Friday, 14 July 2022 Please click here to read the PDF version Markets • The post-payrolls/CPI bond market rally continued yesterday and reinforced existing trends in most other markets. The minutes of the June ECB meeting showed a strong commitment to continue the campaign to eradicate inflation. A 25 bps Read more…
Sunset Thursday, July 13, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Yesterday’s US inflation numbers still resonated during European trading hours. Both headline and core inflation rose a tad less than forecast (0.2% M/M vs 0.3% M/M) with base effects pulling especially headline inflation (one Read more…
Thursday, 13 July 2023 Please click here to read the PDF version Markets • Post-payrolls price action already suggested investors were ready to take up additional US Treasuries exposure in case of a mild US June CPI and this is exactly what happened. Both headline and core CPI rose 0.2% Read more…
Sunset Wednesday, July 12, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Today was one stretched countdown to the US inflation numbers without a lot of market fireworks in the run-up to it. Prices at the other side of the Atlantic generally came in slightly Read more…
Wednesday, 12 July 2023 Please click here to read the PDF version Markets • The up-move in US yields took a breather this week. Friday’s slightly softer than expected payrolls probably don’t change the Fed’s assessment on further tightening. However, with key resistance ahead (5.10% area 2-y; 4.09% area 10-y Read more…
Sunset Friday, July 7, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets: • After yesterday’s US-data inspired bond market sell-off, (bond) markets temporary shifted into a lower gear, awaiting confirmation from the US payrolls report. Still, in the this ‘wait-and-see pause’, the natural drift in yields Read more…
Friday, 7 July 2023 Please click here to read the PDF version Markets • Most major centrale banks recently said that they moved to ‘data dependent modus’. For some of them, this translates into a pause/skip or some other term giving them time to assess the impact of previous policy Read more…
Sunset Thursday, July 6, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets: • Markets took off this morning where they ended yesterday: by selling bonds. The move started as US traders returned from the 4th of July Holiday and accelerated a first time after a technical break Read more…
Thursday, 6 July 2023 Please click here to read the PDF version Markets • Core bonds fell yesterday. Underperformance of US Treasuries vs Bunds triggered a technical break in the US 10y yield. The reference added 7.6 bps to 3.93%, surpassing 3.90% (December 2022 correction high) with 3.92% (61.8% recovery Read more…
Sunset Wednesday, July 5, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • With markets awaiting the restart of US trading, the China Caixin services PMI confirmed recent disappointing data, pointing to a lackluster recovery in the Chinese economy. This put markets in a mild risk-off Read more…