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Covid Spares No One...

Updated: Oct 5, 2020

BentinPartner Weekly



Dear Reader,


Last week was split in two parts; a relentless four-days short covering rally fueled by expectations of a fiscal breakthrough, followed by a selloff on Friday as D. Trump announced he had turned covid positive. The reaction was muted however, considering that it was accompanied by a weaker than expected US job report on Friday and further crude oil prices weakness.


Last Week's recap...


Over the past week, the S&P500 gained 1,6% (3,7% YTD) while the Nasdaq100 gained 1,0% (29,0% YTD). The US small cap index rallied 4,4% (-7,7% YTD).

CBOE Volatility Index rallied 4,7% (100,5% YTD) to 27,63.

The Eurostoxx50 gained 1,8% (-12,7%), outperforming the S&P500 by 0,2%.

Diversified EM equities (VWO) rallied 2,3% (-3,0%), outperforming the S&P500 by 0,8%.

The Dollar DXY Index (UUP) measuring the USD performance vs. other G7 currencies dropped -0,7% (-2,3%) while the MSCI EM currency index (measuring the performance of EM currencies vs. the USD) gained 0,5% (-1,8%).

10Y US Treasuries dropped 5bps (-122bps) to 0,70%. 10Y Bunds dropped -1bps (-35bps) to -0,54%. 10Y Italian BTPs rallied -10bps (-63bps) to 0,78%, outperforming Bunds by -4bps.

US High Yield (HY) Average Spread over Treasuries dropped -27bps (174bps) to 5,10%. US Investment Grade Average OAS dropped -6bps (43bps) to 1,44%.

In European credit markets, EUR 5Y Senior Financial Spread dropped -5bps (25bps) to 0,77%.

Gold rallied 2,1% (25,2%) while Silver rallied 3,7% (33,0%). Major Gold Mines (GDX) gained 1,4% (33,1%).

Goldman Sachs Commodity Index sold off by -3,7% (-31,5%). WTI Crude sold off by -8,0% (-39,3%).



Have a nice week ahead and stay safe.

 

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Marc Bentin, BentinPartner GmbH

Founder, Chief Investment Officer

BentinPartner GmbH is a Swiss registered independent financial adviser.

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© Copyright by BentinPartner llc. This communication is provided for information purposes only and for the recipient's sole use. Please do not forward it without prior authorization. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security or underlying asset referenced herein or investment advice. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situation, investment horizon and particular needs. This report does not include information tailored to any particular investor. It has been prepared without any regard to the specific investment objectives, financial situation or particular needs of any person who receives this report. Accordingly, the opinions discussed in this Report may not be suitable for all investors. You should not consider any of the content in this report as legal, tax or financial advice. The data and analysis contained herein are provided "as is" and without warranty of any kind. BentinPartner llc, its employees, or any third party shall not have any liability for any loss sustained by anyone who has relied on the information contained in any publication published by BentinPartner llc. The content and views expressed in this report represents the opinions of Marc Bentin and should not be construed as guarantee of performance with respect to any referenced sector. We remind you that past performance is not necessarily indicative of future results. Although BentinPartner llc believes the information and content included in this report have been obtained from sources considered reliable, no representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of such information. This Report is also not intended to be a complete statement or summary of the industries, markets or developments referred to in the Report.

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