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2019

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  • European Banks - Credit Update

    European Banks - Credit Update

    12 November 2019 340 KB PDF
    • Q3 was a largely positive one for investment banking in both Europe and the US, whilst both Barclays and Credit Suisse maintained the solid performance reported in the first half of the year.
    • The demand by the German Finance Minister for action on the completion of the European banking union is a welcome development, yet any tangible progress is likely to be slow.
  • Euro Wrap-up

    Euro Wrap-up

    12 November 2019 300 KB PDF
    • Bunds made very modest gains, as a German business survey provided mixed message about economic conditions, while a French business survey signalled softer growth in Q4.
    • Gilts ended the day little changed as the latest UK labour market report showed a drop in the unemployment rate, but indicated a further moderation in employment and wage growth.
  • US Economic Comment

    US Economic Comment

    11 November 2019 328 KB PDF
    • The US economy: still performing well, but decelerating
  • Euro Wrap-up

    Euro Wrap-up

    11 November 2019 337 KB PDF
    • Bunds made modest losses, while euro area periphery government bonds underperformed as Spain’s election over the weekend saw the Socialist party fall well short of a majority and a significant increase in the share of the far-right Vox party.
    • Gilts also made modest losses, even as UK GDP posted a smaller than expected increase in Q3 to leave annual growth at its softest since Q110.
  • Euro Wrap-up

    Euro Wrap-up

    8 November 2019 476 KB PDF
    • Bunds made gains even as German trade data pointed to a pickup in exports at the end of Q3.
    • Gilts were little changed despite a UK job survey pointing to a further deterioration in labour market conditions at the start of Q4.
  • Euro Wrap-up

    Euro Wrap-up

    7 November 2019 365 KB PDF
    • Bunds followed the global trend lower on increased optimism surrounding a US-China trade agreement, despite Germany’s IP data confirming the fifth consecutive quarterly contraction in Q3.
    • Longer-dated Gilts also made losses, despite a dovish BoE Monetary Policy Report and two MPC members having voted for a 25bps rate cut.
  • Euro Wrap-up

    Euro Wrap-up

    6 November 2019 300 KB PDF
    • Longer-dated Bunds made gains, despite a modest upside surprise to German factory orders data.
    • Gilts also followed the global trend higher on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    6 November 2019 159 KB PDF
    • Productivity: surprisingly slow in Q3; doubts about pickup