Sunset Friday, July 29, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • European (GDP) data are seldom determining drivers for markets. However, today’s data mix with the first estimate of EMU Q2 growth and the preliminary EMU CPI at least provided an interesting challenge after the Read more…
Friday, 29 July 2022 Please click here to read the PDF version Markets • Core bonds went through the roof yesterday. The US yield curve bull steepened with changes varying between -15.1 bps (5y) to -4.3 bps (30y). The 10y yield’s technical picture risks deteriorating dramatically if the drop below Read more…
Sunset Thursday, July 28, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • It was the bad-news-show today. First up: German inflation. The pre-market regional print in North Rein-Westphalia already suggested a nasty surprise and so it happened. The national number eased less than expected, from Read more…
Thursday, 28 July 2022 Please click here to read the PDF version Markets • The Fed as expected lifted policy rates by 75 bps to what is now considered a neutral 2.25/2.50%. Chair Powell made clear that more tightening is appropriate as inflation remains high and the labour market still 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…
Sunset Tuesday, July 26, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Recession fears continue to haunt European markets. The EMU PMI last week falling below the 50 boom-or-bust level and yesterday’s poor German IFO flagged a sharp deceleration of activity going into H2. Russia reducing 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…
Monday, 25 July 2022 Please click here to read the PDF version Markets • It has been one end of the week for markets. A number of event risks were all coming together on Thursday and Friday. First on the agenda was gas. Unlike what many had expected, Russia reopened Read more…
Monday, 25 July 2022 Please click here to read the PDF version Markets • It has been one end of the week for markets. A number of event risks were all coming together on Thursday and Friday. First on the agenda was gas. Unlike what many had expected, Russia reopened Read more…