Sunset Wednesday, May 31, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Core bonds extended this week’s gains during European trading hours as the data drum echoed yesterday’s sound. Additionally, risk sentiment soured following dismal Chinese figures this morning. French inflation fell by 0.1% M/M in Read more…
Wednesday, 31 May 2023 Please click here to read the PDF version Markets • Correction time yesterday on the EMU and US yield markets after last week’s hawkish repositioning. The trend was already visible on Monday in thin European trading and deepened. A further easing of Spanish inflation (HICP -0.2% Read more…
Sunset Tuesday, May 30, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • We got the first national inflation releases today in the run-up to the European figure on Thursday. Belgian (non-harmonized) inflation decelerated from 5.6% in April to 5.2% in May (see below). The Spanish Read more…
Tuesday, 30 May 2023 Please click here to read the PDF version Markets • On Friday, strong US eco data (durable goods orders, spending and income data and, last but not least, PCE deflators) all supported the market repositioning that already dominated the price action earlier last week. Markets now Read more…
Friday, 26 May 2023 Please click here to read the PDF version Markets • UK bonds crashed for a second day straight with yields adding 10.6-19.2 bps across the curve. UK money markets discount an additional 100 bps tightening by December following the big upside CPI surprise Wednesday morning. Sterling Read more…
Sunset Thursday, May 25, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • UK gilt yields one again caught the attention today. They initially add another 6.5-10 bps following yesterday’s ugly CPI surprise which will almost certainly force the Bank of England into additional tightening. This Read more…
Thursday, 25 May 2023 Please click here to read the PDF version Markets • Core bonds traded very choppy yesterday. Surging UK core inflation lifted not only gilt yields (23.7 bps at the front end!) but also German and even US yields in early morning dealings. Stubborn inflation could require Read more…
Sunset Wednesday, May 24, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • In the statements accompanying the March and May policy decisions, the Bank of England ‘guided’ that ‘If there were to be evidence of more persistent pressures, then further tightening in monetary policy would Read more…
Wednesday, 24 May 2023 Please click here to read the PDF version Markets • Yesterday’s PMIs for the UK, Europe and US all showed similar characteristics: the manufacturing sector is under (intensifying) pressure but the all-important services economy is booming. Core bonds (initially) slipped with a massive underperformance from UK Read more…
Sunset Tuesday, May 23, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • At first sight, EMU May PMI’s were close to expectations. The composite measure eased slightly from 54.1 to 53.3 (vs 53.5 expected), but still suggests solid growth. The dichotomy between a further contraction Read more…