Author profile

Elena Moya

Bond Vigilantes Editor

Years in the bond markets: 10

Specialist subjects: Macro, Emerging Markets

Likes: Football, London tapas, good reads

Heroes: Janet Yellen, Don Quixote, Johan Cruyff

Panoramic Weekly – Black Friday: Credit goes on sale

November is proving to be even worse than October, especially for Credit markets, amid plunging oil prices, corporate woes, executive scandals and protracted unconvincing economic data, all on top of a global interest rate rising cycle. Corporate bonds, which have been supported by loose monetary policy for over a decade, particularly felt the cold: US Investment Grade (IG) spreads last week po…

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Panoramic Weekly: Brexit, May be yes, maybe not

After more than two years of bitter discussions, leadership battles, thousands of hours and millions of pounds spent on a divorce agreement between Britain and the EU, sterling barely blinked when a draft deal was finally struck. Investors held off in an uncertain environment, only to move quickly when further uncertainty unfolded: the pound sold off and gilts rallied after two cabinet minister…

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Panoramic Weekly: Emerging Markets win US mid-terms

Emerging Market (EM) bonds and currencies were one of the main beneficiaries of Tuesday’s US mid-term elections, which resulted in a split Congress, with the Democrats controlling the House of Representatives and the Republicans, the Senate. This may refrain President Trump from implementing further fiscal incentives, which usually fuel the economy, lifting Treasury yields and the US dollar. Th…

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Panoramic Weekly: October pest

In true market fashion, both stocks and bonds suffered in October, hit by concerns about the effects of rising rates and trade wars on economic growth and corporate profitability. The past month brought evidence of a slowdown, particularly in Europe and Asia: third quarter GDP growth in the Eurozone came in below expectations, dragged down by Italy’s flatness, while in Asia, Industrial Output i…

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Panoramic Weekly: Loan Vigilantes emerge as uncertainties rise

Corporate, Emerging, Currency and Commodity markets – almost everyone but traditional safe-havens – had an early Halloween week on mounting concerns over challenged US corporate profits and dismal European PMI and Chinese growth data. As much as 75% of the 100 Fixed Income asset classes tracked by Panoramic Weekly fell, also dragged down by rising tensions over Brexit and as the European Commis…

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Panoramic Weekly: Markets, not Fed, go crazy

Global financial markets seemed to regain sanity over the past five trading days as they reverted to the typical negative correlation usually seen between stocks and bonds: investors snapped up traditionally safer government debt as concerns on the effect of rising rates over corporate profits mounted, dragging down leading equity indices. This followed a period in early October in which both e…

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Panoramic Weekly: Bonds take a bath

The bond sell-off that started last week with the publication of strong US data continued over the past five trading days, even if Friday’s job report came in below expectations and a slew of global data and events only confirmed a worsening momentum: the International Monetary Fund (IMF) cut this year’s world economic growth forecast to 3.7%, down from 3.9%, citing challenges to trade; Italian…

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Panoramic Weekly: Stars and Strikes

Global bond markets reacted sharply to Wednesday’s release of US Services data, which struck its best mark in 21 years: US 10-year yields spiked to 3.2%, the highest since 2011, while the dollar reversed a gloomy September to recover its August level. The usually less reactive 30-year Treasury yields surged, leading some investors such as M&G fund manager Richard Woolnough to argue that the mar…

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Panoramic Weekly – World to US, China: Let them eat trade

While the US and China continued their ongoing mutual trade threats and stand-offs, other nations’ assets rallied on hopes that the trade wars will open opportunity for third parties. Indeed, and as seen below, Asian, African and European exports to China are on the rise, while those from the US are increasing at a slower pace. The potential negative effects of the trade wars, as well as protra…

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