Friday, 07 October 2022 Please click here to read the PDF version. Markets • Core bonds extended their renewed sell-off momentum yesterday. UK Gilts underperformed German Bunds & US Treasuries, with a different curve dynamic. UK yields added 8.9 bps (2-yr) to 13.4 bps (10-yr) on a daily basis. The Read more…
Sunset Thursday, October 6, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • UK gilts underperformed German Bunds and US Treasuries today. Fitch’s decision to lower the outlook on the country’s AA- rating from stable to negative triggered the move. The rating agency cited increased fiscal risks Read more…
Thursday, 6 October 2022 Please click here to read the PDF version Markets • US data came in strong yesterday. The September ADP job report hit the bar (208k with a 53k upward revision for August). The US non-manufacturing ISM stabilized at a strong 56.7 (vs 56 expected), contrasting with Read more…
Sunset Wednesday, October 5, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • The bond-equity short-squeeze/risk rally from yesterday and Monday petered out in Europe this morning as markets reassessed chances of major central banks nearing the end of their tightening cycle. Today’s ‘hawkish’ 50 bps Read more…
Wednesday, 5 October 2022 Please click here to read the PDF version Markets • Monday’s strong corrective rally on core bond markets initially continued as the RBA slowed down its tightening pace from 50 bps to 25 bps as downside economic risks grab more attention. It polished global central bank Read more…
Sunset Tuesday, October 4, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Should we call it euphoria or are we simply attending a long overdue short-squeeze after a protracted risk sell-off? Whatever, it has been quite a long time since European equities gained 2.5% to Read more…
Tuesday, 4 October 2022 Please click here to read the PDF version Markets • The US manufacturing ISM surprised to the downside yesterday, easing from 52.8 to 50.9. The lowest reading since May 2020 followed a (deeper) drop in employment and new (export) orders into contraction territory. Backlogs fell sharply Read more…
Sunset Monday, October 3, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Core bonds kick off the final quarter of the year recovering from the massacre they had to endure over the course of August and September. It was the Bank of England that ushered Read more…
Monday, 3 October 2022 Please click here to read the PDF version Markets • We had important inflation figures due on Friday. The price surge hit double digits in Europe while the Fed’s preferred gauge in the US (PCE (core) deflator) topped expectations too. But with the third quarter drawing Read more…