"As we recognised the change in market tone
we initiated a full-scale review of our business model.
"We think the market has excessively extrapolated the negative market tone
with the breakdown in the U.S.-China trade negotiations," he said.
corporate bond update: a better market tone
is supportive for issuance today, and several corporations are taking advantage after some firms stepped back yesterday.
"High-yield has remained resilient in the face of the recent reversal in market tone
as has been reflected by the steady pace of new issuance, even amid continuing outflows from retails funds, with three new deals pricing one day last week for $1.5 billion in proceeds.
And the enviable stories of wealth creation surrounding their success can set the market tone
. Unlike companies in traditional office-using industries, smaller tech startups frequently do not cover their lease payments with operating cash flow.
The data can often set the market tone
for a week or two, especially at a time when the US Federal Reserve is mulling when to start raising interest rates.
Randhir Singh, India head (financing) for Deutsche Bank, said that the market tone
is very constructive for Indian companies looking to tap overseas bond market.
The better labour market tone
was also captured by a survey yesterday showing an acceleration in manufacturing activity in theMid-Atlanticregion, accompanied by a rise in factory jobs.
"But the market tone
may not be set even after the election, as it's not certain that Greece will secede from the eurozone right away, no matter which political party wins, and trading may remain directionless for a little longer," he added.
The fragility of investor sentiment is on display this morning as Thursday's upbeat market tone
has failed to extend to
The general weak housing market tone
was underscored by the median home price, which at $166,500 was 4.6 percent lower than a year earlier.