gave way to a rally on appearances that a Greek bailout deal...

A big "if"

Thu, 16 Feb 2012 12:05:57 GMT

The underperformance of credit versus equity came to a halt today, though it needed a recovery in spreads during the afternoon to break the trend....

Is it unravelling?

Wed, 15 Feb 2012 12:29:49 GMT

It was looking another day of consolidation as the markets continued their long wait for a Greek deal. But matters took a turn for the worse...

Not Feeling the Love?

Tue, 14 Feb 2012 17:53:04 GMT

Risk-off sentiment was in evidence for much of today after it was announced that eurozone finance ministers would not meet tomorrow as originally...

Austerity and Indulgence

Mon, 13 Feb 2012 17:30:46 GMT

The passage of Greek austerity measured helped improve risk sentiment today but Greece will continue to play out this week as details on austerity...

Headlines and Expectations

Thu, 09 Feb 2012 17:40:43 GMT

North American corporate CDS underperformed equities today despite mostly supportive headlines. Bank CDS spreads were notable underperformers.

A deal agreed, finally

Thu, 09 Feb 2012 12:23:00 GMT

The financial markets were beholden to events in Greece today, as they have been all week. Perhaps it would be more accurate to say non-events...

Greek Week Continues

Wed, 08 Feb 2012 17:43:30 GMT

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?

Wed, 08 Feb 2012 12:25:53 GMT

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

Tue, 07 Feb 2012 17:35:59 GMT

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

Tue, 07 Feb 2012 12:52:42 GMT

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

Mon, 06 Feb 2012 17:46:54 GMT

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

Mon, 06 Feb 2012 12:36:29 GMT

The credit markets opened the week on a negative note as the seemingly interminable Greek bailout talks continued. There was some evidence that...

Consolidation

Thu, 02 Feb 2012 17:56:00 GMT

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

Thu, 02 Feb 2012 11:48:13 GMT

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

Wed, 01 Feb 2012 17:43:27 GMT

Credit markets showed technical strength today with in-line to better macroeconomic numbers. Credit risk for the US auto sector improved on...

Another barnstormer

Wed, 01 Feb 2012 12:16:39 GMT

The rally that has been a hallmark of the markets in recent weeks gathered pace today following positive economic data and optimism around the...

Underwhelming Session, Solid Month

Tue, 31 Jan 2012 17:33:32 GMT

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

Tue, 31 Jan 2012 12:28:15 GMT

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

Mon, 30 Jan 2012 18:07:58 GMT

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

Mon, 30 Jan 2012 12:54:52 GMT

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

Thu, 26 Jan 2012 17:41:22 GMT

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

Thu, 26 Jan 2012 12:33:48 GMT

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

Wed, 25 Jan 2012 17:54:50 GMT

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

Wed, 25 Jan 2012 12:38:12 GMT

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

Tue, 24 Jan 2012 17:29:14 GMT

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

Tue, 24 Jan 2012 12:27:04 GMT

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

Mon, 23 Jan 2012 17:42:01 GMT

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

Mon, 23 Jan 2012 13:46:54 GMT

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

Thu, 19 Jan 2012 17:58:04 GMT

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?

Thu, 19 Jan 2012 12:09:18 GMT

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

Wed, 18 Jan 2012 17:51:54 GMT

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

Wed, 18 Jan 2012 12:11:43 GMT

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

Tue, 17 Jan 2012 17:18:19 GMT

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?

Tue, 17 Jan 2012 12:15:03 GMT

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

Mon, 16 Jan 2012 11:54:21 GMT

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?

Thu, 12 Jan 2012 17:04:13 GMT

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

Thu, 12 Jan 2012 11:33:57 GMT

Credit comfortably outperformed equity today as successful debt sales from Spain and Italy sparked a revival in risk appetite. Spreads were...

A Reminder

Wed, 11 Jan 2012 17:52:32 GMT

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

Wed, 11 Jan 2012 12:01:40 GMT

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?

Tue, 10 Jan 2012 17:22:44 GMT

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?

Tue, 10 Jan 2012 11:55:28 GMT

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

Mon, 09 Jan 2012 17:19:19 GMT

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

Mon, 09 Jan 2012 12:22:00 GMT

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

Thu, 05 Jan 2012 17:42:00 GMT

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

Thu, 05 Jan 2012 11:26:59 GMT

The trend from yesterday – in fact, the trend from last year – continued today with sovereigns and banks bearing down on sentiment. A...

Snapshot

Wed, 04 Jan 2012 16:53:43 GMT

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

Wed, 04 Jan 2012 12:44:42 GMT

It seemed like business as usual today as yesterday's rally was reversed amid widespread risk aversion. Sovereigns and banks resumed their 2011...

Lagarde and Des Donnes

Thu, 15 Dec 2011 17:13:12 GMT

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

Thu, 15 Dec 2011 11:27:06 GMT

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

Wed, 14 Dec 2011 18:14:43 GMT

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?)

Tue, 13 Dec 2011 17:29:47 GMT

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

Tue, 13 Dec 2011 12:02:29 GMT

Traders were reporting light volumes in the CDS market today, so it was no surprise to see significant amounts of volatility. Headlines continue...

The Only Prescription is More Austerity

Mon, 12 Dec 2011 17:28:49 GMT

Markets reacted today to the prospects of sovereign rating downgrade following an EU leaders' summit that fell short of market expectations.

ECB pulls back

Mon, 12 Dec 2011 13:33:10 GMT

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

Thu, 08 Dec 2011 12:04:32 GMT

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?

Wed, 07 Dec 2011 12:29:42 GMT

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

Tue, 06 Dec 2011 13:04:28 GMT

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"

Thu, 01 Dec 2011 11:46:32 GMT

Credit markets outperformed their equity counterparts today as they continued to enjoy the benefits of yesterday's coordinated central bank...

Central Banks Flex But Not Fix

Wed, 30 Nov 2011 17:32:28 GMT

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

Wed, 30 Nov 2011 11:28:00 GMT

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...

Rating Agency Bookends

Tue, 29 Nov 2011 18:42:13 GMT

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

Tue, 29 Nov 2011 12:40:11 GMT

It was another volatile session for the credit markets today as positive and negative catalysts battled for control of sentiment. The Markit...

Hope or Jolliness

Mon, 28 Nov 2011 17:36:13 GMT

The markets posted a significant rally today largely on hopes that European policymakers can bring about stronger fiscal ties.

Mini-summit blues

Thu, 24 Nov 2011 10:10:22 GMT

It was just settling into a typically docile Thanksgiving afternoon when the trio of Nicolas Sarkozy, Angela Merkel and Mario Monti made an...

An alarm signal

Wed, 23 Nov 2011 12:02:35 GMT

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

Tue, 22 Nov 2011 17:15:15 GMT

North American credit markets were range bound today despite the somewhat choppy moves in equitieis. Limited near-term implications from the...

No bazooka

Tue, 22 Nov 2011 13:09:12 GMT

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

Tue, 22 Nov 2011 08:16:27 GMT

Europe continues to deliberate about what to do next to address sovereign contagion. The US Congress remains gridlocked.

Yet more pain

Mon, 21 Nov 2011 13:46:58 GMT

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

Thu, 17 Nov 2011 17:45:34 GMT

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

Thu, 17 Nov 2011 12:11:40 GMT

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

Wed, 16 Nov 2011 17:37:34 GMT

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

Wed, 16 Nov 2011 12:30:40 GMT

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

Wed, 16 Nov 2011 08:28:56 GMT

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

Tue, 15 Nov 2011 12:53:46 GMT

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

Mon, 14 Nov 2011 16:53:38 GMT

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

Mon, 14 Nov 2011 13:17:20 GMT

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

Thu, 10 Nov 2011 17:54:46 GMT

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

Thu, 10 Nov 2011 12:33:04 GMT

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

Wed, 09 Nov 2011 13:09:29 GMT

Italian bond yields blew out today following LCH.Clearnet's move to raise initial margin limits on BTPs.

Two Halves

Tue, 08 Nov 2011 18:00:23 GMT

Markets focused on Italy's budget vote and word of Berlusconi's pending resignation.

Berlusconi clinging on

Tue, 08 Nov 2011 12:00:33 GMT

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

Mon, 07 Nov 2011 17:22:25 GMT

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

Mon, 07 Nov 2011 12:34:29 GMT

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

Thu, 03 Nov 2011 17:55:53 GMT

ECB's 25bp rate cut helped risk assets rally after a volatile morning due to ongoing political uncertainty in Greece.

Drama in Athens

Thu, 03 Nov 2011 13:10:20 GMT

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

Wed, 02 Nov 2011 18:34:45 GMT

Sideways market mostly today as investors attempted to sort out the Greek referendum and await moves by Italy and the ECB.

"We need clarity"

Wed, 02 Nov 2011 13:24:44 GMT

Angela Merkel said that “we need clarity” as she left for her meeting in Cannes today with George Papandreou, Nicholas Sarkozy and...

Experimental Democracy

Tue, 01 Nov 2011 17:46:21 GMT

Markets were blindsided by reports that a Greek referendum would be required to approve last week's bailout measures.

Underpricing political risk

Tue, 01 Nov 2011 13:55:15 GMT

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...

Spooked by Doubt

Mon, 31 Oct 2011 17:22:10 GMT

Credit market sentiment was driven by growing doubts on the 'grand plan' and MF Global's bankruptcy filing.

Risk averision returns

Mon, 31 Oct 2011 13:45:59 GMT

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

Thu, 27 Oct 2011 18:38:55 GMT

Broad-based tightening in CDS spreads today on the heels of Europe's unveiling of the 'grand plan'

The deal to end all deals?

Thu, 27 Oct 2011 11:50:36 GMT

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

Thu, 27 Oct 2011 08:32:49 GMT

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?

Wed, 26 Oct 2011 12:11:31 GMT

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

Tue, 25 Oct 2011 16:53:50 GMT

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

Tue, 25 Oct 2011 12:38:46 GMT

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

Mon, 24 Oct 2011 18:07:40 GMT

Investors await Wednesday's policy announcements re: a grand plan but continue to take an optimistic view.

Edging closer

Mon, 24 Oct 2011 12:00:28 GMT

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

Thu, 20 Oct 2011 17:47:30 GMT

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

Thu, 20 Oct 2011 11:51:36 GMT

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

Wed, 19 Oct 2011 18:18:05 GMT

Reports that the EFSF as a first loss insurer may have critical legal issues dampened risk sentiment late.

A magic wand

Wed, 19 Oct 2011 12:55:24 GMT

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?

Tue, 18 Oct 2011 17:04:29 GMT

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

Tue, 18 Oct 2011 12:42:23 GMT

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

Mon, 17 Oct 2011 13:22:17 GMT

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

Thu, 13 Oct 2011 17:17:08 GMT

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

Thu, 13 Oct 2011 12:20:47 GMT

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

Wed, 12 Oct 2011 17:42:20 GMT

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

Wed, 12 Oct 2011 10:37:26 GMT

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

Tue, 11 Oct 2011 17:30:42 GMT

Low volatility day in credit markets despite delay in Slovakia approval vote on EFSF. Alcoa kicks off US earning season.

A Slovakian sojourn

Tue, 11 Oct 2011 10:31:56 GMT

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

Mon, 10 Oct 2011 12:00:37 GMT

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

Thu, 06 Oct 2011 17:33:39 GMT

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

Thu, 06 Oct 2011 12:01:02 GMT

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

Wed, 05 Oct 2011 17:35:52 GMT

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?

Wed, 05 Oct 2011 12:09:44 GMT

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

Tue, 04 Oct 2011 17:00:44 GMT

More widening in US bank spreads. Ford and GM also both significantly wider despite recent/pending upgrade actions.

Bernanke limits the damage

Tue, 04 Oct 2011 13:10:03 GMT

A timely intervention from Ben Bernanke this afternoon helped the credit markets recover from yet another depressing trading session. This time...

Flying Wide

Tue, 04 Oct 2011 12:20:55 GMT

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

Mon, 03 Oct 2011 12:18:56 GMT

Bullish investors hoping for a change of fortune in Q4 were disappointed today as risk aversion continued to permeate the market. Greece's...

Driving for Direction

Thu, 29 Sep 2011 16:38:13 GMT

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"

Thu, 29 Sep 2011 11:29:27 GMT

“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

Wed, 28 Sep 2011 17:49:25 GMT

North American IG credit spreads grinded wider today ahead of the Bundestag's vote on the EFSF.

A not so secret plan

Wed, 28 Sep 2011 11:58:54 GMT

Talk of a “secret plan” today typified how the markets have been fluctuating on rumours rather than concrete news. The Markit iTraxx...

Divining Policy

Tue, 27 Sep 2011 17:04:13 GMT

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

Tue, 27 Sep 2011 12:30:51 GMT

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

Mon, 26 Sep 2011 16:03:18 GMT

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

Mon, 26 Sep 2011 12:00:53 GMT

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

Thu, 22 Sep 2011 16:21:32 GMT

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

Thu, 22 Sep 2011 12:59:41 GMT

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

Wed, 21 Sep 2011 16:25:35 GMT

Risk averse sentiment was on the rise again despite FOMC's announcement of "Operation Twist". Bank rating downgrades also weighed.

Twist and risk

Wed, 21 Sep 2011 13:04:20 GMT

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

Tue, 20 Sep 2011 12:01:55 GMT

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?

Mon, 19 Sep 2011 16:00:27 GMT

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)

Mon, 19 Sep 2011 12:27:15 GMT

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

Thu, 15 Sep 2011 10:56:41 GMT

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?

Wed, 14 Sep 2011 16:49:18 GMT

North American credit markets managed to hold onto today's rally with sentiment being influenced by events in Europe.

A jittery rally

Wed, 14 Sep 2011 11:58:51 GMT

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

Tue, 13 Sep 2011 17:19:27 GMT

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

Tue, 13 Sep 2011 12:23:18 GMT

It was another trading session dominated by massive index swings as mixed messages from politicians made conditions difficult. Optimism from...

Eyes on Europe

Mon, 12 Sep 2011 16:38:29 GMT

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

Mon, 12 Sep 2011 11:07:19 GMT

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

Thu, 08 Sep 2011 11:00:05 GMT

A seemingly robust credit market rally dissipated during the afternoon as participants were reminded of the all-pervading uncertain conditions....

Volatility Lingers

Wed, 07 Sep 2011 16:48:40 GMT

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

Wed, 07 Sep 2011 11:33:25 GMT

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

Tue, 06 Sep 2011 16:51:28 GMT

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

Tue, 06 Sep 2011 11:30:52 GMT

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

Mon, 05 Sep 2011 11:21:37 GMT

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

Thu, 01 Sep 2011 16:58:11 GMT

Quiet day in credit with US corporate credits leaking weaker ahead of the jobs number tomorrow.

All about the data

Thu, 01 Sep 2011 11:51:15 GMT

The focus of the markets was firmly on economic data today, with both European and North American investors looking for direction from leading...

August: The Quiet Month

Wed, 31 Aug 2011 16:43:06 GMT

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

Wed, 31 Aug 2011 12:58:23 GMT

Fundamental and technical factors combined today to cultivate a strong rally in credit. Minutes from the latest Fed minutes published late...

Counting the Minutes

Tue, 30 Aug 2011 16:07:53 GMT

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

Tue, 30 Aug 2011 15:36:59 GMT

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?

Mon, 29 Aug 2011 15:57:37 GMT

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

Thu, 25 Aug 2011 16:53:55 GMT

US credit markets were quiet and rather directionless ahead of Jackson Hole.

Moving closer together

Thu, 25 Aug 2011 12:14:48 GMT

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

Wed, 24 Aug 2011 12:35:28 GMT

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

Tue, 23 Aug 2011 16:33:05 GMT

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

Tue, 23 Aug 2011 12:40:07 GMT

The marked underperformance of credit compared to equity continued today, with the latter asset class proving resilient to sovereign and banking...

Perry and Ovid

Mon, 22 Aug 2011 16:17:23 GMT

Credit markets were cautious ahead of key PMI data releases and the Fed's Jackson Hole meeting this week.

Will Bernanke deliver?

Mon, 22 Aug 2011 12:02:46 GMT

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

Thu, 18 Aug 2011 16:46:25 GMT

Negative sentiment in European financials carried over along with negative US economic data kept investors in risk-off mode.

Banking, Collateral and Data

Thu, 18 Aug 2011 12:16:18 GMT

After starting out quiet, European credit markets widened significantly led by concerns in the financial sector.

Looking for a reason

Wed, 17 Aug 2011 16:53:01 GMT

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

Wed, 17 Aug 2011 12:59:28 GMT

Markets seemed to lack direction today but short covering helped France's CDS spreads to tighten.

More incrementalism

Tue, 16 Aug 2011 16:36:39 GMT

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

Tue, 16 Aug 2011 12:31:12 GMT

Eurozone sovereign CDS, peripheral and core, were fairly quiet leading up to the Merkel/Sarkozy meeting.

Slow easy breaths

Mon, 15 Aug 2011 17:19:51 GMT

Quieter day following a tumultous week. M&A activity rather than economic data drove the session.

No big bang?

Mon, 15 Aug 2011 13:08:19 GMT

A relatively quiet day follows a tumultous week as investors await the Merkel/Sarkozy meeting on Tuesday.

Incentive or invective

Thu, 11 Aug 2011 16:49:47 GMT

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

Thu, 11 Aug 2011 13:02:32 GMT

Another volatile market session with European banks again in focus.

What now?

Wed, 10 Aug 2011 17:01:08 GMT

Market volatility continues to reign.

Foul mood

Wed, 10 Aug 2011 13:13:26 GMT

Markets return to a foul mood, making yesterday's US equity rally short-lived. French banks were in the spotlight today.

An extended period

Tue, 09 Aug 2011 16:18:26 GMT

Investors digest the latest FOMC statement and the ratings downgrade waterfall facing the municipal market.

Back to Ben

Tue, 09 Aug 2011 12:25:01 GMT

After a bruising session yesterday, markets await the latest pronouncement from the FOMC.

Anticipated but unthinkable

Mon, 08 Aug 2011 16:32:42 GMT

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?

Mon, 08 Aug 2011 15:10:49 GMT

Volatile market session following the S&P downgrade of the US and ECB intervention.

"You will see what we do"

Thu, 04 Aug 2011 11:46:11 GMT

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?

Wed, 03 Aug 2011 12:26:11 GMT

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

Tue, 02 Aug 2011 12:18:59 GMT

Risk aversion was permeating the markets today, despite US lawmakers approving the deal to lift the debt ceiling. The House of Representatives...

Lacking conviction

Mon, 01 Aug 2011 13:29:52 GMT

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...

Italy back at 300bp

Thu, 28 Jul 2011 12:22:32 GMT

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

Thu, 28 Jul 2011 05:15:50 GMT

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

Tue, 26 Jul 2011 12:09:54 GMT

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

Mon, 25 Jul 2011 12:32:09 GMT

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?

Thu, 21 Jul 2011 11:09:22 GMT

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”

Wed, 20 Jul 2011 12:45:02 GMT

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

Tue, 19 Jul 2011 12:21:34 GMT

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

Mon, 18 Jul 2011 12:16:47 GMT

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

Thu, 14 Jul 2011 12:27:40 GMT

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

Tue, 12 Jul 2011 12:31:07 GMT

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

Mon, 11 Jul 2011 12:28:09 GMT

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

Thu, 07 Jul 2011 11:41:26 GMT

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

Wed, 06 Jul 2011 11:47:55 GMT

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

Tue, 05 Jul 2011 12:25:35 GMT

European credit markets underperformed their equity counterparts by some margin today, with sovereigns again providing the negative impetus. But it...

Selective fears

Mon, 04 Jul 2011 11:56:07 GMT

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...

And now over to the Eurogroup

Thu, 30 Jun 2011 11:16:41 GMT

The positive momentum from yesterday gathered pace today amid expectations that another “yes” vote would be delivered in the Greek parl...

First hurdle cleared

Wed, 29 Jun 2011 12:18:38 GMT

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

Tue, 28 Jun 2011 12:40:24 GMT

Spreads tightened today and the rally gained strength through the afternoon. The “French proposal” for private sector participation in...

A French proposal

Mon, 27 Jun 2011 12:20:28 GMT

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

Thu, 23 Jun 2011 12:03:44 GMT

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

Wed, 22 Jun 2011 12:15:20 GMT

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

Tue, 21 Jun 2011 12:05:38 GMT

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

Mon, 20 Jun 2011 12:24:08 GMT

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...

Thu, 16 Jun 2011 11:28:52 GMT

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

Wed, 15 Jun 2011 11:50:30 GMT

A worrying deterioration in the Greece situation provoked a negative reaction from financial markets today. Procrastination from the various powerb...

Banking on China

Tue, 14 Jun 2011 13:02:10 GMT

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

Mon, 13 Jun 2011 11:42:32 GMT

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"?

Thu, 09 Jun 2011 12:47:23 GMT

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

Wed, 08 Jun 2011 11:16:50 GMT

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

Tue, 07 Jun 2011 12:20:53 GMT

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

Mon, 06 Jun 2011 12:22:19 GMT

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

Thu, 02 Jun 2011 11:28:05 GMT

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

Wed, 01 Jun 2011 11:47:27 GMT

European markets maintained their resilience this morning but then capitulated under the weight of disappointing economic news. Leading indicators...

Ready to relax?

Tue, 31 May 2011 12:30:04 GMT

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"

Thu, 26 May 2011 11:36:45 GMT

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

Thu, 26 May 2011 09:06:20 GMT

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

Tue, 24 May 2011 11:40:57 GMT

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

Mon, 23 May 2011 12:28:08 GMT

Appetite for risk dissolved today in the face of yet more sovereign debt concerns and worrying economic signals. It was the two countries regarded...

A local squabble

Thu, 19 May 2011 08:00:00 GMT

Adding insult to injury

Wed, 18 May 2011 08:00:00 GMT

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

Tue, 17 May 2011 08:00:00 GMT

Weak US housing data, concerns over US earnings and the prospect of re-profiling all combined to depress sentiment.

A "non-conclusive way"

Mon, 16 May 2011 08:00:00 GMT

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

Thu, 12 May 2011 08:00:00 GMT

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

Wed, 11 May 2011 08:00:00 GMT

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

Tue, 10 May 2011 08:00:00 GMT

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?

Mon, 09 May 2011 08:00:00 GMT

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

Thu, 05 May 2011 08:00:00 GMT

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

Wed, 04 May 2011 08:00:00 GMT

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

Tue, 03 May 2011 08:00:00 GMT

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

Mon, 02 May 2011 08:00:00 GMT

The death of Osama bin Laden influenced the markets early today but then faded somewhat Macroeconomic data will likely be the focus this week.

Waiting for Ben

Thu, 28 Apr 2011 08:00:00 GMT

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

Wed, 20 Apr 2011 08:00:00 GMT

It appears that the markets have quickly rediscovered their appetite for risk after the S&P-inspired blip on Monday.

Taking a breather

Tue, 19 Apr 2011 08:00:00 GMT

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

Mon, 18 Apr 2011 08:00:00 GMT

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"

Thu, 14 Apr 2011 08:00:00 GMT

Meaningful talk of a eurozone country restructuring its debt. Spreads hitting record levels. The supposedly diminished risk of contagion being reappraised.

Quashing speculation

Wed, 13 Apr 2011 08:00:00 GMT

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

Tue, 12 Apr 2011 08:00:00 GMT

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

Thu, 07 Apr 2011 08:00:00 GMT

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

Wed, 06 Apr 2011 08:00:00 GMT

The credit markets had a strong tone today as risk aversion showed further signs of waning.

Portugal and Ireland swap places

Tue, 05 Apr 2011 08:00:00 GMT

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

Mon, 04 Apr 2011 08:00:00 GMT

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...

Stressful enough?

Thu, 31 Mar 2011 08:00:00 GMT

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

Wed, 30 Mar 2011 08:00:00 GMT

The overall tone in the markets was positive today but it was tempered by nerves in the banking sector.

Time for “PIG”?

Tue, 29 Mar 2011 08:00:00 GMT

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”

Mon, 28 Mar 2011 08:00:00 GMT

A weighty second-half of the week ensured that risky assets were little changed today.

Let's "wait and see"

Thu, 24 Mar 2011 08:00:00 GMT

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?

Wed, 23 Mar 2011 08:00:00 GMT

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

Tue, 22 Mar 2011 08:00:00 GMT

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

Mon, 21 Mar 2011 08:00:00 GMT

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?

Thu, 17 Mar 2011 08:00:00 GMT

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

Wed, 16 Mar 2011 08:00:00 GMT

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

Tue, 15 Mar 2011 08:00:00 GMT

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

Mon, 14 Mar 2011 08:00:00 GMT

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

Thu, 10 Mar 2011 07:00:00 GMT

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

Wed, 09 Mar 2011 07:00:00 GMT

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

Tue, 08 Mar 2011 07:00:00 GMT

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

Mon, 07 Mar 2011 07:00:00 GMT

European credit markets underperformed their equity counterparts today, with sovereigns widening ahead of the interim EU summit on Friday.

Vigilance and optimism

Thu, 03 Mar 2011 07:00:00 GMT

A hawkish Jean-Claude Trichet couldn’t prevent spreads benefitting from strong economic data and a falling oil price.

Oil dictating sentiment

Wed, 02 Mar 2011 07:00:00 GMT

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

Tue, 01 Mar 2011 07:00:00 GMT

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?).

Saudi to the rescue?

Thu, 24 Feb 2011 07:00:00 GMT

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

Wed, 23 Feb 2011 07:00:00 GMT

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

Tue, 22 Feb 2011 07:00:00 GMT

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

Thu, 17 Feb 2011 07:00:00 GMT

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

Wed, 16 Feb 2011 07:00:00 GMT

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

Tue, 15 Feb 2011 07:00:00 GMT

Risky assets were range-bound today as a swathe of economic data failed to ignite animal spirits.

Pause for thought

Mon, 14 Feb 2011 07:00:00 GMT

Today lacked the drama of Friday, with Egypt returning to normality and a dearth of economic news.

Drama in the Middle East

Thu, 10 Feb 2011 07:00:00 GMT

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

Wed, 09 Feb 2011 07:00:00 GMT

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

Tue, 08 Feb 2011 07:00:00 GMT

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

Mon, 07 Feb 2011 07:00:00 GMT

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

Thu, 03 Feb 2011 07:00:00 GMT

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

Wed, 02 Feb 2011 07:00:00 GMT

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

Tue, 01 Feb 2011 07:00:00 GMT

Events in North Africa have dominated trading activity in recent days, overshadowing important economic releases such as eurozone inflation yesterday.

Mubarak clinging on

Mon, 31 Jan 2011 07:00:00 GMT

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

Thu, 27 Jan 2011 07:00:00 GMT

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...

Now to the FOMC

Wed, 26 Jan 2011 07:00:00 GMT

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...

UK regaining its influence

Tue, 25 Jan 2011 07:00:00 GMT

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...

Political risk in Ireland

Mon, 24 Jan 2011 07:00:00 GMT

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...

An Irish contrast

Thu, 20 Jan 2011 07:00:00 GMT

Persistent tightening in sovereign and financials has helped the European credit markets withstand a sell-off in equities over the last few days.

Greek volatility

Wed, 19 Jan 2011 07:00:00 GMT

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...

Citi holding firm

Tue, 18 Jan 2011 07:00:00 GMT

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...

Who's next

Mon, 17 Jan 2011 07:00:00 GMT

European markets were more or less unchanged today on reportedly low volumes, an unsurprising fact given that there was a US holiday.

Reaching consensus

Thu, 13 Jan 2011 07:00:00 GMT

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...

The price is right?

Wed, 12 Jan 2011 07:00:00 GMT

Events posited as potential tipping points often have a habit of underwhelming. Portugal’s keenly awaited bond auction was a case in point.

ECB lends a helping hand

Tue, 11 Jan 2011 07:00:00 GMT

A combination of short covering and a recovery in risk appetite led to the major credit indices tightening today.

Back to March 09

Mon, 10 Jan 2011 07:00:00 GMT

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...

Banks under the cosh

Thu, 06 Jan 2011 07:00:00 GMT

European credit markets underperformed their equity counterparts by some distance today as uncertainty over the fate of senior bank bondholders pushed spreads wider ac...

From west to east

Wed, 05 Jan 2011 07:00:00 GMT

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...

A tale of exports and inflation

Tue, 04 Jan 2011 07:00:00 GMT

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...

Price of Tradition

Thu, 30 Dec 2010 07:00:00 GMT

The Markit iTraxx SovX Western Europe widened out a bit, flirting with a new record wide close. The widening in single name constituents was fairly modest.

Digging Out

Wed, 29 Dec 2010 07:00:00 GMT

Whether it is from the blizzard that hit the Northeastern portion of the United States earlier this week, recovering from the excessive generosity of gift-givers or wa...

Sovereign Wednesday

Thu, 23 Dec 2010 07:00:00 GMT

It was supposed to be a quiet day. In a lot of ways it was. Volumes again were low. However, there was a lot in the way of headlines and high beta European sovereigns...

‘Twas the Day Before The Three Nights Before

Wed, 22 Dec 2010 07:00:00 GMT

The markets have definitely started the holidays a bit earlier as again volumes were light. Unlike the past couple of sessions though, hardly a credit was stirring.

Busy Elves

Tue, 21 Dec 2010 07:00:00 GMT

The elves over at the ratings agency workshops have been busy in the sovereign space so far this December. Moody’s has been particularly busy tinkering and passing out...

Taux Recorde

Mon, 20 Dec 2010 07:00:00 GMT

French CDS levels hit a record wide (taux recorde) today in early trading and held those levels going into late trading. The CDS followed weakness in the overall sover...

Ennui in credit

Thu, 16 Dec 2010 07:00:00 GMT

It seems that the ennui that afflicts the markets around Christmas time has already set in, with economic data and sovereign issues having little impact on spreads.

"Fantasy land" on the horizon

Wed, 15 Dec 2010 07:00:00 GMT

It was another day of low volatility and thinning volumes in risky assets, a pattern that will probably be repeated in the run-up to the new year. But it was not witho...

North/South divide?

Tue, 14 Dec 2010 07:00:00 GMT

European credits spreads continued to tighten today, with the rally gaining strength in the afternoon following the release of upbeat US economic data.

All quiet on the ECB front

Mon, 13 Dec 2010 07:00:00 GMT

Risky assets rallied today in an unsurprisingly quiet trading session. Positive catalysts included improving US economic data – consumer confidence and export figures...

Peripheral CDS-Bond basis

Wed, 08 Dec 2010 07:00:00 GMT

The credit markets, along with their equity counterparts, rallied today amid a dearth of economic news. After a brief hiatus yesterday the ECB was back buying bonds ag...

ECB back after brief hiatus

Tue, 07 Dec 2010 07:00:00 GMT

The credit markets, along with their equity counterparts, rallied today amid a dearth of economic news. After a brief hiatus yesterday the ECB was back buying bonds ag...

No consensus, as usual

Mon, 06 Dec 2010 07:00:00 GMT

Risky assets were little changed today in an uneventful trading session. Volumes were light in the credit markets, according to traders, with the focus remaining on so...

Actions speak louder than words

Thu, 02 Dec 2010 07:00:00 GMT

As expected, the ECB had a pivotal role in determining spreads direction today. But it didn't turn out the way the markets assumed in a highly volatile trading session.

Trichet triggers run for cover

Wed, 01 Dec 2010 07:00:00 GMT

Credit spreads bounced back today, driven by a strong short covering rally in sovereigns. The spread tightening was triggered by comments from ECB president Jean-Claud...

A molten core

Tue, 30 Nov 2010 07:00:00 GMT

What little risk appetite is left in Europe appears to be dwindling as we head into year-end. The sovereign debt contagion has spread beyond the eurozone’s periphery a...

It’s still contagious

Mon, 29 Nov 2010 07:00:00 GMT

Those hoping for a euphoric reaction to the weekend bailout of Ireland must have been disappointed today. The Markit iTraxx SovX Western Europe index surged to another...

German support

Thu, 25 Nov 2010 07:00:00 GMT

The credit markets continued to retreat today in a predictably subdued session. The Markit iTraxx Europe is now 8.5 wider since this time last week and has returned to...

Fear of contagion

Wed, 24 Nov 2010 07:00:00 GMT

Credit markets recovered this afternoon from a shaky start but the ongoing peripheral concerns ensured they underperformed their equity counterparts.

Bondholders "will have to bleed"

Tue, 23 Nov 2010 07:00:00 GMT

IMF Deputy Managing Director John Lipsky said that "euro-zone aid packages should soothe investors", according to Dow Jones this afternoon.

"Are bailouts contagious"

Mon, 22 Nov 2010 07:00:00 GMT

If the EU thought that the bailout announced for Ireland over the weekend would calm the situation in the eurozone then they must have been disappointed by the reactio...

“tens of billions”...but not yet

Thu, 18 Nov 2010 07:00:00 GMT

Risky assets rallied today as investors took a more sanguine view of the Ireland situation, at least for the time being.

No fireworks

Wed, 17 Nov 2010 07:00:00 GMT

The expected fireworks in the sovereign market failed to materialise today as spreads in the most vulnerable peripherals were range-bound. Ireland’s spreads recovered...

Greece shares the limelight

Tue, 16 Nov 2010 07:00:00 GMT

Ireland was expected to get the undivided attention of the markets today ahead of the crucial meeting of eurozone finance ministers later this afternoon.

It’s good to talk

Mon, 15 Nov 2010 07:00:00 GMT

The delicate situation in the eurozone continued to grip the markets, with the volatility experienced last week rolling over into today.

An exogenous force

Tue, 09 Nov 2010 07:00:00 GMT

Concerns over the eurozone's peripheral sovereigns have recently overtaken the machinations of US monetary policy as the main driver of spread direction.

Basking in the glow

Thu, 04 Nov 2010 08:00:00 GMT

Yesterday's quantitative easing announcement acted as a boon to risky assets today as investors welcomed the liquidity injection.

And now for the main event…

Wed, 03 Nov 2010 08:00:00 GMT

Most investors were expecting a relatively tepid trading session today and that is exactly what they got. Unsurprisingly, spreads were directionless as the markets awa...

Another unwelcome record for Ireland

Tue, 02 Nov 2010 08:00:00 GMT

European credit markets lagged their equity counterparts for most of the day but mounted a recovery in the afternoon.Investors were focused on tomorrow's FOMC announce...

Ireland hits 500bp

Mon, 01 Nov 2010 08:00:00 GMT

Heightened concerns over the peripheral eurozone sovereigns helped temper any gains from better than expected economic leading indicators.

Ireland steps in

Thu, 28 Oct 2010 08:00:00 GMT

A nervy sovereign debt market wasn't enough to stop risky assets recovering some of the ground lost yesterday. Another day of strong corporate earnings and an upward s...

Reacquainted with political risk

Wed, 27 Oct 2010 08:00:00 GMT

A triumvirate of mixed corporate earnings, renewed sovereign debt concerns and lower QE expectations led to an increase in risk aversion today.

LBO rumour mill

Tue, 26 Oct 2010 08:00:00 GMT

Mixed economic data and a slew of disappointing corporate earnings led to risky assets losing ground today, though the backdrop of impending QE ensured that the retrea...

Currency war postponed

Mon, 25 Oct 2010 08:00:00 GMT

The credit markets opened the week on a high as the all-important date of November 3 draws closer. The Federal Reserve's FOMC committee is scheduled to announce its de...

Earnings drive rally

Thu, 21 Oct 2010 08:00:00 GMT

A plethora of upward earnings surprises on a backdrop of unshakeable QE expectations helped risky assets rally today.

A defining moment?

Wed, 20 Oct 2010 08:00:00 GMT

A strong showing from the US industrial and technology sectors helped divert attention away from the ongoing foreclosure scandal.

China wades in

Tue, 19 Oct 2010 08:00:00 GMT

European credit markets outperformed their equity counterparts today in a session where US bank earnings battled for dominance with monetary authorities.

Citi supports financials

Mon, 18 Oct 2010 08:00:00 GMT

Banks were the main focus of investors for most of last week and it looks like the same again this week with several major institutions reporting results.

Repossessed

Thu, 14 Oct 2010 08:00:00 GMT

At the open this morning it looked like being another uneventful day. The main credit indices were flat to slightly wider as market participants took profits from the...

filling expectations

Wed, 13 Oct 2010 08:00:00 GMT

The rally in risky assets gained momentum today following the dovish FOMC minutes published after the European close yesterday.

The minutes tick by...

Tue, 12 Oct 2010 08:00:00 GMT

Credit market outperformance was reversed today as investors took profits ahead of the Fed minutes. The FOMC statement is due at 7pm BST, and will be watched even more...

Backing the Fed

Mon, 11 Oct 2010 08:00:00 GMT

European credit indices comfortably outperformed their equity counterparts today in a session where volumes were diminished by the Columbus Day holiday in the US.

A QE fixation

Thu, 07 Oct 2010 08:00:00 GMT

European credit markets widened today, reversing some of the outperformance seen this week.

Always look on the bright side...

Wed, 06 Oct 2010 08:00:00 GMT

Disappointing economic data from the US couldn't contain the rally in credit markets today as the positive sentiment from yesterday showed little sign of dissipating.

Risk appetite returns

Tue, 05 Oct 2010 08:00:00 GMT

A tepid morning session was a distant memory by the afternoon as strong data from the US boosted sentiment. The ISM non-manufacturing survey was always likely to be th...

All on the data

Mon, 04 Oct 2010 08:00:00 GMT

Credit outperformed equity for most of today in an uneventful start to the week. Flows were light and the markets lacked direction.

Sharing the burden

Thu, 30 Sep 2010 08:00:00 GMT

It was yet another choppy day in the markets today, with a cautious morning session fading into a more positive afternoon.

The definite picture

Wed, 29 Sep 2010 08:00:00 GMT

Credit outperformed equity today in a cautious session. Protests against government usterity measures took place across Europe, including a general strike in Spain.

Confusion reigns

Tue, 28 Sep 2010 08:00:00 GMT

Risky assets experienced a volatile session today, perhaps a reflection of market participants' confusion over US monetary policy.

Anglo Irish downgraded

Mon, 27 Sep 2010 08:00:00 GMT

Spreads were lacking direction in a relatively uneventful day. Perhaps the most notable occurrence of the day was Moody's downgrade of Anglo Irish Bank.

Ireland exceeds 500bp

Thu, 23 Sep 2010 08:00:00 GMT

Risky assets experienced a difficult session as a combination of mixed economic data and heightened concerns over Ireland fuelled negative sentiment. Ireland is the ne...

Heading towards Greece

Wed, 22 Sep 2010 08:00:00 GMT

Credit underperformed equity today in yet another session dominated by sovereigns. After yesterday's Irish government bond auction - deemed a success at the time - Por...

Over to the FOMC

Tue, 21 Sep 2010 08:00:00 GMT

European credit spreads were moderately tighter today ahead of the much anticipated FOMC decision due after the close. The other keenly awaited event of the day, Irela...

Range-bound

Thu, 16 Sep 2010 08:00:00 GMT

Credit spreads were range-bound today following another day of mixed economic data. In the UK we had retail sales figures for August.

A timely intervention

Wed, 15 Sep 2010 08:00:00 GMT

On the second anniversary of Lehman Brothers' bankruptcy, investors received a timely reminder of governments' more active role in managing the global economy.

Sovereigns under the cosh

Tue, 14 Sep 2010 08:00:00 GMT

It's a rare occurrence when a European economic release has more impact on the markets than data from the US. But the negative tone set by this morning's ZEW investor...

Basel III boosts banks.

Mon, 13 Sep 2010 08:00:00 GMT

European credit markets started the week on a strong note after an agreement on new capital requirements for banks was welcomed by investors. The Basel III standards w...

Auction Signs

Thu, 09 Sep 2010 08:00:00 GMT

Overall market sentiment improved due in large part to a successful Irish bond auction that saw good demand and better than expected yields despite the recent focus o...

Bittersweet Separation

Wed, 08 Sep 2010 14:00:00 GMT

The markets started off wider but tightened in the second half of the day as concerns on European banks and sovereigns abated a bit. Anglo Irish Bank was a notable ex...

More Stress; Executive Shuffles

Tue, 07 Sep 2010 08:00:00 GMT

Renewed focus on European bank stress test results, following a Wall Street Journal article indicating that risky government debt on the book of some lenders was ignor...

Momentum fades

Thu, 26 Aug 2010 08:00:00 GMT

A rare piece of good news from the US labour market, however fleeting, helped risky assets rally today. Spreads were already tightening this morning after a late rally...

Double-dip anyone?

Wed, 25 Aug 2010 08:00:00 GMT

Next week has been touted as one of the most important in recent times for economic data. ISM manufacturing and non-manufacturing surveys, Markit PMIs and the all-impo...

Withdrawal symptoms

Tue, 24 Aug 2010 08:00:00 GMT

Next week has been touted as one of the most important in recent times for economic data. ISM manufacturing and non-manufacturing surveys, Markit PMIs and the all-impo...

QE Lite May Be Less Filling

Thu, 19 Aug 2010 08:00:00 GMT

With the approach of fall comes the NFL football season. Fans begin to debate the merits of their respective teams and even their favorite beers.

BHP wider than Rio

Wed, 18 Aug 2010 08:00:00 GMT

The rally in credit rumbled on, defying a lacklustre showing from the equity markets. After yesterday's successful Spanish and, in particular, Irish government bond au...

Irish relief

Tue, 17 Aug 2010 08:00:00 GMT

European credit markets enjoyed their strongest day since the beginning of the month after Ireland's much anticipated government bond auction today was met with strong...

Ireland hits 300

Mon, 16 Aug 2010 08:00:00 GMT

European credit markets opened the week on a negative note, continuing the disappointing performance from last week. Economic data has been driving the market in recen...

Cyclicals suffer

Thu, 12 Aug 2010 08:00:00 GMT

European credit spreads widened today, continuing from where they left off yesterday. Credit underperformed equity throughout the day, and the afternoon saw considerab...

More required?

Wed, 11 Aug 2010 08:00:00 GMT

The Federal Reserve's willingness to act in the face of adversity made little impression on financial markets today as risk aversion was very much in the ascendancy. B...

Will the Fed deliver?

Tue, 10 Aug 2010 08:00:00 GMT

European credit markets widened ahead of the crucial Federal Reserve announcement later today. The optimism of yesterday appears to have been replaced by nerves, and i...

A preamble

Mon, 09 Aug 2010 08:00:00 GMT

Risky assets rallied today in what felt like a preamble to the main event tomorrow. After Friday's disappointing nonfarm payrolls report speculation has mounted that t...

Waiting for NFP

Thu, 05 Aug 2010 08:00:00 GMT

European credit spreads widened for the second consecutive day and continued to underperform equities ahead of tomorrow's non-farm payrolls report.

Relax and unwind

Tue, 03 Aug 2010 08:00:00 GMT

European credit markets outperformed their equity counterparts today, with banks again the driving force. Sovereigns, which have been lying dormant for a few weeks, al...

Markit iTraxx Europe below 100bp

Mon, 02 Aug 2010 08:00:00 GMT

Risky assets started the week on a firm footing as economic data and corporate profitability combined to produce positive sentiment.

A brief hiatus

Thu, 29 Jul 2010 08:00:00 GMT

Credit spreads tightened today as risky assets resumed their rally after yesterday's brief hiatus. Profit taking no doubt played a part in the pause, and the positive...

Fading frenzy

Wed, 28 Jul 2010 08:00:00 GMT

European credit markets paused for breath today as the frenzied rally of recent days lost momentum. Spreads opened wider this morning and underperformed rising equity...

An upbeat quartet

Tue, 27 Jul 2010 08:00:00 GMT

A quartet of positive catalysts combined today to extend the rally in risky assets, and unsurprisingly most of them emanate from the financial sector.

Transparency or leniency?

Mon, 26 Jul 2010 08:00:00 GMT

European credit spreads tightened today as the stress test results received a cautious welcome. Investors have been weighing up the positive and negative elements of t...

Earnings beat

Thu, 22 Jul 2010 08:00:00 GMT

European credit markets were mixed today despite rallying stock markets. At the open both spreads and stocks were directionless as investors digested Ben Bernanke's te...

More disappointment

Tue, 20 Jul 2010 08:00:00 GMT

It was another difficult session for risky assets as US economic data and earnings combined to depress sentiment. The credit markets opened on a negative note as they...

Losing confidence

Mon, 19 Jul 2010 08:00:00 GMT

European credit spreads started the week on a downbeat note, underperforming equities and continuing the negative trend from last week.

Searching for direction

Thu, 15 Jul 2010 08:00:00 GMT

Credit markets struggled for direction as mixed signals from the US continued to confuse investors. The strong start to the earnings season has run contrary to the mou...

Earnings vs Economy

Wed, 14 Jul 2010 08:00:00 GMT

The optimism instilled by the solid start to US earnings season took a knock today after investors received a reminder that the economic backdrop is far from rosy.

Alcoa impresses

Tue, 13 Jul 2010 08:00:00 GMT

After a slow start the European credit markets caught up with rallying equities, helped by events across the Atlantic. Alcoa opened the US earnings season after close...

Waiting for Alcoa

Mon, 12 Jul 2010 08:00:00 GMT

European credit spreads widened slightly today ahead of the start of US earnings season. The market was little moved throughout the day; perhaps an overhang from yeste...

Clearing the air

Thu, 08 Jul 2010 08:00:00 GMT

The European credit markets enjoyed one of their strongest sessions for some time today, helped by a surge in US stocks yesterday. A clarification of some of the crite...

Waiting is stressful

Wed, 07 Jul 2010 08:00:00 GMT

Credit and equity markets recovered this afternoon after a weak opening. A late sell-off in US stocks, perhaps triggered by the sheer weight of negative economic data...

Risk Aversion Recedes

Tue, 06 Jul 2010 13:00:00 GMT

Risky assets enjoyed a strong session today, with equities making up for their disappointing performance so far this month. In a week light on news, the direction of t...

Hive of inactivity

Mon, 05 Jul 2010 08:00:00 GMT

It came as little surprise that the week started on a quiet note. The US is on holiday and the economic calendar was relatively thin. The most important news came in t...

Fundamental fears

Thu, 01 Jul 2010 08:00:00 GMT

The focus was on fundamentals today as the credit markets responded to mixed signals on the global economy. Risky assets were in retreat at the open after the HSBC/Mar...

Who needs the ECB?

Wed, 30 Jun 2010 08:00:00 GMT

The European banking sector's reliance on governments and central banks is well established. But just how reliant has been unclear, the ECB's relatively opaque balance...

Running scared

Tue, 29 Jun 2010 08:00:00 GMT

The market in risky assets capitulated today amid escalating concerns over the European banking sector and fears that the global recovery is petering out. The usual sa...

New Greek record

Thu, 24 Jun 2010 08:00:00 GMT

Risky assets endured another difficult session today, the bearish sentiment from weak US housing figures lingering. Perhaps it is too early to tell whether the private...

From bad to worse

Wed, 16 Jun 2010 08:00:00 GMT

The European credit markets showed resilience today in the face of several dangerous headwinds. BP's situation goes from bad to worse, rumours abound about the strengt...

Waiting for Trichet

Thu, 10 Jun 2010 08:00:00 GMT

A late sell-off in the US had the predictable dampening effect on European markets. The Markit iTraxx Europe opened 3.5bp wider at 140bp ( 3.5) while the Markit iTraxx...

Battering for BP

Wed, 09 Jun 2010 08:00:00 GMT

It looked like a case of deja vu this morning as the credit markets replicated yesterday's trading pattern. Spreads rallied at the open following a late surge in US st...

The Achilles Heel

Tue, 08 Jun 2010 08:00:00 GMT

The credit markets appear to be in the midst of a correction, with the major indices all testing recent wide levels. The Markit iTraxx Europe index widened 6.5bp to 14...

It's the economy stupid

Thu, 03 Jun 2010 08:00:00 GMT

Risk aversion receded today as European credit continued to take its cues from US stock markets. A strong finish to the session yesterday had the predictable effect of...

Spreads overflowing

Wed, 02 Jun 2010 08:00:00 GMT

Investors with appetite for risk were still on the back foot today as spreads continued to widen. A late sell-off in US markets yesterday ensured that European spreads...

Grinding tighter

Thu, 27 May 2010 08:00:00 GMT

Credit continued to rally today as the markets took the lack of negative news as an excuse to compress spreads. A late sell-off in the US would normally trigger a comm...

Short back off

Wed, 26 May 2010 08:00:00 GMT

Risk appetite returned today after yesterday's sell-off, with credit and equity markets rallying in tandem. A late surge in the US markets yesterday gave their Europea...

Geopolitical/financial risk

Tue, 25 May 2010 08:00:00 GMT

After a tepid start to the week yesterday, the credit markets today showed the volatility we have become accustomed to. Long-standing concerns over eurozone sovereigns...

More pain in Spain

Mon, 24 May 2010 08:00:00 GMT

It was a quiet start to the week with much of Europe closed for the Whitsun public holiday. The major credit indices were tighter and outperformed lacklustre equity ma...

In retreat

Thu, 20 May 2010 08:00:00 GMT

European credit markets were in full retreat this afternoon, disappointing those who thought that the solid opening this morning would presage a day of low volatility....

Ban triggers volatility

Wed, 19 May 2010 08:00:00 GMT

After a dull week start to the week it was back to the volatility we have become familiar with. Again the sovereign world was the source, though the trigger in this ca...

Alert: Stability returns?

Tue, 18 May 2010 08:00:00 GMT

European credit markets continued to take their cue from equities, the rally that started yesterday extending into today. A lack of negative headlines around sovereign...

Euro freefall

Mon, 17 May 2010 08:00:00 GMT

European credit markets endured a difficult session today, easily underperforming their equity equivalents. The widening accelerated late in the afternoon as the euro...

Stability returns?

Thu, 13 May 2010 08:00:00 GMT

Stability returned to the credit markets, though whether it is a brief hiatus or something more permanent remains to be seen. A European holiday and a death of news me...