Wednesday, 13 September 2022 Please click here to read the PDF version Markets • US Treasuries underperformed German Bunds yesterday. US yields added 1.4 bps to 6.5 bps with the 10-30yr bucket being worse off. The main move occurred in the wake of a very weak $32bn 10-yr Note auction Read more…
Thursday, 14 July 2022 Please click here to read the PDF version Markets • Faster than expected US inflation (9.1% y/y) once again sent shockwaves through financial markets yesterday. US bond yields shot up as much as 18 bps at the short end of the curve before paring some of Read more…
Sunset Wednesday, July 13, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Chinese trade data and comments by ECB Villeroy served as amuse-bouche for today’s main dish: June US CPI numbers. Chinese exports rebounded significantly in June as parts of the country (Shanghai) reopened. Exports Read more…
Sunset Friday, June 10, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Yesterday’s ECB meeting will go down in history books as one of the most important ones. The central bank committed to kill off surging inflation by ending asset purchases and hiking rates from Read more…
Sunset Wednesday, May 18, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • ECB policy makers keep up the July rate hike rhetoric. ECB Muller, de Cos and Rehn were today’s chosen ones. Interestingly, more governors start talking about what could come next after an inaugural July Read more…
Thursday, 12 May 2022 Please click here to read the PDF version Markets • US headline/core inflation for April came in at 8.3%/6.2% yesterday, defying expectations for a bigger decline from the 40-year highs. Core inflation also showed more signs of broadening and being increasingly persistent. It wasn’t the surprise Read more…
Sunset Wednesday, May 11, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Another series of ECB speeches made it all but certain now: a July rate hike is coming. This was not only confirmed by usual suspects including German ECB governor Nagel. The middle/neutral camp Read more…
Wednesday, 11 May 2022 Please click here to read the PDF version Markets • The equity sell-off took a breather yesterday. European stocks eked out gains of less than 1%. Markets in the US slid early in the open but rebounded later, ending the session with gains for the S&P Read more…
Wednesday, 13 April 2022 Please click here to read the PDF version. Markets • Yesterday’s US CPI caused investors to take a step backward and assess the standing uptrend in US/global yields. Both the headline CPI (1.2% M/M and 8.5% Y/Y) and core (0.3% M/M and 6.5% Y/Y) reached the Read more…
Tuesday, 12 April 2022 Please click here to read the PDF version Markets • The bond market sell-off continued unabatedly yesterday. Last week’s ECB and Fed minutes made investors realize that the era of low interest rates is definitely over. Multiple US and EMU yields set new cycle highs or Read more…