Specifically, since 2/5  BIS central bankers' speeches  the start of the year, the spread on debt issued by basic materials and industrial companies has widened two to three times as much as that on the debt of technology companies.
These differences in spreads can be seen globally and tell us that investors see growing risks for these firms in light of international trade actions already taken or in prospect. I mentioned that most countries are not as far advanced in post-crisis recovery as the United States.