Sunset Monday, June 26, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • The German IFO business climate index brought a message similar to last Friday’s EMU PMI’s. Sentiment in Europe’s biggest economy has clouded over considerably, Ifo reported. The overall index dropped from 91.5 to Read more…
Monday, 26 June 2023 Please click here to read the PDF version Markets • Core bonds ended last week on a solid footing. German Bunds outperformed US Treasuries in more of a one-off reset after very weak French PMI’s. German yields fell by 10 bps to 15 bps with the Read more…
Sunset Friday, June 23, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • European June PMIs disappointed on all accounts. The manufacturing rout continued, unexpectedly easing from 44.8 to 43.6. Services have long compensated but are now also showing a loss of momentum, retreating more than Read more…
Friday, 23 June 2023 Please click here to read the PDF version Markets • Focus turned to the Bank of England (+50 bps to 5%), the Norges Bank (+50 bps to 3.75%), the Swiss national bank (+25 bps to 1.75%) and the Central bank of Turkey (CBRT +650 bps to Read more…
Sunset Thursday, June 22, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Today’s central bank decisions confirmed that the ‘high(er) for longer’ paradigm is stronger than it has ever been in this cycle. Banks that held some kind of benign neglect approach (Norges Bank, Bank Read more…
Thursday, 22 June 2023 Please click here to read the PDF version Markets • (Much) higher than expected May UK inflation temporarily sent trembles through global bond markets yesterday morning, but in the end spill-overs outside the UK remained limited. With headline inflation holding at 8.7% Y/Y (0.7% M/M) and Read more…
Sunset Wednesday, June 21, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • UK May Inflation data and Fed Powell’s semi-annual Congressional testimony before the House Financial Services Committee were key today. Powell’s testimony still takes place after finishing this report, but the text of his statement Read more…
Wednesday, 21 June 2023 Please click here to read the PDF version Markets • The natural upside drift in yields since last week’s-FED/ECB-meetings ran into resistance yesterday. Disappointment on a smaller than expected reduction in the Chinese prime loan rates and softer than expected German May producer prices (1.4% M/M Read more…
Sunset Tuesday, June 20, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • The sense of disappointment following the Chinese 10 bps rate cut found its way through European markets as well. Stocks at some point ceded about 0.6% before paring losses to just 0.1% (EuroStoxx Read more…
Tuesday, 20 June 2023 Please click here to read the PDF version Markets • Even with no guidance from the US (markets close for Juneteenth) and no important data in Europe, the natural drift in European yields was to extend the recent uptrend. ECB speakers can’t but subscribe ECB’s Lagarde’s Read more…