Thursday, 6 October 2022 Please click here to read the PDF version Markets • US data came in strong yesterday. The September ADP job report hit the bar (208k with a 53k upward revision for August). The US non-manufacturing ISM stabilized at a strong 56.7 (vs 56 expected), contrasting with Read more…
Tuesday, 4 October 2022 Please click here to read the PDF version Markets • The US manufacturing ISM surprised to the downside yesterday, easing from 52.8 to 50.9. The lowest reading since May 2020 followed a (deeper) drop in employment and new (export) orders into contraction territory. Backlogs fell sharply Read more…
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…
Friday, 1 July 2022 Please click here to read the PDF version Markets • Weak European risk sentiment spilled into US dealings with losses of up to 2% for European indices and up to 1.3% for the US. The only silver lining is that they managed to close off intraday Read more…
Thursday, 2 June 2022 Please click here to read the PDF version Markets • We had to wait for some US figures to spice up yesterday’s trading session a little bit. ISM manufacturing confidence unexpectedly accelerated from 55.4 to 56.1, mainly as new orders kept flowing in strongly (55.1). Supplier Read more…
Tuesday, 3 Mai 2022 Please click here to read the PDF version Markets • Markets yesterday had to cope with multiple, divergent pieces of news both on inflation and growth. Most data still suggested that the former is becoming an ever bigger hurdle for the second. Chinese data are flagging Read more…
Monday, 2 Mai 2022 Please click here to read the PDF version Markets • The balance between growth and inflation still was the talk of the town on Friday and will likely continue dominating the debate. EMU growth slowed to 0.2% Q/Q from 0.3% resulting in a 5.0 Y/Y. Few Read more…
Sunset Tuesday, April 5, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • At first sight, the context for global trading today wasn’t much different from yesterday. Except for a strong US services ISM (58.3 vs 58.5 expected), there were again hardly any data with market Read more…
Tuesday, 5 April 2022 Please click here to read the PDF version Markets • The EU condemned Russian war crimes in Ukraine and looks into stepping up economic sanctions. The risk of a new escalation increases and triggered a first meaningful correction higher in European bonds in over a month. Read more…
Friday, 1 April 2022 Please click here to read the PDF version Markets • The massive core bond yield surge eased or reversed after having experienced the worst month in many decades. European swap yields registered the biggest monthly jump since the creation of the EMU, even after giving up Read more…