Tuesday, 28 February 2023 Please click here to read the PDF version Markets • The EU and the UK struck a deal to reform the Northern Irish Protocol. Dubbed the Windsor Framework, the agreement entails a so-called green lane in the Irish Sea with significantly reduced checks for goods coming Read more…
Sunset Monday, February 27, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • There is no stopping the repositioning on core (EMU and US) interest rate markets, even not in session with only second tier data. Economic confidence from the European Commission, contrary to most other Read more…
Monday, 27 February 2023 Please click here to read the PDF version Markets • Core bonds tumbled on Friday. US yields soared 4.5 to 12.7 bps with the front end underperforming. The 2y yield (+11.7 bps) took out the November cycle high (4.799%) to close the week at a new Read more…
Sunset Friday, February 24, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • “It would be a cardinal sin to let up too soon.” ECB governing council member Nagel gave some hawkish comments on the sidelines of the G20 meeting of finance ministers. He expects the (flagged) Read more…
Vendredi, 24 février 2023 Please click here to read the PDF version Markets • The German and US 10-yr yield failed to clear key resistance this week, triggering some return action lower yesterday. We’re talking about 2.55% for GE (2022 top & 38% retracement on 2008/2020 decline) and 3.9% for Read more…
Sunset Wednesday, February 22, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Core bond yields initially extended gains after a sharp move on yesterday’s stronger-than-expected PMIs on either side of both the Atlantic and the Canal. German Bunds underperformed US Treasuries this time. French ECB Read more…
Wednesday, 22 February 2023 Please click here to read the PDF version Markets • US Treasuries went into full sell-off mode again yesterday following February US PMI’s. The composite PMI returned above the 50 boom/bust mark again for the first time since June 2022, surging from 46.8 to 50.2 (vs Read more…
Sunset Tuesday, February 21, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Today’s PMI’s should further shape markets’ and central bankers’ assessment on how much further policy tightening is needed to bring inflation back to target in a sustainable way. EMU February PMI’s at least Read more…
Tuesday, 21 February 2023 Please click here to read the PDF version Markets • Yesterday’s US President’s Day holiday narrowed down trading volumes to an absolute minimum, with European markets going nowhere in absence of any relevant eco data. This morning’s RBA minutes (see News & Views) offer a glimpse Read more…
Monday, 20 February 2023 Please click here to read the PDF version Markets • Technical levels prevailed on Friday during US trading hours. A strong repositioning drive pulled core bonds lower since the release of January US payrolls. Markets are finally embracing the idea that policy rates will peak at Read more…