04 OCT 2021
September ended with volatility across all asset classes, duration products have suffered from rates selloff
Surging natural gas pricing puts pressure on utility bills for European Industries and consumers; so far, no meaningful impact within the utility issuers’ cash spreads
Europe has recorded sharp inflation prints mainly due to energy price spikes, unlikely to have a meaningful impact on medium- to long-term inflation expectation due to subdued wage growth
Credit valuation has come down from the recent peak, implied vol rose sharply as a result of excess downside hedging activities, correlation within IG credits also suggests a modest pickup in systemic risk
Utoquai 55
8008 Zürich
Switzerland
Asset Management
+41 43 888 45 60
Wealth Management
+41 43 888 60 60
