What aspect of QE will have the biggest impact on markets?

European credit markets were hit this year by the rise in global trade tensions, a sudden spark in equity volatility and further political risks in Europe, mainly Italy.

In addition, economic data in the first half has surprised to the downside and the European Central Bank (ECB) announced the end of quantitative easing (QE) at the end of 2018, while keeping rates unchanged for one more year. The long unwinding road of quantitative easing Credit markets have posted negative total returns this year due to the widening of credit spreads. This negative performance has been across sectors with the higher beta names underperforming. The euro corporate index option-adjusted spread (OAS) hit the wides of the year at the end of June, reaching levels not se...