The pain is not in Spain
It was not so long ago that many sceptics viewed Spain, like much of southern Europe, as a stagnant economy with muted prospects. This year, however, Spain’s IBEX 35 stock market index is up 53%. What’s changed? From 2008 until 2014, Spain was hit hard by the Global Financial Crisis and turmoil in the country’s […]
Market Snapshot
Are (private credit) cracks widening?
Weak UK economic outlook bolsters money market flows
The UK macroeconomic backdrop remains fraught and uncertain. The government is grappling with a ‘black hole’ in its finances and further tax rises are expected in the Autumn Budget scheduled for 26 November1. Rising levels of government debt continue to put pressure on borrowing costs – which are at their highest levels since the 1990s […]
A good quarter for rates and spreads as the bond market inches along
The third quarter produced constructive bond market performance with the Bloomberg US Aggregate Bond Index registering a 2.03% total return. The environment was positive for each of the major sub-sectors: US Treasurys, corporates (both investment grade (IG) and high yield (HY) and mortgage-backed securities. In fact, it’s hard to find a sector of the bond market […]
Lots of game left as we enter the fourth quarter
Investors anticipating a continuing rate cut cycle sometimes act like fans filling the stadium all dressed in white for the big home game. Confidence is high and may not reflect the underlying odds. After an up and down first three quarters of the year, as more of President Donald Trump’s policies begin to take effect, […]
Where can bond investors find value in a rate-cutting cycle?
Chartology
The end of exorbitant privilege?
EMD report Q3 2025
Index investing and Dr. Frankenstein’s creation
Introduced in 1957, the S&P 500 is the most widely cited US equity index, with more money managed to it, by far, than any other benchmark. As such, it has become a proxy for the health of US investors, corporate America and the overall economy. Initially a tool for measurement and understanding, the S&P has […]
ECB holds rates as France struggles with debt crisis
market snapshot
How far does the Fed’s influence extend?
Considerable airtime, ink and pixels have been devoted to when the Federal Reserve (Fed) will resume its easing cycle. Chair Jerome Powell’s speech in Jackson Hole has certainly put the September meeting in play. But while Fed policy definitely impacts interest rates in the 0-2-year space, the influence out the US Treasury yield curve varies […]
