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2 March 2022
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- Bunds reversed some of yesterday’s gains as flash euro area inflation figures exceeded initial expectations, wholesale oil and gas prices jumped sharply, and the German labour market continued to improve.
- Gilts also made losses after MPC members signalled their preference for further rate hikes, and UK data pointed to stronger shop and home prices.
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2 March 2022
114 KB
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- Powell testimony: unusual clarity
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1 March 2022
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- ISM Manufacturing: trailing 2021, but still firm.
- Construction: strong private activity, at least in nominal terms.
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1 March 2022
543 KB
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- While German and Italian inflation rose again, Bunds rallied hard, BTPs outperformed, and markets pushed back expectations of the first ECB rate hike to 2023, as more ECB policymakers acknowledged the exceptional circumstances of the Ukraine conflict.
- Gilts also made huge gains as Ukraine rightly dominated attention.
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28 February 2022
1373 KB
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- UK bank earnings in 2021 were strong but Ukraine and diverging Covid-strategies muddy the outlook.
- SocGen, UniCredit and RBI most exposed of European banks to Russia but income dependence varies.
- Primary markets largely muted for FIGs and SSAs amidst Ukraine conflict fallout. Markets expected to remain quiet this week as tightening of sanctions generates financial instability in Russia.
- Secondary market spreads see double digit widening in EUR, less pronounced in USD.
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28 February 2022
152 KB
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- International trade in goods: surging imports, wider deficit.
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28 February 2022
462 KB
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- While Spanish and Portuguese inflation data again surprised on the upside, euro area government bonds rallied as the Ukraine conflict persisted, sanctions generated financial instability in Russia, and ECB policymakers flagged concerns about the risks to the outlook.
- Gilts also rallied despite another upbeat survey of UK businesses.
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25 February 2022
222 KB
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- Income, consumption, prices: no letup on inflation; consumer spending firm.
- Durable goods orders: a jump in nondefense aircraft bookings; respectable elsewhere.
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