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14 June 2022
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- While a German investor survey suggested a slight moderation of pessimism regarding the outlook, euro area government bonds made losses as Dutch national bank Governor Knot made predictably hawkish remarks underscoring the need for the ECB to keep raising rates in H222.
- Gilts outperformed again at the short end as UK unemployment ticked up and real regular wage growth fell sharply.
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13 June 2022
1341 KB
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- Stricter liquidity requirements for Switzerland’s systemic banks a credit positive at additional cost
- Cross-border M&A activity to be facilitated by lower capital requirements on banks
- Primary market activity was centered on the early part of last week, with FIG and SSA issuance across receiving mixed levels of interest. We continue to see the issuance of junior debt among FIGs
- Volatile markets and the recent ECB messaging resulted in wider secondary market spreads, predominantly among peripheral lenders
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13 June 2022
397 KB
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- Gilts followed other major markets lower but outperformed as UK GDP unexpectedly fell in April.
- Bunds made significant further losses while BTPs significantly underperformed as investors continued to bet on more aggressive ECB tightening before year-end.
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10 June 2022
238 KB
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- Consumer prices: broad-based pressure
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10 June 2022
309 KB
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- FOMC preview: suddenly interesting
- The uncertain effects of QT
- Inflation weighs on consumer attitudes
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9 June 2022
542 KB
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- Bunds sold off and BTPs significantly underperformed as the ECB pre-committed to a 25bps rate hike in July and signalled the strong likelihood of a 50bps hike in September and further tightening thereafter.
- Gilts also made significant losses but a UK housing survey suggested a moderation of momentum in the market.
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8 June 2022
319 KB
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- Bunds reversed yesterday’s gains as euro area GDP growth in Q1 was revised up and German industrial production registered positive growth in April.
- Gilts also made losses as the UK construction PMIs signalled ongoing growth, albeit moderating, in the sector.
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7 June 2022
454 KB
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- Bunds made gains and BTPs rallied as German new factory orders fell for a third successive month in April to a fifteen-month low.
- After 148 of Johnson’s MPs voted against him in yesterday’s no-confidence vote, Gilts also made gains as a BRC survey signalled weak UK retail sales in May but the services PMIs were revised up.
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