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Carlsquare/Vontobel weekly trading note: Lower credit spreads reflected in rising HYG
2024-03-27 09:59:00

After a sharp rise in the price of cattle, a report from the US Department of Agriculture (USDA) has caused this commodity to fall. We also note that credit spreads in the bond market between high-risk and low-risk issuers have narrowed, presumably reflecting improved risk sentiment.

Live cattle prices hit the ATH at a CFD price of 192 USD/Lbs. Since then, however, prices have started to look fragile, with a CoF report from the United States Department of Agriculture (USDA) causing bearish sentiment. We see prices continuing to fall and reaching a support level where a bounce could be possible.

The most important macroeconomic report this week is the US PCE Deflator due on Friday 29th March. High yield credit spreads have tightened recently.

Technically, US equity indices remain strong, although the S&P500 is losing some momentum.

Please find out more in our weekly letter on certificates Vontobel.com: Read the weekly newsletter here
 
Link to the Swedish-translated version
 
Read more

About Vontobel:

As a globally operating financial expert with Swiss roots, Vontobel specializes in wealth management, active asset management and investment solutions. Digital Investing bundles different investment solutions for private investors either directly or via ecosystems. Read more

About Carlsquare

Carlsquare is a global research firm and financial advisor, focusing on M&A, Equity
Research and Growth Equity. Carlsquare has 150 employees with deep sector knowledge in all 11
GICS sectors. The senior equity research team has extensive experience about the stock
environment and several business sectors. The team produces company research reports,
independent valuations and trading notes. The group have offices in Canada, Denmark, France, Germany, Poland, Sweden, United Kingdom and United States. Read more

Contact
MARKUS AUGUSTSSON
Head of Equity Research
markus.augustsson@carlsquare.com
+46 (0)76 235 03 20

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Carlsquare/Vontobel weekly trading note: Lower credit spreads reflected in rising HYG

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