-
16 September 2022
673 KB
PDF
- Bunds made losses at the short end of the curve as euro area inflation and German inflation expectations were confirmed at record highs.
- Longer-dated Gilts made gains as UK retail sales slumped in August, raising the risk of another contraction in GDP in Q3.
Share
-
16 September 2022
301 KB
PDF
- FOMC preview: aggressive in September…and beyond
- Recent inflation developments: bits of favorable news overwhelmed by the August CPI
Share
-
15 September 2022
427 KB
PDF
- Bunds made losses and the curve flattened significantly as the euro area trade deficit hit a new record high, euro area labour cost growth remained firm and the estimates of French inflation were revised up.
- Gilts also made losses across the curve but outperformed Bunds at the short end as a BoE survey suggested that medium-term inflation expectations of UK consumers fell significantly last month.
Share
-
14 September 2022
476 KB
PDF
- With the exception of the short end of the curve, Bunds made gains while euro area industrial production fell markedly in July.
- Gilts made gains across the curve as UK headline inflation fell back in August but the core measure edged higher.
Share
-
13 September 2022
488 KB
PDF
- Bunds followed USTs lower despite an extremely downbeat ZEW investor survey.
- Gilts also followed USTs lower as the UK unemployment rate fell due to higher inactivity while regular wage growth accelerated.
Share
-
12 September 2022
427 KB
PDF
- On a quieter day for euro area economic data, Bunds made gains and BTPs outperformed, while European wholesale natural gas prices fell to the lowest level in more than a month, as the European Commission continued to develop plans for interventions in EU energy markets.
- Gilts also made modest gains as UK GDP surprised slightly on the downside in July.
Share
-
12 September 2022
1095 KB
PDF
- ECB rate hike, removal of tiering multiple and unchanged TLTRO borrowing conditions give banks temporary arbitrage opportunity.
- Shorter week in primary market attracted several SSA and FIG deals, the latter of which were mostly confined to senior payment ranks while NIP remained elevated.
- Secondary market spreads partially tightened in EUR and USD following the ECB meeting. Delayed BoE MPC meeting gives markets more time to contemplate higher rate hike than expected.
Share
-
9 September 2022
519 KB
PDF
- While French industrial production fell the most in more than a year, Bunds made modest gains but periphery sovereign bonds made losses as reports suggested that the ECB would next month start internal discussions on a possible strategy for quantitative tightening.
- Gilts made gains as the BoE postponed the forthcoming monetary policy meeting by one week in light of the death of Queen Elizabeth II.
Share