China’s “Lianghui” points to leadership determination to rebuff Trump’s actions

China’s most important annual gathering, the so-called Lianghui(两会) will be ending on March 11 after over a week of meetings by the legislative body, the National People’s Congress (NPC), but also the most important consultative body, the Chinese People’s Political Consultative Conference (CPPCC). One of the key objectives of these “Two Sessions”, as they are generally referred to in English, is to offer the key economic targets for the year, as unveiled by the report of the Premier to the NPC. This year, Premier Li Qiang’s main objective was to guarantee that the Chinese economy would be resi...

Beware of the €-$ HY scissors’ effect in spreads

Strong discrepancies between total return (-1.3% last week) and asw spread performance last week (-1.5bp on average) in the credit market, in light of the heavy rate repricing following Germany’s “whatever it takes” (€500bn infrastructure fund + increased defense spending beyond the Golden rule) and the European Commission announcements (up to €800bn defense investments) . Total-return wise, IG credits and Sub Insurance underperformed with -1.5% over the week, but mainly on the back of their higher duration. € High Yield and Hybrids outperformed with -0.5% and -0.6%. Real Estate ...

Que peut apprendre la Chine de la « décennie perdue » du Japon ?