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7 December 2020
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- The November employment report: not so bad.
- Bank profits: an encouraging sign.
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7 December 2020
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- Bunds and other European government bonds made gains despite strong German industrial production data and an improved survey of euro area investor sentiment.
- While Johnson and von der Leyen were holding another call to try to find a solution, Gilts made significant gains as the EU-UK negotiations remained deadlocked and seemingly at risk of collapse.
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7 December 2020
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- European banking sector consolidation is picking up in an effort to rein in costs and improve weak profitability, a process accelerated by the pandemic and its adverse economic effects.
- New capital requirements in Sweden are likely to make dividend payouts and AT1 coupons less desirable while the central bank sets first of its kind sustainability standards for asset purchases.
- Adequate primary market activity with some debut ESG-themed bonds and opportunistic issuance by sub-investment grade borrowers. While market conditions remain favourable, outlook for spreads remains uncertain due to the pandemic, vaccine news and Brexit risks.
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4 December 2020
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- Despite a weak construction sector survey, Bunds made losses at the longer end as German factory orders leapt above their pre-pandemic level.
- While UK car registrations fell sharply, sterling strengthened and Gilts made losses as hopes rose that agreement between the EU and UK might be reached this weekend.
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4 December 2020
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- Labour market: limping ahead.
- International trade: exports and imports advance, imports more so; deficit widens slightly.
- Factory orders: key items above pre-virus levels.
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3 December 2020
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- As the US dollar weakened further, Bunds made gains despite stronger-than-expected data for euro area retail sales, firm German car production figures, and a Germany composite PMI that was consistent with growth.
- While reports on the state of play in the Brexit negotiations remained confused, Gilts also made gains despite an upwards revision to the UK services PMI.
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3 December 2020
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- ISM Services: modest decline in November; still respectable.
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2 December 2020
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- Bunds made modest losses as German retail sales beat expectations and the euro area unemployment rate fell for a third successive month.
- While sterling weakened as EU chief negotiator Barnier reportedly flagged risks of a no-deal end to the Brexit transition, and a UK retail survey pointed to renewed downwards pressure on prices, Gilts made gains at the shorter end of the curve.
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