EUROPEAN BOND RESEARCH
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December 21, 2020
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GLOBAL MARKETS WERE DOWN AS A NEW STRAIN OF CORONA VIRUS IS BREAKING OUT IN THE UK CAUSING HUGE TRAVEL RESTRICTIONS. VACCINATION CONTINUES AND CONGRESS PASSED A $900 BILLION STIMULUS PACKAGE. FTSE 100 -1.73%, German DAX -2.82%, CAC 40 -2.43%, STOXX Europe 600 -2.33%. The 10-year Gilt was DOWN 4.3 bps.
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(None Current 12/21/2020)
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OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of negative momentum, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.520%, as of 12/18/2020.
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