Intense week in the markets full of international summits that confirmed, with some developments, what we already know.

President of European commission, Ursula Von Der Leyen, gave a statement on the Union with nothing new but the reference to a shared healthcare policy and a strong push to sort out immigration problems. Further encouraging signals of union.

Powell, on the other, confirmed the “low for long” suggesting interest rates higher only from 2023 onwards.  Below the classic “dot-plot” figure. Each dot represents a FED voting member.

High Yield index posted a 12-bps positive return this week. In the last part of the week tech underperformed across sectors but in the HY market the drop was counterbalanced by the overperformance of some high beta names like Douglas and Ellaktor.

On the technical side the outlook for new buyouts in the European market is improving as the post-summer season continues. However, market participants are still cautious because they are worried that global events (second wave, US election and Brexit) could change once again the economy equilibrium in the last quarter of the year.