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…
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 Wednesday, September 21, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • The presumed calm of the countdown to this evening’s Fed decision was abruptly unsettled by a speech of Russian president Vladimir Putin around the start of European dealings. Putin announced a ‘partial mobilization’ Read more…
Tuesday, 20 September 2022 Please click here to read the PDF version Markets • The new week didn’t bring any change to market trends/narrative going into multiple central banks decisions, including the FOMC announcement on Wednesday. Markets continue to prepare for (or is it rather push?) inevitable bold central bank Read more…
Monday, 19 September 2022 Please click here to read the PDF version Markets • Last week, a strong flattening/inversion move illustrated investors’ believe in a further frontloading strategy as global central banks are trying to regain control on inflation. Despite mostly hawkish ECB speak of late and the Fed keeping Read more…
Sunset Friday, September 9, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • A75 bps rate hike is not the new norm (according to ECB’s Lagarde yesterday at the ECB press conference). Also the Fed pledged to set interest rates in line with incoming economic data. Read more…
Monday, 5 September 2022 Please click here to read the PDF version Markets • US payrolls added a robust 315k but a downward two-month revision, slowing income growth and an unusually large uptick in the participation rate drew the attention. It smoothed off some of the sharpest edges in terms Read more…
Sunset Thursday, September 1, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Over the previous days, Fed and ECB policy makers advocating a protracted hiking cycle with yields to stay higher triggered a congruent sell-off in bonds and equities. Even with few important eco data Read more…
Tuesday, 30 August 2022 Please click here to read the PDF version Markets • Yesterday, last week’s repositioning on US and European interest rate markets simply continued with European markets again underperforming. Chair Powell on Friday was very clear that the Fed will do ‘whatever it takes’ to bring inflation Read more…
Monday, 29 August 2022 Please click here to read the PDF version Markets • Markets pondering Fed Powell’s assessment on monetary policy dominated trading throughout the whole of last week. It took Powell less than 10 minutes to clarify Fed’s intentions going forward. The Fed’s focus continues to be on Read more…