Sunset Wednesday, August 24, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • Slightly better-than-expected core US durable goods orders (July) featured an otherwise pale eco calendar. Capital goods shipments non-defense excluding aircraft, a proxy for investment in GDP calculations, rose by 0.7% M/M from an upwardly Read more…
Wednesday, 24 August 2022 Please click here to read the PDF version Markets • US PMI’s unexpectedly turned out to have the biggest intraday market impact yesterday. Traditionally, they don’t carry that much weight with main focus on monthly ISM surveys. A significant setback In the August US services ISM Read more…
Sunset Tuesday, August 23, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • The market focus temporary shifted from Fed Powell’s assessment on monetary policy at Friday’s Jackson Hole symposium to the EMU growth outlook. Activity in the EMU as measured by the PMI’s as expected/feared Read more…
Tuesday, 23 August 2022 Please click here to read the PDF version Markets • The new surge in European gas prices extended the core bond sell-off yesterday. They worsen the inflation outlook with central banks not blinking to increased recession risks and favoring frontloading policy normalization/tightening in their inflation crusade. Read more…
Sunset Monday, August 22, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • Inflation & recession fears are driving markets at the start of the new week. As was the case last week, the ‘bad news is good news for assets’-paradigm that facilitated a simultaneous rally Read more…
Monday, 22 August 2022 Please click here to read the PDF version Markets • The core bond sell off last week lasted until the US close. Double digit UK inflation numbers, US retail resilience, hawkish messages from the RBNZ & Norges Bank and finally an avalanche of Fed comments all Read more…
Sunset Friday, August 19, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • A new day, a new sell-off on core bond markets. This week showed that the Summer lull is definitely over. Four Fed members dotted the i’s and crossed the t’s yesterday. Current market positioning Read more…
Friday, 19 August 2022 Please click here to read the PDF version Markets • An avalanche of Fed members hit the wires yesterday, especially during US trading hours. Voting member St.-Louis Fed Bullard argued in favour of a third consecutive 75 bps rate hike in September. In a WSJ interview, Read more…
Sunset Thursday, August 18, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • An interview by ECB Schnabel grabs most headlines today. She told Reuters that concerns about the inflation outlook, which triggered a 50 bps rate hike in July, have not been alleviated. The move wasn’t Read more…
Thursday, 18 August 2022 Please click here to read the PDF version Markets • Since the beginning of the year up until mid-June, investors turned a blind eye to growth risks, focusing solely on inflation developments and changing reaction functions of central banks (normalization/tightening). This resulted in an unseen core Read more…