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May 14, 2020
This paper provides an empirical network analysis of the Argentine interbank money market (known as call market). Based on 314,188 unsecured overnight loans settled between 2003 and 2017, its main topological features are examined, applying graph theory methods.
March 6, 2020
Global policy response failed to reassure investors, unnerved by the alarmingly rapid outbreak of Covid-19 beyond China and its impact on global growth and financial stability. Volatility soared and the USD and EMs FX depreciated.
March 5, 2020
Financial markets remain volatile with the concerns about the virus spillover effect being the main market driver. Declines in the equity markets have resumed, as market risk measures (VIX) soar and U.S. yield reaches new lows.
March 4, 2020
Equity markets recovered after yesterday’s Fed insurance cut failed to reassure financial markets. Markets stabilized, amid the advance of Biden in the U.S. Democratic primary. Despite the rebound in equity markets, sovereign bonds remain well demanded, suggesting investors’ risk appetite is still low.
March 3, 2020
The Fed cut 50bps interest rate and the ECB pivoted suggesting it is ready to take appropriate measures, while the G7 pledged a coordinated action. However, risky assets failed to gain much traction, while market risk measures such VIX remained high.
March 2, 2020
Concerns about the Covid-19 spillover effect continued to weigh on financial markets although global central banks mull over stimulus. In this context, equity markets showed marginal rebound, although implied volatility in the S&P500 remained elevated.
February 28, 2020
There was a very sharp risk-off mood across global financial markets this week, as COVID-19 spread rapidly beyond China. The 10Y U.S. Treasury yield hit a new record low, 1.17%, while risk premia widened in the European periphery and EMs; major central banks tempered expectations of rate cuts.
February 27, 2020
Covid-19 jolts equities and sovereign yields again as mounting coronavirus cases outside China fueled investor fears. In this context, market expectations for an additional ECB and Fed rate cut increased.
February 25, 2020
Although markets tried to find some ground during the morning -after the yesterday’s huge sell-off in equities-, the risk-off mood resumed in the afternoon, as COVID-19 spread outside of China. Elsewhere, the USD depreciated suddenly following disappointing manufacturing data.
February 24, 2020
Risk-off mood intensified on Monday, underpinned by the multiple outbreaks of the Coronavirus epidemic (COVID-19) outside China. In this context, investors sought shelter in safe haven assets, with gold prices reaching seven-year highs.
February 21, 2020
COVID-19 spillover concerns rattled financial markets as cases jumped, particularly in Beijing, Japan and South Korea while leading multinational corporations issued coronavirus warnings for Q1. Implied volatility in equity markets surged (VIX at 17; +3).
