Wednesday, 19 October 2022 Please click here to read the PDF version Markets • Markets whipsawed yesterday, lacking guidance from mixed economic data in Germany (ZEW) and the US (industrial production strong but tumbling NAHB housing market confidence). Stocks finished in the green (about +1%) but were well below intraday Read more…
Monday, 3 October 2022 Please click here to read the PDF version Markets • We had important inflation figures due on Friday. The price surge hit double digits in Europe while the Fed’s preferred gauge in the US (PCE (core) deflator) topped expectations too. But with the third quarter drawing 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, 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…
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…
Tuesday, 16 August 2022 Please click here to read the PDF version Markets • Disappointing July Chinese eco data and some PBOC monetary policy easing were the main talking point at the start of the new trading week. The Chinese central bank cut its 1-yr medium term lending facility rate 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…
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…
Sunset Wednesday, June 22, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Here we go again. It has been a reliable roadmap over the past few months: the inflation scare dominates in the run-up to actual price data releases and central bank meetings at which Read more…
Thursday, 9 June 2022 Please click here to read the PDF version Markets • Core bonds and stocks sold off in lockstep again yesterday as a new surge in oil prices stings. Brent crude rallied from $120.50/b to $124/b, testing the highest level since mid-March. The post-invasion top stands at Read more…