Macron reforms

The catalyst for European high yield spread widening against US was index composition changes

US Against Europe Economy: A Temporary Brake On Activity In Q1’18

The reasons behind the cooling off in activity on both sides of the Atlantic during Q1’18 are more important than the cooling off itself. In fact, the characteristics of these reasons are those which allow us to have confidence about the improvement in activity in the spring in both the US and Europe.