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28 November 2022
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- Longer-dated Bunds made losses as ECB President Lagarde suggested that she would be surprised if euro area inflation has already peaked.
- Gilts made modest gains as a UK retail survey offered a gloomy assessment of the sales outlook in the run up to Christmas.
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28 November 2022
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- Credit Suisse 4Q22 profit warning higher than expected following recent restructuring update
- The Financial Stability Board (FSB) publishes its list of 30 globally systemically important banks (G-SIBs), lowering capital requirement for BNP Paribas by 50bps
- Benign funding conditions in primary markets continue to foster SSA and FIG issuance despite Japanese and U.S. holidays. Secondary market spreads remained accommodative as central bank rate hikes are expected to be lower in December compared to previous month
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25 November 2022
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- Bunds made losses as German Q3 GDP growth was revised higher and national consumer confidence surveys took a turn for the better.
- Gilts also fell on a quiet end to the week for top-tier UK data releases.
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23 November 2022
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- Longer-dated Bunds followed USTs higher while the flash euro area PMIs remained underwhelming and consistent with contraction, despite beating expectations in November.
- Gilts also made gains as the flash UK PMIs suggested a steeper pace of contraction in Q4 and signalled ongoing weakness in the New Year.
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23 November 2022
314 KB
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- FOMC minutes: on track for 50 basis points in December
- Recession watch: mixed results in cyclically sensitive sectors (manufacturing & housing)
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22 November 2022
426 KB
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- Bunds made modest gains despite an upside surprise to the Commission’s flash consumer confidence indicator, while a BoF retail sales survey signalled a sharp decline in spending at the start of Q4.
- Gilts followed USTs higher on a quiet day for top-tier UK data releases.
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21 November 2022
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- European banks TLTRO repayments fall short of expectations but could pick up in coming months
- Delay to full implementation of Basel III regulation will provide European banks with some capital respite. However, future requirements as calculated by the EBA are already mostly met
- Strong primary market activity among SSAs and FIGs as issuers take advantage of more benign funding conditions. Banks issued across a variety of currencies and payment ranks as secondary market spreads tightened following a better than expected U.S. CPI read
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18 November 2022
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- Bunds made modest gains while ECB early TLTRO repayments were at the lower end of expectations.
- Gilts made losses even as UK retail sales figures maintained a downwards trend at the start of Q4 and consumer confidence remained near historical lows.
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