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4 August 2022
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- International trade: improvement in June and Q2…
- …but only partial offset to slippage in Q1
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4 August 2022
552 KB
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- While the BoE raised Bank Rate by 50bps and increased substantially its near-term inflation forecasts, Gilts made gains as the MPC forecast a recession ahead.
- Bunds also made gains as German factory orders maintained a downwards trend and the construction PMIs signalled a steeper pace of decline.
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3 August 2022
505 KB
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- Bunds followed the global trend lower, while euro area retail sales fell in June to be a drag on GDP growth in Q2 and the final euro area composite PMI remained in contractionary territory despite an upwards revision.
- Gilts also made losses, even as the UK services PMIs signalled a more significant slowdown at the start of Q3 than initially implied.
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3 August 2022
218 KB
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- ISM services: well maintained in July
- Factory orders: continued growth, perhaps in real terms
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1 August 2022
479 KB
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- Bunds made gains as the decline in German retail sales exceeded expectations in June, while the final euro area manufacturing PMIs pointed to a steep contraction at the start of Q3.
- Gilts also rose as the final UK manufacturing PMI pointed to a steeper drop in IP in July than implied by the flash release.
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1 August 2022
1118 KB
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- 2Q22 earnings of European banks have mostly yielded unexpectedly positive results, exceeding average analyst consensus views. Rate hikes and stable loan demand have contributed to rising revenue and profitability metrics, partially offset by higher LLPs and rising costs.
- Primary markets largely muted for FIGs as the earnings season is still ongoing, with few SSA deals in between as markets continued to be volatile.
- Secondary market spreads tightened in EUR and USD in response to more assertive monetary policy
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1 August 2022
148 KB
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- ISM manufacturing: slowing growth in the factory sector
- Construction: broad-based softness led by residential
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29 July 2022
659 KB
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- Bunds initially made sizeable losses after the flash estimates of euro area July inflation and Q2 GDP beat expectations, despite confirmation that Germany’s economy stagnated.
- Shorter-dated Gilts also made modest losses even as UK bank lending figures showed that households saved the least since 2018 but borrowed more amid a squeeze on budgets.
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