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Pacific's G10 Macro Rates team speaks to Investment Week

19 May 2020

Pacific Asset Management G10 Macro Rates team, Shayne Dunlap, Richard Marshall & Oleg Gustap recently talked to Investment Week's Michael Sheen on how PAM's entrepreneurial mindset has helped them outperform through recent market turmoil. 

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G10 Macro Rates Market Analysis – Weekly Review – 15th May 2020

18 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Another quiet week passed in financial markets. Risk assets underperformed as government bonds strengthened across the globe, but volatility remained subdued. Financial markets re-priced the probability of an introduction to negative rates in currencies where short term rates have reached 0%. Heads of Central Banks have been resisting the idea so far, leaning towards more ‘conventional’ measures like forward guidance, QE and Yield Curve Control.  

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G10 Macro Rates Market Analysis – Weekly Review – 8th May 2020

11 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Last week continued the fashion of decreasing volatility, higher equities and unchanged interest rates. The rally in equities continued to be skewed towards technology companies, with the broad NASDAQ index trading positive YTD. As was expected, the number of job losses in Canada and the US reached all time extremes. With numbers fully priced, there was little reaction by financial markets.  

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G10 Macro Rates Market Analysis – Weekly Review – 1st May 2020

04 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Volatility continued declining across markets last week. Both Equity and Treasury markets in the US ended the week unchanged with tighter credit and FRA/OIS spreads. While yields on German Bunds and UK Gilts were lower on the week, supported by Central Bank purchases. Interest rates and FX volatility measures continued declining while VIX remained broadly unchanged as daily volatility of S&P 500 returns remains high. 

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G10 Macro Rates Market Analysis – Weekly Review – 27th April 2020

27 April 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Last week equities and US 10y Treasuries finished the week flat, with volatility metrics going further down as the VIX slid to 36. The main event of last week happened outside of interest rates and foreign exchange markets as front WTI futures contracts traded negative for the first time touching -$40. Part of the move was a technical one, as the rest of the curve failed to exhibit similar volatility, but oversupply in the oil market remained a concern with June WTI contract down almost 40% on the week. 

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Multi-Asset – CIO Market Update – 27th Apr 2020

27 April 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

UK Prime Minister Boris Johnson returned to office after recovering from COVID-19 and warned the nation that ending the lockdown now would risk a “second spike”. 

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Multi-Asset – CIO Market Update – 24th Apr 2020

24 April 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

In the US, the House of Representatives passed the $484 billion aid package. The US Food and Drug Administration warned patients about the risks of taking malaria medications, something that President Trump has suggested as a treatment for COVID-19; there has been no comment yet on his suggestions for tests into using a disinfectant “by injection inside”. 

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Multi-Asset – CIO Market Update – 23rd Apr 2020

23 April 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

A further 4.4 million Americans filed for employment benefits, taking the five-week number to 26.5 million. US biopharmaceutical company Gilead released results of Remdesivir, its potential antiviral drug for the treatment of COIVD-19 which showed that drug performed poorly in its first clinical trial. In a change of tone from the US President, Donald Trump said that he disagreed with the Georgia governor’s decision to begin to loosen curbs next week. 

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Multi-Asset – CIO Market Update – 22nd Apr 2020

22 April 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

US Treasury Secretary Steven Mnuchin said that “We’re operating under the environment that we are going to open up parts of the economy and we’re looking forward to -- by the time we get later in the summer -- having most of the economy, if not all of the economy, open,”.  

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Multi-Asset – CIO Market Update – 21st Apr 2020

21 April 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

The US government announced a new $470 billion program to support small businesses, including $310 billion to replenish the Paycheck Protection Program which ran out of money last week.  

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