Spreadex Market Update
Stock open positivley
Investors will take note of the extent to which high quality, haven assets such as bunds and gilts have been sold this week, making the correlation between them and lower quality peripheral debt positive.
Recently, spreads between, say, German and Spanish 10yr debt have been widening, if anything; but yesterday highlighted that investors, while they disliked Spanish debt, believed Germany’s paper to be overvalued too.
And, crucially, stocks traded higher, arguing with the established rule that if investors dump peripheral debt, then stocks get hurt.
Technology and basic materials lead the FTSE 100 currently, with RSL and ENRC leading where consumer stocks like SBRY and MRW lag.
MRW was cut from overweight to neutral by HSBC, targeting 310p from 340p.
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