Riskier road ahead

With more Americans than ever voting by mail in the November election, and President Trump's warning that the final outcome may not be known for months, the spectre of a delayed result is still a risk to financial markets despite Joe Biden's current lead in the polls. High yield bonds - sometimes considered to be the canary in the coal mine for broader risk assets - are starting to wobble, with the European market registering its first monthly negative return since March. Is it a sign of things to come? ING's Senior High Yield Credit Analyst Oleksiy Soroka explains.