Asks about NASDAQ futures slightly in the red, European futures flat to downside, and risks for equities given AI corporate bond demand.
Lizzy Burden
Mark Cranfield
Big tech companies issuing corporate bonds are opening a new window of risk via credit default markets. The credit derivative market is smaller and more volatile; if credit markets see a problem, it feeds back into equity markets quickly.
Asks about yesterday's market moves (bonds and pound under pressure) and where the pound is most vulnerable if UK PM's position weakens.
Lizzy Burden
Mark Cranfield
Pound looks like a weak link against the euro and Swiss franc. Aggressive traders will target the pound on crosses, not necessarily against the dollar. Watch risk reversals in option markets.