The steps made by the Italian government were enough to satisfy the EC to stave off an excessive deficit procedure.
Risk sentiment turned positive this week, as the Italian government lowered the fiscal deficit target and China-US trade fears subsided. In this environment peripheral bond markets rallied, with Italy outperforming strongly.
Periphery bond markets initially found some stability amidst wider market turbulence as the Italian government continues to express a more conciliatory tone towards Brussels.
2018 war ein schweres Jahr für Multi-Asset-Portfolios. Fast alle Anlageklassen liefen ins Minus. Dies war zuletzt vor zehn Jahren, im Krisenjahr 2008 so ausgeprägt. „Trotzdem ist die Lage heute wesentlich stabiler“, sagt Sascha Werner, Portfoliomanager bei Moventum.
The Italian government’s change to a more conciliatory tone towards Brussels is remarkable. It could open the door to more constructive negotiations and possibly soften Brussels’ approach to consolidation targets somewhat.
Es gilt, einen kühlen Kopf zu bewahren und Ausschau zu halten nach den Chancen, die sich in diesem neuen Umfeld zweifellos ergeben werden.
Initially peripheral spreads rose again this week as risk off mood prevailed. Later in the week spreads recovered again as a Brexit agreement seemed to be in reach coming weekend.
October lived up to its infamous reputation for market volatility. What can we expect for the months ahead? The Global Fixed Income Team shares their views.
Periphery spreads widen as Brexit worries take hold. Minor adjustments in Italian budget plans likely not enough to avoid an excessive deficit procedure.
In der vergangenen Woche stand die Veröffentlichung der Arbeitslosenzahlen in den USA im Fokus der Anleger. Die September-Schwäche wurde damit nahezu vollständig kompensiert.