Tuesday, 6 September 2022 Please click here to read the PDF version Markets • Energy stayed the dominant trading theme on European markets yesterday. Gas prices surged as much as 36% intraday before the panic subsided somewhat. Eventual gains for natural gas amounted to about 15%. Oil prices also rose Read more…
Tuesday, 19 July 2022 Please click here to read the PDF version Markets • Especially European markets yesterday showed a remarkable risk-on mood despite multiple event risks (ECB meeting, Italian political crisis, Russian gas supply to Europe, EMU PMI’s) looming large over the next days. Several (also hawkish) governors last Read more…
Monday, 18 July 2022 Please click here to read the PDF version Markets • Markets on Friday closed a volatile week on a positive note. The move was at least partially inspired by investors taking a more guarded approach on next week’s Fed meeting. The FOMC for sure still will Read more…
Wednesday, 6 July 2022 Please click here to read the PDF version Markets • The relative calm that (temporary) returned to markets on Monday didn’t last long. A bit strange, yesterday’s huge market swings weren’t triggered by US investors returning from the 4th of July holiday. It was mainly European Read more…
Wednesday, 29 June 2022 Please click here to read the PDF version Markets • European bonds continued to underperform their US peers yesterday. ECB Lagarde sharpened the central bank’s communication at the Sintra symposium. If necessary, the ECB would act in a determined and sustained manner to tackle inflation. Conditions Read more…
Sunset Thursday, June 23, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Eurozone June PMI’s turned the post-Fed consolidation on interest rate markets into correction. The German yield curve bull steepens with yields sliding by 24 bps at the 5-y tenor to 15 bps at the 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…
Monday, 25 April 2022 Please click here to read the PDF version Markets • The second half of last week was marked by a hawkish market repositioning with regard to the timing and the number of future ECB rate hikes. Several ECB governors broke ranks with President Lagarde’s official communication 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…
Monday, 11 April 2022 Please click here to read the PDF version Markets • On Friday, selling on bond markets simply continued in the wake of the hawkish messages provided by the minutes of the Fed and ECB March meetings published earlier last week. Persistent high inflation is putting the Read more…