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20 September 2022
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- Rising countercyclical capital buffers (CCyB) highlight increasing focus on bank capital. ECB is probing effects of gas stoppages on banks’ capital resilience.
- High levels of activity in SSA and FIG primary markets driven by concerns of worsening funding conditions further down the line.
- Secondary market spreads continue to widen across EUR and USD. Last week’s weaker UK data could pave way for 50bps rate hike by BoE.
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20 September 2022
423 KB
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- Bunds made large losses as German producer price inflation smashed expectations and jumped to a new series high, while the euro area’s current account balance registered a record deficit.
- Ahead of the BoE’s MPC meeting, on a quiet day for top-tier UK economic data, Gilts declined sharply after the Riksbank hiked its policy rate by 100bps.
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16 September 2022
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- 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.
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16 September 2022
301 KB
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- FOMC preview: aggressive in September…and beyond
- Recent inflation developments: bits of favorable news overwhelmed by the August CPI
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15 September 2022
427 KB
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- 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.
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14 September 2022
476 KB
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- 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.
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13 September 2022
488 KB
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- 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.
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12 September 2022
427 KB
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- 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.
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