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8 December 2023
334 KB
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- Bunds followed USTs lower but the final estimates of German inflation in November confirmed a broad-based easing of price pressures.
- Gilts also made losses despite survey evidence of a significant softening of conditions in the UK labour market.
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7 December 2023
279 KB
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- Bunds made modest gains as German industrial production contracted for a fifth consecutive month, while the drop in euro area GDP in Q3 was confirmed despite a pickup in final domestic demand.
- Gilts followed USTs lower on a quiet day for UK economic news.
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6 December 2023
302 KB
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- Trade balance: nominal goods deficit widens, implying drag from net exports on GDP in Q4
- Revised nonfarm productivity: upward adjustment to already-firm Q3 data
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6 December 2023
281 KB
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- Bunds made further gains as euro area retail sales remained subdued and German factory orders declined further than expected at the start of Q4 while a survey pointed to ongoing contraction in German construction.
- Gilts also largely made gains as the UK construction PMIs pointed to significant weakness in house-building as well as a notable cooling of input cost pressures in the sector.
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5 December 2023
308 KB
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- Bunds made sizeable gains as influential ECB hawk Schnabel pivoted to a more neutral stance, suggesting that a further rate hike was unlikely.
- Gilts also made large gains as a survey suggested that UK retail sales remained subdued in November despite heavy discounting.
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4 December 2023
552 KB
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- Record year for ESG issuance in 2023 still possible despite third quarter slump
- Primary market volumes of FIGs and SSAs underperformed due to market volatility but issuers still presented innovative structures to investors
- After some widening in secondary market spreads throughout 3Q23, indicative fourth quarter data suggests markets have firmed as risks receded and greeniums were partially restored
- Fixed income markets face new regulatory and disclosure requirements that will raise standards but also improve data quality and comparability of entities from an environmental perspective
- Key talking points and take-aways from Daiwa Capital Markets Conference 2023 - ESG Panel
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30 November 2023
379 KB
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- PCE price indexes: continued moderation
- Real consumer spending: solid in October after Q3 jump
- Other data: upside surprise for Chicago PMI; pending home sales remained soft
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30 November 2023
383 KB
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- While the flash estimate of euro area inflation in November significantly undershot expectations with a broad-based moderation in price pressures, Bunds made losses.
- Despite a moderation in UK business inflation expectations, Gilts also made losses as an external MPC member suggested that monetary policy was less restrictive than the BoE had previously thought.
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