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Daily Market Commentary

Most of the action in the credit markets this morning seem to be on the back of the ABCP problems and their solution.  News out of the banks don't shine a positive light on the crisis.  A lack of consensus (and perhaps co-operation) among the participants have the markets worried about any solution.  Credit spreads at BMO are trading wider compared to the rest of the banks on concerns about their exposure to the credit markets.


Bonds are trading higher amid lower equity markets around the world.  Renewed concerns over the dreaded stagflation are tempering the gains, however.  That world has crept back onto the lips of market watchers following last week's stronger than expected PPI and CPI numbers, showing inflation pressures both in the producer and consumer sectors of the markets.


  Meanwhile, credit news continues to pour in negative, and only the best names are faring well.  Caution is warranted as the rating agencies are re-thinking who deserves an AAA rating...






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