An exclusive CFA Institute global survey on the impact of Covid-19 on the financial markets examines the liquidity, volatility, and asset mispricing issues along with thoughts on appropriate regulatory response and the intervention of government and central banks.
The European Commission expects the eurozone economy to contract 8.7% this year, a full percentage point more than a forecast in May. The commission says the downturn could be severer if Europe sees a second wave of the coronavirus and businesses must close again. Politico (08 Jul.)
Tabula Investment Management has rolled out an exchange-traded fund that makes it easy for investors to short about 100 below-investment-grade corporate bonds. The ETF seeks to replicate the performance of the CDX North American High Yield Credit Short Index, which comprises mainly BB-rated debt, through credit derivatives. Bloomberg (tiered subscription model) (07 Jul.)
The UK Competition and Markets Authority has concluded a purchase of Broadway Technology by trading-software provider Ion Group could damage competition and erode customer choice. A full investigation might follow, which would suspend the deal. Financial Times (subscription required) (07 Jul.)
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