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All major US equity indices closed higher, APAC was mixed, and
all major European markets were lower. US and benchmark European
government bonds closed lower. CDX-NA closed slightly tighter
across IG and high yield, while European iTraxx was close to flat
on the day. Natural gas, oil, and copper closed higher, while the
US dollar, silver, and gold were lower on the day.
Please note that we are now including a link to the profiles of
contributing authors who are available for one-on-one discussions
through our newly launched Experts
by IHS Markit platform.
Americas
All major US equity indices closed higher; Russell 2000 +1.1%,
S&P 500 +0.9%, Nasdaq +0.8%, and DJIA +0.7%.
10yr US govt bonds closed +1bp/1.30% yield and 30yr bonds
+1bp/1.87% yield.
CDX-NAIG closed -1bp/46bps and CDX-NAHY -3bps/273bps.
DXY US dollar index closed -0.1%/92.55.
Gold closed -0.7%/$1,795 per troy oz, silver -0.4%/$23.80 per
troy oz, and copper +2.0%/$4.41 per pound.
Crude oil closed +3.1%/$72.61 per barrel and natural gas closed
+3.8%/$5.46 per mmbtu.
Total US industrial production (IP) rose 0.4% in August,
reflecting increases in manufacturing (0.2%) and utilities (3.3%)
IP that were partially offset by a decrease in mining (down 0.6%).
Disruptions from Hurricane Ida in late August held back the gain in
industrial production by 0.3 percentage point. Still, total
industrial production surpassed its pre-pandemic level (February
2020) for the first time. (IHS Markit Economists Ben
Herzon and Akshat Goel)
Manufacturing IP rose 0.2% in August despite plant closures due
to Hurricane Ida, which shaved 0.2 percentage point from the gain.
The hurricane forced plant closures for petrochemicals, plastic
resins, and petroleum refining but most industries still recorded
gains; among the laggards were electrical equipment (down 1.2%) and
chemicals (down 0.5%).
After recording a gain of 14.5% in July, the seasonally
adjusted output of motor vehicles edged down 0.3% in August. Both
of these readings were distorted by seasonal issues, as several
automakers trimmed or canceled their typical July shutdowns. The
trend in motor vehicle output remains weak, as the shortage of
semiconductor chips continues to weigh on assemblies.
The output of utilities rose 3.3% in August as demand for air
conditioning was boosted by unseasonably warm temperatures.
Mining activity decreased 0.6% in August as oil and gas
production facilities in the Gulf of Mexico were forced to go
offline because of Hurricane Ida.
The index of US import prices fell 0.3% m/m in August. Among
imported fuel price categories, natural gas prices decreased 0.8%
m/m after jumping 16.6% m/m in July, while imported petroleum
prices dropped 2.4% m/m. Excluding petroleum, the monthly change in
import prices was a 0.1% decrease in August. (IHS Markit Economist
Gordon Greer)
Excluding fuels, imported goods prices declined 0.1% in August,
while the 12-month change was 5.6%. Industrial supplies and
materials prices fell 1.7% m/m, while prices of automotive goods
increased 0.3% m/m and capital goods edged up 0.1% m/m. The value
of the US nominal trade-weighted dollar increased 0.3% m/m in
August. A stronger dollar tends to put downward pressure on import
prices. The import price index excludes tariffs.
Fuel import prices dropped 2.3% in August after a 3.0% increase
in July. The cost of imported fuel was up 56.5% versus August in
the prior year.
Export prices increased 0.4% m/m in August and the 12-month
rate of increase was 16.8%. Agricultural export prices rose 1.1%
m/m, while nonagricultural export prices pushed up 0.2% m/m.
A new survey from IHS Markit, based on data from a panel of 100
institutional investors employed by firms which collectively
represent approximately $845bn assets under management, reveals
that US equity investors' risk appetite has deteriorated to the
worst level recorded over the past year as concerns mount over the
ongoing pandemic and investors perceive falling equity market
support from monetary and fiscal policy. (IHS Markit Economist Chris
Williamson)
Risk appetite sinks to lowest in 12 months
Expectations of market returns turn negative
Pandemic impact seen stretching into 2022, curbing macro
environment at same time as policy support perceived to be
waning
September has seen a further shift in investor sentiment
towards different sectors amid the Delta wave. Healthcare remains
close to the top of favored sectors, beaten only by financials in
terms of having the best outlook for the next 30 days.
COVID-19 worries have kept consumer staples in favor but have
knocked sentiment towards consumer discretionary and industrials to
the lowest yet recorded by the survey, the latter likely hit by
additional concerns over supply chain disruptions.
The costs of this year's natural disasters are still being
counted, but the final bill is expected to be high - an earlier
record-breaking frost in France affected 80% of winegrowers and saw
the country's government put forward a €1 billion euro aid package.
In many regions, costs are also piling on top of previous years'
extreme weather. Back in 2015, the California drought cost the
agriculture sector around $2.7 billion - and just two years later a
similar dry spell hit the same area, all before 2021's heat wave.
(IHS Markit Food and Agricultural Policy's Steve Gillman)
The world's food supply chains were hit by another summer of
extreme weather in 2021.
Similar events are expected to increase in the coming years,
adding more pressure on businesses to align with climate
policy.
Supply chain emissions remain a weak spot in limiting the
agri-food sector's carbon footprint, but collaboration can drive
progress.
Agri-food supply chains also need to adopt mitigation measures
to become more resilient to the unavoidable impacts of climate
change.
Adaptation costs are expected, but agri-food companies can
maneuver through this by generating premiums through sustainable
branding.
In testimony to the US Senate Committee on Banking for a 14
September hearing, Securities and Exchange Commission (SEC) Chair
Gary Gensler highlighted that investors seek "consistent,
comparable, and decision-useful disclosures around climate risk,
human capital, and cybersecurity". In response, the SEC plans to
develop proposals for corporate disclosure requirements in these
areas, which will be subject to public consultation. Other focus
areas highlighted include special purpose acquisition companies
(SPACs), where the SEC claims to have identified "eight potential
conflicts inherent within SPAC structures", with disclosure thereof
again a priority. Additionally, he flagged compliance with the
requirement for auditors of companies selling shares in the US to
be subject to inspection by the Public Company Accounting Oversight
Board, noting that while "more than 50 jurisdictions have
complied", "two do not, [mainland] China and Hong Kong [SAR]".
Another area for future SEC focus will be funds that claim ESG
credentials, where SEC staff will "consider ways to determine what
information stands behind these claims". Lastly, he highlighted
conflicts of interest and fees related to private funds as an area
where "we can enhance disclosures", better enabling investors to
make informed decisions, while suggesting that recent disruptions
to liquidity early in the pandemic have highlighted the need for
greater review of money market funds and their true liquidity they
offer. Gensler's testimony contains few surprises but does indicate
that the US is moving towards an eventual mandatory framework for
risk disclosure relating to climate risk, along with tighter
scrutiny of funds claiming to have an ESG-based investment focus.
(IHS Markit Country Risk's Brian
Lawson)
AbbVie and Regenxbio (both US) have jointly announced that they
have entered into a collaboration to develop and commercialize
RGX-314, which is a potential one-time gene therapy for the
treatment of wet age-related macular degeneration (wet AMD),
diabetic retinopathy (DR), and other chronic retinal diseases.
Under the terms of the agreement, AbbVie will make a USD370-million
upfront payment to Regenxbio, with the potential for up to USD1.38
billion in additional development, regulatory, and commercial
milestones. Regenxbio and AbbVie will share equally in profits from
net sales of RGX-314 in the United States. AbbVie will pay
Regenxbio tiered royalties on net sales of RGX-314 outside the US.
In addition, Regenxbio will lead the manufacturing of RGX-314 for
clinical development and US commercial supply, and AbbVie will lead
manufacturing of RGX-314 for commercial supply outside the US. (IHS
Markit Life Sciences' Milena
Izmirlieva)
The US announced plans 14 September to join Canada, the EU,
South Korea, Norway, Switzerland, and the UK in seeking an end to
"official export financing support for unabated coal power." The US
Department of Treasury will formally introduce the proposal at the
15 September meeting of the Organisation for Economic Co-operation
and Development's (OECD) Participants to the Arrangement on
Officially Supported Export Credit, a "gentleman's agreement"
signed in 1976 to foster a level playing field in order to
encourage competition among exporters. The US Treasury announced
plans the same day as more investors join an international effort
to phase out financing of fossil fuel projects as governments
gather in New York City for the UN General Assembly meeting, and
ahead of the COP26 global climate change meeting in Glasgow,
Scotland, in November. At the OECD meeting, Treasury said the
proposal will limit "official export credit support for coal power
by expanding the scope of the commitments made in the "Sector
Understanding on Export Credits for Coal Fired Electricity
Generation Projects," a 2016 OECD guideline that direct export
credit agencies (ECAs) on their backing of power generation
projects. (IHS Markit Net-Zero Business Daily's Amena
Saiyid)
Canada's consumer prices advanced at a decelerated monthly pace
in August, slowing to 0.4% month on month (m/m) on a seasonally
adjusted basis (SA) and 0.2% m/m on a non-seasonally adjusted basis
(NSA). (IHS Markit Economist Arlene
Kish)
This accelerated annual inflation rates to 3.9% year on year
(y/y) SA and 4.1% y/y NSA.
The average core inflation rate was higher again at 2.6% y/y,
with the consumer price index (CPI)-trim inflation rate advancing
the fastest at 3.3% y/y.
Goods price inflation quickened to 5.8% y/y and services price
inflation edged up to 2.7% y/y on stronger demand from eased
pandemic restrictions.
The Bank of Canada is closely monitoring inflation to see what
can be deemed transitory and temporary. Gasoline always fits that
category. The inflation outlook is a bit stronger this year, but
unchanged at 2.2% in 2022.
The second largest bank by assets in Brazil, state-owned Banco
do Brasil (BdB), has raised USD750 million of five-year debt at
3.25%, tightening pricing from the initial guidance of 3.625% after
gaining USD2.8 billion in demand, according to LatinFinance
sources. This is to finance the repurchase of existing liabilities
due in 2022, 2023, and 2024. (IHS Markit Banking Risk's
Alejandro Duran-Carrete and Brian
Lawson)
The BdB is using the favorable environment in global financial
markets to refinance itself at relatively attractive levels for a
longer period, easing its debt service requirements over the
following three years.
Brazilian banks have very tight liquidity profiles, which leave
them highly reliant on sources of funding other than deposits, such
as bond issuance and repurchase operations. Wholesale funding had
represented 31.1% of the BdB's total liabilities as of June 2021.
The latest transaction will be risk-positive if the repurchase is
completed successfully, lowering short-term liquidity and
refinancing risks without increasing aggregate wholesale
liabilities.
Europe/Middle East/Africa
All major European equity indices closed lower; UK -0.3%,
Germany -0.7%, Italy -1.0%, France -1.0%, and Spain -1.7%.
10yr European govt bonds closed sharply lower; Germany/Spain/UK
+4bps, France +4bps, and Italy +5bps.
iTraxx-Europe closed flat/45bps and iTraxx- Xover
flat/226bps.
Brent crude closed +2.5%/$75.46 per barrel.
The Office for National Statistics (ONS) reports that the
United Kingdom's 12-month rate of consumer price index (CPI)
inflation increased from 2.0% in July to 3.2% in August, the
highest rate since March 2012. In addition, the increase of 1.2
percentage points in the 12-month rate was the largest rise in the
CPI National Statistic 12-month inflation rate since the series
began in January 1997. (IHS Markit Economist Raj
Badiani)
The rate was above the Bank of England's (BoE) 2% target for
inflation.
During 2020, inflation averaged 0.9%.
Energy-related prices rose rapidly on an annual basis, with
transport fuel and lubricant prices growing by 17.7 year on year
(y/y), the fifth successive double-digit increase (see chart
below). This was in line with global crude oil prices rising by
58.3% y/y to average USD70.9 per barrel (pb) in August, the seventh
successive y/y gain since February.
The ONS reports that average gasoline (petrol) prices stood at
134.6 pence a litre in August, compared with 113.1 pence a litre a
year earlier.
The ONS reported another notable rise in second-hand car prices
due to rising demand because the shortage of semiconductor chips
has disrupted production of new vehicles.
Restaurant and café prices increased by 8.0% y/y in August
after the "Eat Out to Help Out Scheme" introduced in the same month
a year earlier, which awarded diners a state-financed 50% discount
on meals up to GBP10 (USD14) each from Mondays to Wednesdays.
All-services price inflation nearly doubled to 3.0% in August;
for goods, it stood at 3.3%, up from 2.5% in July.
Core inflation, excluding energy, food, alcoholic beverages,
and tobacco prices, moved up to 3.1% in August from 1.8% in
July.
The German government is looking to introduce new criteria for
offering subsidies for plug-in hybrid (PHEV) passenger cars that
would require then to have more electric-only range, according to a
Deutsche Presse-Agentur report. The current rules relating to
whether PHEVs qualify for the German government's Environmental
Bonus subsidy needs them to either meet a maximum CO2 emissions
rating or have a minimum range. From October 2022, the CO2
criterion is to be abolished and the requirement of a minimum
purely electric range of 60 km will apply. From January 2024,
eligibility for funding will require an increased range of 80 km,
according to draft guidelines. (IHS Markit AutoIntelligence's Tim
Urquhart)
French President Emmanuel Macron said France will push for a
rapid phase-out of pesticide use across the EU when it takes over
the six-month presidency of the EU Council in 2022. On 10
September, Macron spoke at the World Conservation Congress in
Marseille and promised to carry out a "strong initiative… for an
accelerated phase-out of pesticides" to protect biodiversity. He
said France will seek support from other member states during their
EU Council Presidency because such a plan can only succeed "at the
European level". These French ambitions could build on the European
Commission's Farm to Fork strategy (F2F), which includes an
aspirational target to reduce the use and risks of chemical
pesticides by 50% by 2030. EU farming ministers in the Council
already backed this level of ambition last year and members of the
European Parliament (MEPs) did the same last week, arguing that the
pesticide targets should be made binding. Macron also renewed his
commitment to gradually phase-out pesticide use across France, but
acknowledged that this transition has not been moving fast enough.
However, he argued that it would be wrong to underestimate the
efforts made by French farmers and said reducing pesticide
dependence will require more research and support for farmers so
that they have enough non-chemical alternatives to protect their
crops. (IHS Markit Food and Agricultural Policy's Pieter
Devuyst)
Valmet Automotive has announced that it has started electric
vehicle (EV) battery production at its Uusikaupunki (Finland)
facility. According to a statement, it is investing EUR120 million
into the site which is produce high voltage automotive battery
modules and battery packs. The company added that the battery
operations at the site will be extended, running with four battery
production lines by 2024 which will have an annual capacity of
500,000 battery modules and battery packs at this point. Its
headcount will also grow to around 500 staff by 2024, up from
around 200 workers initially. (IHS Markit AutoIntelligence's Ian
Fletcher)
Africa Finance Corporation (AFC) plans to raise $2 billion over
the coming three years for direct investment in infrastructure
projects across the continent that the multilateral agency sees
slowing the impact of climate change, it said 14 September. (IHS
Markit Net-Zero Business Daily's Keiron Greenhalgh)
As part of efforts to address Africa's vulnerability to climate
risk, an initial $500 million will be raised over the next 12
months by a new AFC asset management arm, AFC Capital Partners,
through a debut Infrastructure Climate Resilient Fund (ICRF).
The ICRF will directly invest in ports, roads, bridges, rail,
telecommunications, and logistics in Africa to tackle the impact of
rising temperatures and sea levels due to climate change, the
agency said.
Climate adaptation projects counteract the current and future
effects of climate change and is distinct from climate mitigation,
in which the impacts of global warming are reduced by GHG emissions
cuts.
Asia-Pacific
Major APAC equity markets closed mixed; India +0.8%, South
Korea +0.2%, Mainland China -0.2%, Australia -0.3%, Japan -0.5%,
and Hong Kong -1.8%.
Average new home prices in mainland China increased by 0.16%
month on month (m/m) in August, down by 0.14 percentage point from
July, according to the survey conducted by the National Bureau of
Statistics covering 70 major cities. This marked the third
consecutive month of decline in month-on-month new home price
inflation, and the August reading is also the lowest so far this
year. (IHS Markit Economist Lei Yi)
All three city tiers recorded lowered month-on-month new home
price inflation in August, with tier-2 cities posting the largest
decline. Although the regional COVID-19 outbreaks that started at
the end July to some extent disrupted home-buying activity in
August, tightened mortgage lending rules, alongside other housing
market regulations, remained the major driver of the reduction in
home price inflation. Notably, new home prices in Guangzhou
registered deflation of 0.1% m/m in August compared with a 0.2% m/m
inflation the month before, and in capital city Beijing, new home
price inflation fell by 0.6 percentage point to 0.2% m/m in
August.
Up to 46 out of the 70 surveyed cities reported month-on-month
new home price gains in August, the lowest reading so far this
year. A total of 20 cities registered month-on-month new home price
declines, up by 4 cities from July.
Chinese battery-maker Contemporary Amperex Technology Limited
(CATL) has announced plans to invest CNY13.5 billion (USD2.1
billion) to set up a lithium-ion battery manufacturing base in the
city of Yichun, Jiangxi province, China, reports Gasgoo. The
production facility will cover an area of 1,300 mu (a Chinese unit
of area), about 867,000 square meters. CATL has been expanding its
production capacity in China and overseas to ensure a robust supply
of batteries to its customers, including leading OEMs such as
Tesla, Hyundai, Daimler Trucks, BMW, SAIC, and GAC Motor. Last
month, the company announced plans to raise CNY58.2 billion through
private share placements to fund six projects aimed at boosting its
production capacity of lithium-ion (Li-ion) batteries in China and
Germany. (IHS Markit AutoIntelligence's Nitin Budhiraja)
Ouster has signed a strategic customer agreement with Juzhen
Data Tech, according to a company statement. Under this agreement,
Ouster will supply 1,190 digital LiDAR sensors through 2025 for
Juzhen's next-generation delivery vehicles for the Chinese market.
Juzhen plans to integrate up to three Ouster OS1 sensors per
vehicle on its two next-generation electric vehicles (EVs). This
will support autopilot functionality when these vehicles will be
deployed on public roads. (IHS Markit Automotive Mobility's Surabhi
Rajpal)
Neolix has partnered with artificial intelligence (AI) chip
company Horizon Robotics to develop integrated perceptual solutions
for its autonomous delivery vehicles, reports Gasgoo. The solution
will be based on the Horizon Journey chip to support the
large-scale commercialization of Neolix's autonomous vehicles
(AVs). Neolix, which was founded in 2014, offers Level 4 autonomous
delivery vehicles and has its own production plant. (IHS Markit
Automotive Mobility's Surabhi Rajpal)
Foxconn Technology Group's electric vehicle (EV) project with
Byton has been put on hold due to Byton's worsening financial
position, reports Nikkei Asia. One of the people familiar with the
matter has said, "The [Byton] project is not officially terminated
yet, but it is very challenging to proceed at this moment".
According to the report, there are still some Foxconn employees
stationed at Byton's factory but they are wrapping things up and
preparing for an exit when necessary. Byton and Foxconn had signed
a strategic co-operation deal in January to accelerate the
production launch of Byton's first mass-market model, the M-Byte.
Under the partnership, the two companies aimed to begin volume
production of the M-Byte in the first quarter of 2022, however,
with this likely fallout, meeting the production timeline seems to
be a challenging task. According to a Bloomberg report, Foxconn had
planned to invest around USD200 million in the startup. (IHS Markit
AutoIntelligence's Nitin Budhiraja)
Japan's private machinery orders (excluding volatiles), a
leading indicator for capital expenditure (capex), rose by 0.9%
month on month (m/m) in July following a 1.5% m/m drop in June. The
increase stemmed from a 6.7% m/m rise in orders from manufacturing,
offsetting a 9.5% m/m decrease in orders from non-manufacturing.
(IHS Markit Economist Harumi
Taguchi)
Orders from the public sector rose by 14.0% m/m in July,
following a 2.8% m/m decrease in the previous month. Orders from
overseas also rose solidly, rising 24.1% m/m in July after a 10.0%
m/m drop in June.
The fourth consecutive increase in orders from manufacturing
was thanks largely to solid rebounds in orders from electrical
machinery and shipbuilding, offsetting declines in orders from
chemical and chemical products, other transport equipment, and some
other groupings. The weakness in orders from non-manufacturing
reflected declines in orders from transportation and postal
activities, construction, wholesale and retail trade, and other
industry groupings. External demand was largely driven by orders of
electric devices, information and communication equipment, and
industrial machinery (such as construction machinery).
Japanese beverages production reached 21,579 thousand
kiloliters in 2020, down 5% y-o-y, according to the Japanese Soft
Drink Association. Only mineral waters increased by 6% while all
others declined. Tea-based drinks dominate the market with 24.3%
share followed by mineral waters (17.8%), carbonates (17.4%),
coffee drinks (14.1%), fruit juices (6.5%), and sports drink
(5.9%). (IHS Markit Food and Agricultural Commodities' Mainbayar
Badarch)
Sales value fell by 7%, totaling JPY3,798 trillion ($33.6
billion) due to Covid-19. All types declined. Carbonates have a
value market share of 18.8%, mineral waters 8.1%, sports drink
7.6%, and fruit drinks 7.5%.
In terms of packaging, PET accounts for 76% of the total
output, followed by can (11.2%), paper (8.6%), glass (0.9%) and
other (3.4%). For PET, medium (400-699ml) accounts for 67%, while
700ml and 1-399ml make up 28% and 5%, respectively.
For vegetable drinks, vegetable/fruit juice mixed juice
dominates with 38% share, followed by vegetable juice (23%), tomato
juice (16%), vegetable drink (14%) and tomato mixed juice (5%). For
other soft drinks, drink soups leads the market followed by vinegar
drink, cocoa drink, sweet sake, non-carbonated energy drink, and
jelly drink.
In-house manufacturing and contract manufacturing account for
68.6% and 31.4%, respectively.
In terms of product varieties, fruit drinks lead by 1,996
types, followed by other beverages (1,132), soda (1,049), tea-based
beverages (688), coffee drinks (653), and mineral waters
(244).
Hyundai Motor Group and LG Energy Solution have started
construction of an electric vehicle (EV) battery cell plant in
Karawang New Industry City, near the Indonesian capital Jakarta,
according to a company press release. Construction of the plant is
expected to be completed by the first half of 2023 and mass
production of battery cells at the new facility is expected to
commence in the first half of 2024. When fully operational, the
facility is expected to produce a total of 10-GWh-worth of
lithium-ion (Li-ion) battery cells every year, enough for more than
150,000 EVs. In addition, the facility will be ready to increase
its production capacity to 30 GWh to meet the growth in future EV
needs. Battery cells produced by the plant will be used in Hyundai
and Kia's EV models built on the automotive group's dedicated
battery electric vehicle (BEV) platform, the electric-global
modular platform (E-GMP). The new plant will help Hyundai and Kia
produce vehicles with high levels of efficiency, performance, and
safety by supplying battery cells optimized for the two automakers'
BEV models, according to Hyundai. In June, Hyundai Motor Group and
LG Energy Solution signed a memorandum of understanding (MOU) with
the Indonesian government to establish a USD1.1-billion joint
venture (JV) in Indonesia to manufacture battery cells for EVs. The
two companies will each have a 50% ownership stake in the JV, while
the Indonesian government has agreed to offer various incentives
and rewards to support the stable operation of the plant. (IHS
Markit AutoIntelligence's Jamal Amir)
General Motors (GM) is working with its long-time electric
vehicle (EV) battery supplier LG Corp. in tracking down and fixing
problems linked to battery fires in Chevrolet Bolt EVs, which
threaten the strategic plans of both companies, reports Reuters.
The report cites GM chief financial officer (CFO) Paul Jacobson,
who said that LG was working with GM engineers to "clean up the
manufacturing process" at LG battery plants and implement some "GM
quality metrics". The report says that the EV battery plants in
South Korea and Michigan (United States) operated by LG Energy
Solution (LGES) have been identified by GM as the source of defects
behind a rash of battery-related fires in the Chevrolet Bolt. The
battery fire incidents have resulted in three recalls and USD1.8
billion in warranty set-asides by GM since last November, and GM
has still not implemented a hardware fix for the recalled vehicles.
(IHS Markit AutoIntelligence's Jamal Amir)
DSME won an order of USD845 million (KRW990.0 billion) to build
four LNG carriers from an Asian company. The 174,000-cubic meter
vessels will be built at the Okpo shipyard and delivered by the
second half of 2024. With this order, DSME exceeded its 2021 new
orders target of USD7.7 billion, the first since 2014. Thus far,
DSME has secured a total of 46 vessels, including 16 container
ships, 11 crude oil tankers, nine LPG carriers, six LNG carriers, 1
WTIV, 1 submarine and two offshore plants, worth around USD8.0
billion. (IHS Markit Upstream Costs and Technology's Jessica Goh)
Posted 15 September 2021 by Chris Fenske, Head of Fixed Income Research, Americas
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