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However, EMD sovereign and corporate SPREADS remained quite resilient over the month, supported by strong technicals and a lack of supply, which resulted in a net tightening of around 12 basis points (bps), thereby absorbing the moderate widening in U.S. yields. The latter clearly departed from their pre-summer technical squeeze and have slowly started to reconnect with fundamentals, with 10-year yields touching a 1.17% low on August 3, and a high of 1.39% the day before Jackson Hole, to end the month at 1.31%
Developed market (DM) equities remained relatively immune as always, posting monthly gains of +3% to 4% across the Atlantic, although defensive sectors were clearly leading over growth ones. But most of the pressure was felt on EM currencies and equity markets.