A tumultuous sell-off in financial markets this month has barely scathed global financing conditions, but the risk of further volatility means borrowers are ...
- A tumultuous sell-off in financial markets this month has barely scathed global financing conditions, but the risk of further volatility means borrowers are not yet out of the woods.
"We just haven't seen big enough moves to materially change financing conditions for corporates or households," said Chris Jeffrey, head of macro strategy at Legal & General Investment Management. So with U.S. growth still over 2%, it would take a much bigger drop in equity markets to cause significant economic pain that ripples out globally.With the U.S. Federal Reserve set to start cutting rates soon and other central banks already doing so, the key takeaway from the recent market ructions is a fall in borrowing costs.
There were also more bond sales in Europe than a year ago, while the U.S. market made a strong start to this week. The VIX index, Wall St's "fear gauge", dropped below 20 points this week to its lowest this month, but remains much higher than its January-July average.
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