Stocks continuing the sell-off, generally down 4%. It more and more looks like October-November. S&P500 closed at 682.55. We are maintaining that 500 will be tested. Our CDS price index is edging higher. Now at 121 bps. GE CDS at 1037 bps.
50 bps. cut from both ECB (to 1.5%) and BoE (to 0.50%). BoE now starting Quantitative Easing, wants to purchase £75B worth of Gilts and private sector securities. UK Break-Even Inflation rates actually dropping on the announcement. Gilts rising 2.35%. EURGBP stable. Weird stuff…
Of all outstanding US mortgages, 7.88% are now delinquent, yesterday’s figures showed. That is extremely worrying.
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