Greetings,
Equities: Stocks sold off on Monday amid rising COVID threat and stimulus uncertainty. Forecasters now don’t expect to see stimulus legislation before next year.
Credit: CDS auction recoveries (defaulted debt) have been extremely low this year, dominated by leveraged retailers with broken business models. Cov-lite debt structures exacerbated the losses.
Emerging Markets: Expectations of a Biden win in the US are showing up in the currency markets.
Eurozone: Germany’s Ifo business expectations index was weaker than expected.
United States: New home sales were below market expectations along with new home inventories remaining depressed.
Food For Thought: Credit score inflation:
Edited by Devon Lall
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