Every indexed document

it appears the central bank has decided to cap its monetary support

and BOE all delivered policy announcements with hawkish tones. How far they

we think the tide may be turning as last week

call spreads) price attractively both from

the average 3m inter-sector correlation reached a

implied vols across European indices remained

as well as (ii) when the call premium is the same as the theoretical maximum

thus providing an interesting entry point for the

varies between different banks and (iii)

(ii) banks’ gearing to interest rate cycles

sensitivity to rates and regulatory headwinds likely

short Dec17 ATM worst-of call on the same basket for 1.8% indic.

the SPX had its 11 th consecutive session of moves

the longest periods of similar calm occurred

resulting in a sudden selloff from a period of

the Nasdaq dropped nearly 2% as investors unwound

which ultimately should benefit our Growth to

or by only observing it on a close-to-close basis (in turn sacrificing part of the

as gridlock caps equity upside but policy hope

ce nouveau numero livre d’intéressantes contributions. ”