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2020

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  • US Economic Comment

    US Economic Comment

    17 August 2020 299 KB PDF
    • U.S. economy: still on track
    • Inflation: still contained
  • Euro Wrap-up

    Euro Wrap-up

    17 August 2020 325 KB PDF
    • Bunds made gains even as data confirmed that French retail sales rose back above their pre-pandemic level last month.
    • Gilts also made gains despite a more upbeat Rightmove housing market survey, which suggested that asking prices are rising at their fastest pace since 2016.
  • US Data Review

    US Data Review

    14 August 2020 246 KB PDF
    • Retail sales: shy of expectations, but still a good report
    • Industrial production: making progress
    • Consumer sentiment: little changed; lagging other indicators
  • Euro Wrap-up

    Euro Wrap-up

    14 August 2020 510 KB PDF
    • Bunds were little changed as revised euro area GDP figures confirmed the record drop in output and employment in Q2, while monthly trade figures reported ongoing modest recovery at the end of the quarter
    • Gilts were also little changed on a quiet end to the week for UK economic data.  
  • US Data Review

    US Data Review

    12 August 2020 155 KB PDF
    • CPI: energy pressure; reversal of Covid-related discounting, random volatility
  • Euro Wrap-up

    Euro Wrap-up

    12 August 2020 358 KB PDF
    • Bunds again followed USTs lower while data confirmed a relatively strong rebound in euro area industrial production in June.
    • Gilts also again made significant losses while data confirmed that UK GDP contracted more sharply than in any other major economy in Q2.
  • Euro Wrap-up

    Euro Wrap-up

    11 August 2020 280 KB PDF
    • Bunds and other euro area government bonds followed USTs sharply lower and European stocks made big gains, while the German ZEW survey suggested concern about current economic conditions but optimism about the future.
    • Gilts also made losses despite steep drops in UK payrolls and real wages as data also pointed to stronger spending in July.
  • US Economic Comment

    US Economic Comment

    10 August 2020 303 KB PDF
    • Employment growth: can it last?
    • Business loans at commercial banks: less-than-pronounced softening