The price of oil has officially entered a bear market, down 25% this year.  This includes a drop of 7% this week, surprising many analysts and funds who had been expecting a tighter market for a host of supply-related reasons. The simultaneous dramatic drop in the price of oil alongside

The guillotine and the rack are very different instruments. One does the job quickly: the blade comes down and the head comes off. The rack applies pressure – and pain – for a long, long time. Rate hikes are often seen more as guillotine than as rack, and for equity

The US Midterms have been claimed as a victory by both sides, but Trump and Pelosi were both quick to propose a bipartisan approach with a likely focus on infrastructure , trade and healthcare. The Dow jumped on the result, with the expectation of a second, spending-based fiscal boost for

Credit Benchmark has published the latest monthly credit consensus data (from September 2018), with 28 contributor banks. The set of bank-sourced credit views (CBCs*) now covers more than 22,500 separate legal entities. The monthly upgrades and downgrades overview is now based on data adjusted for changes in contributor mix. Monthly

The Italian financial position has been a major driver of market volatility, but credit data suggests that banks are turning more positive.  Moody’s now has Italian Sovereign debt at one notch above junk, with a stable outlook; S&P has so far kept it at BBB, but with a negative outlook.

Rising global rates, coupled with trade tensions, have contributed to the recent bout of volatility in emerging markets. Venezuela now has hyperinflation, Argentina is struggling with a renewed currency crisis despite emerging from default two years ago, while Turkey is grappling with high levels of dollar debt and a prolonged