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…
Sunset Friday, September 24, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • A vote of no confidence. Markets’ answer to UK Chancellor Kwarteng’s mini budget was clearcut. He announced a bunch of tax cuts including lowering the 45p top rate of income tax (40p instead) and Read more…
Friday, 23 September 2022 Please click here to read the PDF version. Markets • Wednesday’s ‘hawkish’ 75 bps Fed rate hike only reinforced markets’ belief that tightening of global financial conditions still has some way to go. Other central banks including the Norges Bank (+ 50 bps), the Swiss national Read more…
Sunset Thursday, September 22, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • No big hawkish surprises post-Fed as the Bank of Japan, Swiss National bank, the Norges Bank and the Bank of England announced their answers to arrest above-target inflation (for Norges Bank and SNB see Read more…
Thursday, 22 September 2022 Please click here to read the PDF version Markets • Russian President Putin’s announcement of a partial mobilization raised concerns on the next episode in the war in Ukraine. It triggered a European risk off with higher European gas and oil prices, a temporary decline in Read more…