Sunset Friday, September 30, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • THE BIG ONE-OH! EMU CPI inflation hit the big one-oh in September. The first double digit reading on record. Price growth accelerated again on a monthly basis (1.2% M/M vs 0.9% expected) with the Read more…
Friday, 30 September 2022 Please click here to read the PDF version Markets • Higher-than-expected German inflation hit double digits (10.9%) and UK PM Truss defended the lavish fiscal stimulus plan despite huge market turmoil. Those two themes defined European trading in the way that feels very familiar by now, Read more…
Sunset Thursday, September 29, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Yesterday, the ‘Bank of England bond market intervention’ brought some relief to the recent UK (and broader) sell-off. Optimists hoped this to be harbinger of some consolidation. At least for now, this hope Read more…
Thursday, 29 September 2022 Please click here to read the PDF version Markets • The Big Bail(ey)-Out. By announcing a temporary purchasing programme of long-dated UK Gilts, the Bank of England put an end to the unfolding bond crash. Originating from the Financial Policy Committee, it is a measure to Read more…
Sunset Wednesday, September 28, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • The heavy UK Gilt sell-off triggered a response by the Bank of England. They consider the repricing, especially at the very long end of the curve, as a material risk to UK financial stability Read more…
Wednesday, 28 September 2022 Please click here to read the PDF version Markets • The core bond relief couldn’t even last for a full day. The most eyepopping move occurred in UK markets, where the 2y yield at some point fell almost 40 bps but eventually closed 7.7 bps higher. Read more…
Sunset Tuesday, September 27, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • The sell-everything-trade took a breather today. Stock markets eke out a small gain of about half a percent. It’s not a lot but at least they stop dropping for a moment. The EuroStoxx50 remains Read more…
Tuesday, 27 September 2022 Please click here to read the PDF version Markets • We cannot but kick off with the UK again. Aggressive selling in UK bonds and the pound prompted a coordinated response by Treasury and the Bank of England. Markets were all but impressed. UK yields again Read more…
Sunset Monday, September 26, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • UK yield markets remain a barometer for broader trends. UK yields again jump between 50 (+)bps (2-y) and 20 bps (30-y). The government’s voluntary fiscal policy aimed at supporting growth and shielding citizens’ Read more…
Monday, 26 September 2022 Please click here to read the PDF version Markets • UK (core?!) bonds got an incredible beating on Friday. Markets didn’t take the country’s borrowing and spending spree as presented by Min Fin Kwarteng well. Risk premia (gaping deficits) as well as BoE tightening bets sharply Read more…