-
10 March 2022
154 KB
PDF
- CPI: another broad-based increase.
Share
-
10 March 2022
538 KB
PDF
- Bunds made big losses and periphery bonds significantly underperformed as the ECB slowed its pace of net purchases in Q2 more abruptly than previously planned, and gave itself an option to end purchases in Q3 and raise rates before year-end.
- Gilts made sizeable gains at the short end of the curve despite surveys suggesting that the UK’s housing and labour markets remain very tight.
Share
-
8 March 2022
154 KB
PDF
- International trade: soft exports, firm imports in January; marked widening in the deficit
Share
-
8 March 2022
472 KB
PDF
- As commodity and energy prices remained under intense pressure, Bunds sold off but BTPs outperformed on reports that EU leaders will this week discuss proposals for new common bond issuance to fund energy independence from Russia and defence initiatives.
- Gilts again underperformed as PM Johnson signalled that the UK would phase in a ban on Russian oil over coming months and a retail survey pointed to ongoing growth in sales in February.
Share
-
7 March 2022
1016 KB
PDF
- Higher cost of risk and downward pressure on income expected from upcoming bank earnings reports.
- Primary markets issuance remained muted and only accessed by high quality names.
- Widening spreads to Bunds resulted in strong demand for the few Euro SSAs that came to market while FIG deals were largely concentrated in USD.
- Secondary market spreads for Euro denominated senior titles largely tightened as risk assessments provide market with clarity. USD spread remain wide across payment ranks.
Share
-
7 March 2022
363 KB
PDF
- Bunds made losses despite a significant deterioration in a survey of euro area investor sentiment, for which the index of expectations for six months ahead fell the most on the series to its lowest level since the euro crisis.
- Gilts made larger losses as the BoE commenced QT with £28bn of its Gilt holdings maturing without reinvesting proceeds, and markets priced in rate hikes of 25bps at every MPC meeting from March to September.
Share
-
4 March 2022
199 KB
PDF
- Job growth: robust and broadly based.
Share
-
4 March 2022
578 KB
PDF
- Amid concerns about the safety of Ukraine’s nuclear facilities, Bunds rallied, while data on euro area retail sales and German trade disappointed.
- Gilts also rallied while UK car sales remained weak but a construction survey pointed to firm growth.
Share