Thursday, 19 May 2022 Please click here to read the PDF version Markets • A heavy selling wave on US stock markets eventually reversed intraday weakness on core bond markets while granting the dollar a push in the back. Main US indices ceded 3.6% (Dow) to 4.7% (Nasdaq). Retailers underperformed 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…
Sunset Tuesday, May 17, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Market sentiment is subject to quite some wild swings. Last week, investors panicked that aggressive CB (especially Fed) rate hikes to address elevated (core) inflation would inevitably slow growth, triggering a sharp risk-off correction 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…
Friday, 29 April 2022 Please click here to read the PDF version Markets • Dollar dominance reflected in new multiyear highs on a trade-weighted basis (DXY 103.93), against the yen (USD/JPY 130.95), against the euro (EUR/USD 1.0472) and against sterling (GBP/USD 1.2412). Fed Chair Powell’s comments last week ignited the Read more…
Tuesday, 19 April 2022 Please click here to read the PDF version Markets • The ECB on Thursday last week disappointed euro bulls as they went into a four-day weekend. They hoped for something more than an almost unchanged assessment, especially after inflation in March again surprised to the upside. Read more…
Friday, 8 April 2022 Please click here to read the PDF version Markets • Minutes of the March ECB meeting kickstarted the countdown to next week’s ECB meeting. In line with FOMC Minutes, they surprised markets in a hawkish manner. The key takeaway was some ECB members already argued in Read more…
Thursday, 7 April 2022 Please click here to read the PDF version Markets • FOMC Minutes took centre stage yesterday and rightly so. They confirmed willingness from Fed governors to step up the tightening cycle. Many participants noted that one or more [half-percentage-point] increases in the target range could be Read more…
Sunset Friday, April 1, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Investors were relatively cautious to place strong directional bets at the start of the new quarter. There was no follow-through price action on yesterday’ risk-off move. Or was it simply an end of Read more…