Mark Munro: European credit market to remain volatile in 2019

As 2019 gets underway, the macro environment is worsening.

A recession in the US still looks unlikely on a 12-month view, but growth will slow with the Federal Reserve recently striking  a more cautious tone, suggesting there may be some flexibility in the current trajectory of rate hikes from here. Growth in Europe has already slowed and this is also true for the UK, where the Brexit overhang looms large.   Italian politics, Brexit and Chinese growth/US China trade negotiations were the three major concerns for markets at the end of 2018. They remain so, although perhaps with the exception of Chinese growth the most recent newsflow has be...