Financial market analysis Analyse des marchés financiers #bonds #Currencies #cac40 #sp500 $hsi #volatility $VIX #MOVE

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Joined October 2018
A former French Prime Minister says, the internationalization of the Euro will never be done, Germany is against it so as not to anger the US and the EU authorities are doing nothing to protect the EU companies that would no longer like to trade in dollar xitter.cf/DocuVerite/status/1653…
François Fillon: "J'ai été présenté à Mr Schäuble (min. des finances 🇩🇪2009-2017) le projet de faire de l'€ une monnaie internationale, il m'a dit: tu as parfaitement raison mais on ne le fera jamais..."
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Halloween in England:
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BREAKING: Volodymyr Zelenskyy tells @piersmorgan he has been betrayed by Trump, that Elon Musk and the US deliberately cut off Starlink and people are being killed as a result “This is not the right side of history,” he says. “It is a pity that we are losing a strong partner” On Musk and Starlink he says: “This decision will bring a lot of human losses. Of course, people will die” “I am sure they knew what they did, absolutely. Because it was 1am at night, Starlink was blocked by SpaceX and the United States” “It’s not just about attack. It’s also about defending life. So people were killed because, not enough destroying, not enough interceptors, including interceptors with Starlink, which didn't work. Of course.” Asked if he’s angry with Musk, Zelenskyy says: “Yes, I think he is not right. It's a big mistake.”
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Our model suggests that current market stress is more concentrated in rates than in corporate credit. Elevated rates volatility can reflect monetary-policy uncertainty, inflation risk, or duration repricing without necessarily signaling deteriorating corporate credit fundamentals. The relatively subdued credit factor suggests that corporate risk pricing has not deteriorated to the same extent. However, the positive credit residual indicates that credit is slightly weaker than the historical relationship with rates and equity/FX would predict.
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Asset managers shift risk from the wings to the belly of the curve. From 9/22 to 10/6, asset managers moved $30m DV01 from the wings (TU/US/WN) to the belly (FV/TY/UXY), reducing duration while maintaining net long positioning across Treasury futures above flat.
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In today's Macro Volatility Digest: 🔹 Implied volatilities among the major asset classes declined across the board as the primary drivers of cross-asset volatility contagion, rates and oil, both eased. 🔹 The VIX® Index declined 0.5 pts w/w to 14.8 but underperformed skew by another 0.5 pts due to opportunistic positioning for downside convexity. 🔹 Dispersion trended higher w/w and 1M implied correlation (COR1M) declined to 6.93% (10th percentile lows) on OpenAI's revenue scare. Get a sneak peek below, and download the full report: bit.ly/4s0N6Dn
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