Political risk drives US and Europe apart
It is no secret that a divide — maybe a chasm — has opened up between the US and Europe. Donald Trump’s mercantilist views put his US presidency at loggerheads with the globalist EU, though a post-Brexit UK may yet turn out to be an ideological bedfellow.
by Gavan Nolan, IHS MarkitBut this week we saw signs that a division is manifesting itself in the credit markets. The Markit CDX.NA.IG has rallied steadily in recent months. Since Trump’s election victory on November 8, the index has tightened from 75bp to 60bp. Over the ...
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