Asian equities traded in mixed fashion overnight, as 9 of the 16 markets we track closed in the red. Less than rosy economic reports and rapidly rising covid numbers have European stocks down nearly across the board this morning; 16 of the 19 bourses we follow are lower as I type. U.S. major averages remain choppy, as traders await final word on a pre-election “stimulus” package; Dow down 116 points (-0.41%), S&P 500 down -0.40%, Nasdaq down -0.65%, Russell 2000 down 0.19%.
“I find today the risk-reward profile of credit to be basically among the worst, relative to other things, I’ve seen in my career. A VIX at 20 used to be quite a feat. Here we are at 30, and the credit market hasn’t blinked.”
Have a great day!