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25 July 2022
407 KB
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- Bunds had a mixed performance as a downbeat German ifo business survey suggested that the economy was on the ‘cusp of a recession’ and concerns rose that Russia would temporarily curb gas flows to Germany from Wednesday.
- Gilts made modest gains as a UK survey signalled a marked slowdown in manufacturing output and orders.
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22 July 2022
643 KB
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- Bunds and other euro area government bonds rallied as the flash euro area PMIs for July flagged recession risks.
- While the UK flash PMIs were not as weak as their euro area counterparts, Gilts also rallied as UK retail sales fell for a fourth successive quarter in Q2.
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22 July 2022
590 KB
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- FOMC: good progress toward its near-term objective...
- ...financial conditions have tightened and the economy is slowing
- GDP preview: weak results in Q2, but it’s not a recession (yet)
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21 July 2022
393 KB
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- Bunds made losses at the short end but gains further along the curve as the ECB raised rates by 50bps but also agreed a new policy tool to allow it to buy bonds to counter unwarranted spread-widening.
- BTPs made significant losses as Mario Draghi resigned as Italian Prime Minister and elections were scheduled for September.
- Gilts followed USTs higher despite a rise in UK public debt interest payments to a record high.
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20 July 2022
597 KB
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- Ahead of this evening’s key vote in the Italian parliament that will determine whether early elections can be avoided, Bunds largely made gains as euro area consumer confidence slumped to a record low while German producer price inflation eased very slightly for the first time in 25 months.
- Shorter-dated Gilts made losses as UK headline inflation rose to a new 40-year high although the core rate fell for a second successive month.
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20 July 2022
352 KB
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- Existing Home Sales: constrained by mortgage rates and prices
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19 July 2022
578 KB
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- Bunds made losses as reports suggested the ECB will discuss a 50bp rate hike this week and Russia is set to resume flows of gas via the Nord Stream pipeline, while euro area inflation was confirmed at a series high.
- Gilts made losses as UK job growth picked up but real wages fell at a record pace, while BoE Governor Bailey stated the MPC would discuss a 50bp hike in August and gave guidance on forthcoming BoE Gilt sales and redemptions.
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19 July 2022
348 KB
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- Housing starts: a tumble in single-family activity; multi-family remains firm
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