Meeting in the middle

Cover story


On July 22, the Dow Jones ended the day below 8,000 for the first time since October 1998. On the same day, the spread between US corporate bonds and Treasuries widened noticeably.

The following day, as the Dow fell further, spreads widened again. A correlation between the equity and credit markets has been growing stronger on both sides of the Atlantic throughout 2002. And similar comparisons can be made with European and UK equity indices and the relevant corporate bond spreads

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