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4 March 2022
371 KB
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- Despite growth risks, broad-based inflation leads the Fed to remove
- accommodation.
- Slow progress in removing supply-side sources of inflation.
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3 March 2022
218 KB
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- ISM services: disappointing results in all four components.
- Factory orders: upward trends continue, at least partly due to higher prices.
- Revised productivity: modest adjustment to productivity; labor comp slightly firmer.
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3 March 2022
524 KB
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- After a day of volatility amid a scarcity of certain securities, Bunds eventually ended the day higher despite another big increase in euro area producer price inflation and a fall in the euro area unemployment rate to a record low.
- Gilts made further losses as a BoE survey signalled higher business inflation expectations.
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2 March 2022
515 KB
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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
PDF
- Powell testimony: unusual clarity
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1 March 2022
153 KB
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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
PDF
- 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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