Daily Briefing - June 19, 2020

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 19 June 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real Vision CEO Raoul Pal joins senior editor Ash Bennington to reflect on a week of muted volatility amid a "quadruple witching" and unprecedented interventions from the world's major central banks. Raoul and Ash analyze the ECB's recent meeting around fiscal policy, and whether the Bank of Japan (BOJ), European Central Bank (ECB), and Bank of England (BOE) will follow the Fed and go into "hyperdrive," as Raoul puts it. The pair also discusses Apple's decision to close stores in the U.S. as the coronavirus continues to spread. Lastly, the pair looks forward to the upcoming "Crypto Gathering" on Real Vision. In the intro, Jack Farley discusses the recent Wirecard scandal and gives an overview of new action in the burgeoning corporate debt market. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	It's Friday, June 19, 2020, just after market closed in New York. This is the Real Vision, daily briefing.
0:19.0	I'm Ash Bennington in New York, joined shortly by our CEO and co-founder Raal Pell from the Cayman Islands.
0:26.1	But first, Jack Farley with today's stories.
0:29.0	Thanks, Ash.
0:30.0	Today we got to witness a quadruple witching on Wall Street, one of those rare days where stock market
0:34.8	index futures, index options, stock options, and single stock futures all expire on the same day.
0:40.6	But despite it being sort of a freaky Friday, the price action in U.S. equities was relatively muted.
0:45.3	It's not equities that are driving the narrative. It's the bond markets that's leading the ship
0:49.8	as the Fed's announcement on Monday that it would buy single corporate bonds
0:53.2	incited a huge rally in credit this week.
0:55.8	Over $50 billion of investment-grade bonds was issued and bought just this week,
1:00.0	causing IG issuance this year in the US, so far for 2020 to top all issuance for the entire year of 2019.
1:06.7	Meanwhile, the high yield market continues to push forward at a frenetic pace.
1:10.4	It's looking like June will shape up to be the busiest month on record.
1:13.0	And credit default swaps, they just keep on getting cheaper.
1:16.0	On the more illiquid side, worries about COO risks are mounting.
1:20.0	On Tuesday, Ed's going to be talking to Dan Zwern about this very topic.
1:23.2	Dan has been sounding the alarm bells for years, so there's almost no one better to go in depth
1:27.5	on this topic.
1:28.5	Definitely stay tuned for that.
1:29.5	In currencies, the spread between December 2020 and December 2021,
1:33.2	Euro dollars narrowed, indicating that the bet on a curve
	...

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