Credit spreads are narrowing only slowly

Credit Markets Weekly , 30. Apr
The financial markets have now recovered from the initial shock of the tariffs, but attention remains focused on US politics. Spreads in the EUR non-financial corporate bond segment have narrowed somewhat, but the significant widening since President Trump announced the “reciprocal” import tariffs has only been partially offset so far.

According to Moody's, different sectors are affected differently by US tariff policy. The automotive industry, the global transport and logistics sector, and—despite exemptions—the pharmaceutical sector are considered particularly hard hit.

The ifo index rose for the fourth time in a row in April. The development varied across sectors.

Special topics of the week:

Is the oil & gas sector putting the brakes on investments in sustainable business activities?