Friday, 21 April 2023 Please click here to read the PDF version Markets • Recent hawkish repositioning yesterday did run into resistance. The US 2-y and 10-y yield failed to overcome resistance at 4.26% and 3.64% respectively. 3% also proved a too high bar for the German 2-y yield. The Read more…
Sunset Thursday, April 20, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Today’s ECB March meeting minutes gave a glimpse into the central bank’s analysis of the financial turbulence in the wake of the Silicon Valley Bank collapse. Delivering on the pre-announced 50 bps hike Read more…
Thursday, 20 April 2023 Please click here to read the PDF version Markets • Yesterday’s higher than expected UK CPI data provided a wake-up call for global markets. Despite rising uncertainty on growth, monetary policy probably needs to be tighter for longer compared to what was hoped for after the Read more…
Wednesday, 19 April 2023 Please click here to read the PDF version Markets • With only second tier data on the agenda, yesterday brought a session of order-driven, technical trade. ECB and Fed speakers mainly held to recent narratives. In the end, the US yield curve inverted slightly further with Read more…
Sunset Tuesday, April 18, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • UK Gilts underperform German Bunds and US Treasuries today following the release of UK labour market data. Employment rose by 169k in the Dec 2022-Feb 2023 period compared to Sep-Nov 2022. The UK employment Read more…
Tuesday, 18 April 2023 Please click here to read the PDF version Markets • After a slow start in Europe, core yields gradually resumed last week’s bottoming/rebounding pattern. One swallow doesn’t make a summer, but a big beat in the Empire Manufacturing survey (10.8 from -24.6 vs -18 expected with Read more…
Monday, 17 April 2023 Please click here to read the PDF version Markets • On Friday, (US) bond markets continued building on the post-payrolls trading paradigm that guided trading for most of last week. US import and export prices printed weaker than expected. January retail sales (headline -1.0%, control group Read more…
Friday, 14 April 2023 Please click here to read the PDF version. Markets • Yesterday’s second tier US data (weekly jobless claims, PPI) undershot consensus again. It strengthened market conviction of the Fed’s tightening cycle not only coming to a close but that it is about to go in reverse Read more…
Sunset Thursday, April 13, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • After yesterday’s minimal US CPI undershoot, attention for today’s March PPI release was perhaps slightly bigger than usual, if only because there was little other news hitting the wires. All three gauges again Read more…
Thursday, 13 April 2023 Please click here to read the PDF version Markets • US CPI and the March Fed meeting minutes were the main events defining trading yesterday. The former showed headline prices easing a full percentage point to an annual 5% but a core gauge accelerating from 5.5% Read more…