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10 August 2023
318 KB
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- Consumer prices: moderate increases in both headline and core
- Moderating inflation data raise prospect of FOMC “skip” in September
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9 August 2023
617 KB
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- ESG bond issuance volumes in 1H23 robust despite headwinds
- Lack of transition bond activity in Europe and dwindling SLB issuance activity may be halted by updated documentation published by ICMA and European Commission recommendation
- Primary market volumes of FIGs and SSAs generally performed well, particularly traditional green bonds. Sovereign and sub-sovereign issuers could support growth in the SSA and SLB space
- Secondary market spreads and greeniums recovered and stabilised in 2Q23 after mostly short-lived shocks.
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8 August 2023
252 KB
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- Bunds made substantive gains across the curve as euro area consumer inflation expectations continued to moderate and data confirmed that the drop in German inflation in July was relatively broad-based.
- Gilts largely followed the global trend higher as another survey indicated that UK retail sales had been weak at the start of Q3.
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7 August 2023
233 KB
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- After the Bundesbank late on Friday cut its remuneration of domestic government deposits back to 0%, and as German industrial production fell more abruptly than expected in June, Bunds made gains at the short end of the curve but followed USTs lower at the longer end.
- Gilts followed USTs lower across the curve on a quiet day for UK macroeconomic data.
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4 August 2023
334 KB
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- Employment: solid pace of hiring in July; unemployment rate ticks lower
- Wage growth: brisk increase
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4 August 2023
291 KB
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- Bunds largely followed USTs higher even after German factory orders figures surprised significantly on the upside.
- Gilts also made gains despite a stronger than expected UK construction sector survey.
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3 August 2023
323 KB
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- Shorter-dated Gilts made gains but longer-dated Gilts made losses as the BoE hiked Bank Rate by 25bps, raised the possibility that the peak could be near, but also committed to keeping policy “sufficiently restrictive for sufficiently long”.
- Longer-dated Bunds made losses even as euro area goods price pressures continued to diminish and the final July services PMIs reaffirmed that growth in the sector is probably slowing.
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1 August 2023
372 KB
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- While the final manufacturing PMIs signalled falling output and disinflation in the sector, Bunds largely made losses as the euro area unemployment rate reached a new series low and German jobless claims fell.
- Gilts also made losses despite a drop in a survey measure of UK shop prices and a further decline in house prices.
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