09 January 2025: 16:30 GMT
If you want something to get your blood pressure up, look no further than the global sovereign debt market. Markets are sliding as people say ‘Who’s going to give my money back?’ and worry about major defaults. The US, UK, France, the selloff is infecting them all faster than bird flu. Governments have gorged and binged in loose fiscal frameworks like hungry children in a Grimm’s fairytale and now it’s coming back to haunt them. Rising inflation expectations and growing anxieties about fiscal irresponsibility are driving yields through the roof. The UK’s 10-year gilt yield opened at 4.92% this morning, the highest since 2008; 10-year US treasury yields are around 4.7%; French OAT yields are the highest since 2011. They’ve borrowed more than Mary Norton’s fictitious invention and now the tide is coming up to claim them. It’s going to be a bloodbath when all the chickens come home to roost…
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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