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2026

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  • US Data Review

    US Data Review

    14 July 2026 206 KB PDF
    • CPI: drop in gasoline prices contributes to drop in headline; core inflation rounds up to no change
  • Euro wrap-up

    Euro wrap-up

    10 July 2026 356 KB PDF
    • Longer-dated Bunds made gains while final German and French inflation readings confirmed a sharp drop in headline inflation and suggested limited spillover effects from the Iran war beyond the energy components. 
    • Gilts made modest gains even as BoE Chief Economist Pill maintained his view that interest rates will need to be hiked in the coming year.
  • Euro wrap-up

    Euro wrap-up

    9 July 2026 265 KB PDF
    • While German exports rose for a fourth successive month and the account of the ECB’s June policy meeting underscored the Governing Council’s desire to keep all options open on the future path for rates, Bunds followed the global trend higher.
    • Gilts also made gains while a UK survey pointed to continued weakness in house prices and demand.  
  • Euro wrap-up

    Euro wrap-up

    7 July 2026 285 KB PDF
    • Bunds made losses as German IP beat expectations in May, while OATs underperformed slightly as far-right Marine Le Pen was cleared to contest next year’s Presidential Election albeit with electronic monitoring.
    • While the BoE proposed to ease bank capital rules, Gilts also made losses.
  • Euro wrap up

    Euro wrap up

    6 July 2026 362 KB PDF
    • Bunds ended the day little changed as euro area retail sales remained subdued in May, but German factory orders pointed to gradual recovery in underlying demand.
    • Gilts made very modest losses while the UK construction PMIs flagged ongoing weak demand, contrasting a pickup in new cars registrations.
  • Euro wrap-up

    Euro wrap-up

    3 July 2026 352 KB PDF
    • Despite a softening in French industrial production in May, Bunds posted modest losses as the final euro area services activity PMI was revised higher.
    • While the BoE’s DMP survey pointed to a further easing in firms’ near-term inflation expectations and the final UK composite PMI was revised lower, Gilts ended the day little changed.
  • Euro wrap-up

    Euro wrap-up

    2 July 2026 267 KB PDF
    • Bunds had a mixed performance, while euro are unemployment data pointed to ongoing resilience in the labour market in the middle of Q2.
    • Shorter-dated gilts also made modest gains, even as MPC member Catherine Mann reiterated that an ‘activist move’ could bring inflation and expectations back to target.
  • US Economic Comment

    US Economic Comment

    2 July 2026 358 KB PDF
    • June labor market data: unimpressive after previous hints of firming, with the latest results perhaps easing fears of a Fed pivot to rate hikes