Wednesday, 8 March 2023 Please click here to read the PDF version Markets • At the hearing before the Senate Banking Committee, Fed Chair Powell repeated that inflation in the core goods sector has fallen while housing services prices are also decelerating. Still, there is little sign of disinflation in Read more…
Sunset Wednesday, November 2, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • US yields are an insignificant 2 bps lower on the day, ignoring another strong ADP employment report for October (+239k vs +185k expected). German Bunds underperform with yields up to 3 bps higher Read more…
Wednesday, 2 November 2022 Please click here to read the PDF version Markets • Asia’s equity scorching rally (HK more than +5%) following unconfirmed social media reports that China is preparing its exit from zero-Covid was met by a lukewarm European response. Stocks rose less than 1%. Wall Street traded Read more…
Sunset Wednesday, September 21, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • The presumed calm of the countdown to this evening’s Fed decision was abruptly unsettled by a speech of Russian president Vladimir Putin around the start of European dealings. Putin announced a ‘partial mobilization’ 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 Wednesday, July 27, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • The (mostly) European inspired recession trade that dominated trading since end last week finally took a breather as the market focus is turning to this evening’s Fed decision. European data at least didn’t provide Read more…
Wednesday, 27 July 2022 Please click here to read the PDF version Markets • The news on Russia scaling back gas supplies through Nord Stream 1 to just 20% remained the dominating trading theme yesterday. Investors increasingly consider a (sharp) recession, especially in Europe, as unavoidable. The dark mood was Read more…
Tuesday July 26 2022 Please click here to read the PDF version Markets • Core bond yields yesterday sought to recover some of the heavy losses incurred on Thursday and Friday last week. With (small) success initially, especially in the US. European bond yields were helped by comments from ECB’s Read more…
Thursday, 16 June 2022 Please click here to read the PDF version Markets • Yesterday didn’t bring the boring intraday countdown that often guides trading going into a Fed decision. After the recent sharp rise in yields and risk sell-off, investors scaled back on recent unidirectional positioning, whatever the outcome Read more…
Sunset Wednesday, June 15, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • European markets were put immediately on edge even before the official open. Financial media reported that the ECB would hold an emergency meeting to discuss “current market conditions”. Investors concluded this meant addressing Read more…