MAC Monitor

Italian risk premium rises after cabinet resignations; Dollar strengthens on safe-haven flows; Portfolio risk falls, as share prices and exchange rates decouple.

Treasury yields surge ahead of expected fiscal stimulus; Regional sovereign bonds diverge on inflation outlook; Increased diversification mutes portfolio risk.

Sovereign yields rise as optimism increases; Pound surges on last-minute Brexit deal; Portfolio risk drops further, but remains above pre-crisis levels.

Eurozone yields drop as ECB expands bond buying; Sterling slumps after last-minute Brexit talks fail; Portfolio risk drops on lower equity and FX volatility

US Treasury curve steepens over inflation concerns; Dollar depreciates further, as equities reach record highs; Equity volatility keeps falling, but correlations remain stable.

Credit risk premia fall as US election results are certified; Dollar weakens as risk appetites rise; Continued decline in equity volatility further blunts portfolio risk.

Sovereign yields fall, as investors confront downside risks; Pound rises alongside UK share prices; Portfolio risk dips on lower equity risk.

Investors ditch safe-haven assets on vaccine news; As risk appetites return, yen and franc drop; Increased diversification lowers portfolio risk.

Government yields see-saw amid election turbulence; Dollar falls, as risk appetites return; Portfolio risk surges, as global equity correlation intensifies.

Bund yields drop as lockdowns expand; Euro dips as interest-rate differential widens; Portfolio risk surges on higher equity volatility.

Treasury yields surge further, lifted by stimulus hopes; Pound strengthens over Brexit progress; Portfolio risk drops, as equity volatility and exchange-rate interaction fall.

European yields drop, as new infections accelerate; Gilt curve flattens over Brexit and negative rate concerns; Portfolio risk changes little, as less negative correlation offsets lower equity volatility.