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12 May 2022
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- While BoE Deputy Governor Ramsden warned of the likelihood of more rate hikes to come as the tight labour market added to inflation risks, Gilts made gains as data confirmed a marked slowdown in UK GDP over the course of Q1.
- Amid heightened global risk aversion, Bunds also made sizeable gains.
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11 May 2022
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- CPI: energy prices decline, core goods contained, upward pressure on service prices.
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10 May 2022
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- Bunds followed USTs significantly higher while the ZEW survey suggested that investor perceptions of German current economic conditions have deteriorated and inflation expectations have eased slightly.
- Gilts also rallied as a retail sales survey pointed to a further weakening of demand on the UK high street.
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9 May 2022
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- Second week of 1Q22 earnings generally positive but bottom-line results are weighed down by Russia related provisioning
- Primary markets largely muted for SSAs with only a handful of FIG deals coming to market
- Secondary market spreads continued to widen in EUR and USD as market uncertainty persists
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6 May 2022
144 KB
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- Labour market: less robust than in other recent months, but still respectable.
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6 May 2022
355 KB
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- Despite a slump in German IP, Bunds made losses as Bundesbank Governor Nagel suggested that the ECB needed to tighten policy before the opportunity to do so passes, and BoF Governor Villeroy suggested that it would be reasonable to increase ECB rates to above zero by year-end.
- Longer-dated Gilts also made losses despite a slightly softer UK construction PMI survey.
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6 May 2022
288 KB
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- Monetary policy: notable tightening still in store.
- Labour market: another perspective on tightness.
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5 May 2022
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- Despite some weak German factory orders data and commentary from a few ECB doves, Bunds made significant losses.
- Gilts made significant gains at the shorter end of the curve as the BoE hiked Bank Rate by 25bps but published extremely downbeat economic projections and, contrary to expectations, failed to agree a programme of active Gilt sales.
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