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2024

2023

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  • US Economic Comment

    US Economic Comment

    5 July 2024 537 KB PDF
    • June employment: firm headline offset by large downward revisions; unemployment rate ticks higher
    • Wage growth: ongoing moderation
  • Euro wrap-up

    Euro wrap-up

    4 July 2024 347 KB PDF
    • While German factory orders unexpectedly extended their downtrend,  Bunds made modest losses while the ECB’s account of its June policy meeting offered no further clues on the likely future path of rates.  
    • Gilts also made modest losses despite a further moderation in UK business wage and price expectations and a softer construction sector survey.
  • Euro wrap-up

    Euro wrap-up

    2 July 2024 283 KB PDF
    • While the euro area unemployment rate remained at a series low and senior ECB officials suggested they need more information on the outlook for services prices before cutting rates again, shorter-dated Bunds made modest gains as headline inflation moderated in June.
    • Gilts also made gains as a UK retail survey reported a further decline in shop price inflation to its lowest since October 2021.
  • Euro wrap-up

    Euro wrap-up

    1 July 2024 273 KB PDF
    • Despite an easing in German inflation in June, Bunds made notable losses but OATs outperformed as Le Pen’s far-right RN party appeared more likely to fall short of an absolute majority despite dominating the first round of voting in the French general election.
    • Gilts also made losses while the spread between 2-year and 10-year gilts turned positive for the first time since May 2023, even as UK bank lending slowed in the middle of Q2.
  • US Data Review

    US Data Review

    1 July 2024 282 KB PDF
    • ISM manufacturing: contraction in 19 of the past 20 months
    • Prices: further moderation in June; close to 50.0 percent
  • Euro wrap-up

    Euro wrap-up

    28 June 2024 380 KB PDF
    • Bunds followed USTs lower even as the flash inflation estimates from various member states eased in June, and German data pointed to loosening labour market conditions.
    • Gilts made losses across most of the curve following an upwards revision to UK GDP growth in Q1.
  • US Economic Comment

    US Economic Comment

    28 June 2024 546 KB PDF
    • Inflation: favorable developments in May
    • Consumer spending: on track in Q2 thus far, but contingent on solid labor market
  • Euro wrap-up

    Euro wrap-up

    27 June 2024 319 KB PDF
    • While the Commission survey flagged an uptick in services and consumer inflation expectations, Bunds made modest gains as euro area business sentiment deteriorated and bank lending remained subdued.
    • Gilts had a mixed performance on a quiet day for UK economic data.