Markit Recap – 8/18/2014

The micro issues of Argentina and Banco Espirito Santo have garnered most of the attention in the CDS market of late, but as the summer draws to a close the discourse is shifting back to the macro picture.

On the face of it, the change in focus could be a negative development. The eurozone economy stagnated in the second-quarter, confounding expectations of a small increase in GDP.