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With the Pacific G10 Macro Rates Team 
Another week, another Covid-19 vaccine to save humanity and the economy. This time it was Moderna with a 95% efficacy and a more practical storage temperature at fridge type levels rather than -80c for Pfizer’s offering. This however did not kick off the same positive market surge as the previous week’s news, as increasing numbers of COVID19 cases and further lockdowns in the US dampened growth expectations and caused rates to rally. Broad indices for stocks and currencies ended little changed on the week. Oil bucked the mood, rallying on continued optimism that future growth will increase demand. 

With the Pacific G10 Macro Rates Team 
The big news of the week was Pfizer announcing a viable vaccine with a 90% success rate in preventing Covid-19 infections. One should pause for thought at this, it is a truly astounding achievement. Within 9 months a vaccine to a pathogen that was unknown to humanity has been created and shown to be effective. Bravo to the medical world! 

With the Pacific G10 Macro Rates Team 
Last week was all about the US election, the market and indeed the world was transfixed on vote counts and electoral college seats. 

With the Pacific G10 Macro Rates Team 
The week started with a bang as BTP’s rallied 8bp after S&P unexpectedly upgraded Italy post the Friday close. 

With the Pacific G10 Macro Rates Team 
The final tv debate between Biden and Trump passed with no clear winner, however in a far calmer manner. Optimism over the potential deal between House Speaker Pelosi and Treasury Secretary Mnuchin dominated headlines last week. Increasing chances of a ‘Blue Sweep’ and increased fiscal spending also affected financial markets. 

With the Pacific G10 Macro Rates Team 
Sentiment changed last week with risk assets benefitting on the back of increasing chances of a Blue Sweep. The narrative shifted from higher taxes and more regulation to near term fiscal boost. Financial markets ignored the saga with President Trump contracting Covid-19 at the ‘super spreader’ event in the White House and spending couple of days in hospital. S&P 500 finished last week +3.8%, US 10y yield was 8bps higher at 0.774%, WTI was back above $40 and almost +10% on a week. 

Pacific Asset Management is delighted to announce that the Pacific G10 Macro Rates Fund has been nominated as finalists in Investment Week’s Specialist Investment Awards for Specialist Fixed Income Fund.
 

With the Pacific G10 Macro Rates Team 

Interest rate markets were very calm last week with yields on 10y US Treasury bonds trading within 0.05% range whole week.

In June of this year the Pacific G10 Macro Rates team took part in the Kepler Virtual Conference, following which the Kepler research team generate Fund Research Reports. We are delighted to share this informative resource, which outlines the key attributes of the fund, history of the team members and key differentiating elements of the fund.
 

With the Pacific G10 Macro Rates Team 

Last week was filled with Central Bank action, three out of the four biggest developed markets’ central banks had their scheduled meetings after ECB met last week.