From 3 to 6 . It is not really distressed. You overlay the asset liability that issuers have on the capital structures, recoveries on loans have been quite poor. You buy something at 70 and you wake up and there is an asset liability trade that gets done were a whole bunch of collateral is stripped out and alone trains debt trades down 50 points. Im not sure i sear the see the clear opportunity in distressed today, given their feels like a technical uplift on prices and there is a lot of flexibility in the documents that create a lot of liquidity options for the issuer. There is some tension right now, 85 matt that was joshua easterly at 6th street, speaking at the Bloomberg Global credit form in london. Welcome to bloomberg markets. Lets take a quick check of whats going on in the markets at this hour. Weve had some amazing moves in rates today after the fed came out yesterday with more hawkish paws than had been anticipated. That pushes down equity indexes as well. The s p 500 is dow
Annabelle we are counting down to asias major market opens. Haidi asian stocks face headwinds while treasury yields rise on the feds hawkish hold. Policymakers say one more hike this year and higher rates through 202025. A soft landing is a primary objective and i did not say otherwise. That is what we have been trying to achieve for all this time. Haidi also ahead, stellantis making a new offer to striking autoworkers even as Gms Mary Barra calls the unions demands too costly. Thailands new Prime Minister tells us he does not want to pick sides in the u. S. China rivalry. We hear from him exclusively. We have the hong kong military authority keeping its base rate unchanged at 5. 75 . Thats according to the de facto central bank page on bloomberg. We know that the official Interest Rates in hong kong move in lockstep with those of the fed as the local dollar is pegged to the u. S. Currency. When it comes to some of the concerns we have seen, hong kong traders are seeing a little more f
Sectors and the negative. U. S. Futures also lower right now. S p 500 closed down through off session lows. Finance chairs also finance shares also down. This follows the Central Banks move to hold policy rates steady with officials trying to work out whether the stimulus they have is working. We have yields being up as well, 5. 09 for the twoyear, the 10 year 4. 36 . And oil having a bit of a breather, brent crude down 1 to 93 a barrel. Wti at 90. Going back to what we were hearing from the minister of finance out of china, the National Development and reform, this is what they have been saying. Talking about the economy, the cpi, to rebound, the country is not facing deflation and has not had deflation. The chinese economy is continuing its recovery in august, a curious statement here about the economic recovery being a treacherous one. But also saying that economic positivitys are increasing. This is what they were talking about when it came to the currency of the yuan. Another head
Guy stoxx 600, 460. The rate story is significant today so rates are up nicely. The reason for that is expectation now is the bank of england is done and for obvious reasons that has an impact on commercial real estate and the housing markets. Delivery hero is up. You are seeing some of the other delivery stocks trading nicely on this idea we could see this in new york city allowing some of these names to make more money from that. Thats having a positive effect as well. Talking over here about whats happening with rates. We will talk about that in a moment. We are definitely talking about food. Alix my expensive now delivery food. I wouldnt make too much of it. Volume is very light heading into the fed but some interesting things underneath the surface. One of the top stocks overall being traded today and investor day yesterday they feel pretty good about it. This is a long term targets are achievable. Two year yield down by two basis points but same deal yesterday we reached a cycle
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