Monday, 13 March 2023 Please click here to read the PDF version Markets • On Friday, it was impossible for markets to decouple its reaction to the US payrolls from the developing story on Silicon Valley Bank. The US economy in February added an above-consensus 311 000 jobs. The unemployment Read more…
Sunset Friday, March 10, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • The developing Silicon Valley Bank story kept markets hostage and determined today’s reaction to the latest US payrolls release. Yesterday’s surprise announcement by SVB that it wanted to raise $2.25bn by issuing shares to Read more…
Friday, 10 March 2023 Please click here to read the PDF version Markets • Yesterday was supposed the be an interlude ahead of today’s payrolls with (higher than expected) US weekly jobless claims (211k from 190k) providing some ‘dovish’ distraction intraday. However, gradually the story of SVB financial, the owner Read more…
Sunset Thursday, March 9, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Where to begin. There’s so much that didn’t happen today. Let’s take a look at equity markets. European stocks opened in red. The likes of the Euro Stoxx 50 (-0.25%) were off intraday Read more…
Thursday, 9 March 2023 Please click here to read the PDF version Markets • US and European interest rate markets diverged further yesterday. German/EU yields didn’t see much spill-over from Tuesday’s sharp post-Powell repositioning in US markets. The German curve inverted further (2-y yield up 2.5 bps, 30-y minus 6.4 Read more…
Sunset Wednesday, March 8, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Global markets today took a breather after yesterday’s sharp repositioning. At his hearing before the Senate, Fed Chair Powell admitted that rates most likely will have to be raised further than assumed in the Read more…
Wednesday, 8 March 2023 Please click here to read the PDF version Markets • At the hearing before the Senate Banking Committee, Fed Chair Powell repeated that inflation in the core goods sector has fallen while housing services prices are also decelerating. Still, there is little sign of disinflation in Read more…
Sunset Tuesday, March 7, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Fed Chair Powell in front of the US Senate as expected said that the ultimate peak interest rate level would be higher than expected in December (5-5.25% median projection in the dot plot). Less Read more…
Tuesday, 7 March 2023 Please click here to read the PDF version. Markets • There was every reason to expect a calm session yesterday with Friday’s correction/consolidation on yield markets to continue into today’s appearance of Fed Powell before Congress. Eco data were few and second tier. However, calm was Read more…
Monday, 6 March 2023 Please click here to read the PDF version Markets • On Friday, US and European yields envisaged an end of week countermove. The correction occurred as even ECB and Fed speakers maintained the ‘higher for longer mantra’. ECB’s Wunch indicated that a 4% policy rate isn’t Read more…