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2026

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  • Euro wrap-up

    Euro wrap-up

    3 March 2026 304 KB PDF
    • Bunds made further losses as wholesale energy prices again rose sharply and euro area inflation surprised to the upside in February.
    • Gilts underperformed even as the UK DMO reduced its planned issuance for the next fiscal year and lowered the share of longer-dated bond sales.
  • European Banks - ESG Update & 2026 Outlook

    European Banks - ESG Update & 2026 Outlook

    2 March 2026 709 KB PDF
    • ESG volumes are expected to reach around EUR950bn in 2026, supported by refinancing needs and repeat programmes. Green bonds continue to dominate.
    • FIG and SSA issuers will benefit from broadening mandates, large redemptions and policy initiatives.
    • So far in 2026, FIG activity has been more resilient while SSAs saw a more tentative start to the year.
    • Relative value is increasingly driven by issuer quality, liquidity and standardisation.
  • US Data Review

    US Data Review

    2 March 2026 199 KB PDF
    • ISM manufacturing: indicating expansion for the second consecutive month; prices surge to highest level since 2022
  • Euro wrap-up

    Euro wrap-up

    2 March 2026 376 KB PDF
    • While ECB policymakers were keen not to pre-judge the likely impact of events in the Middle East on the future path of rates, Bunds followed the global trend lower as wholesale energy prices jumped sharply.
    • Gilts also made losses, while BoE dove Taylor suggested the MPC will need to be mindful of the downside risks to economic output posed by the Iran War.
  • Euro wrap-up

    Euro wrap-up

    27 February 2026 374 KB PDF
    • Against the backdrop of diminished global risk appetite, Bunds made gains as a downside surprise in the flash estimates of German inflation in February contrasted upside surprises in France and Spain.
    • While a poor result for the Labour party in the Gorton and Denton by-election raised further questions about Keir Starmer’s future as Prime Minister, Gilts also made gains as UK consumer confidence deteriorated.
  • Euro wrap-up

    Euro wrap-up

    26 February 2026 297 KB PDF
    • Bunds made modest gains while the latest Commission survey reported an unexpected deterioration in sentiment in the middle of Q1 led by France, while bank lending remained subdued in January.
    • Ahead of the results of today’s by-election in Gorton and Denton, Gilts followed USTs higher on heightened global risk aversion.
  • Euro wrap-up

    Euro wrap-up

    25 February 2026 326 KB PDF
    • While the drop in euro area inflation in January well below target was confirmed and German consumer confidence deteriorated more than expected in the latest survey, Bunds were little changed as data confirmed that German domestic demand growth was strong in Q4.
    • Gilts made modest losses as the Ofgem cut its household energy price cap from April by a little less than expected.
  • Euro wrap-up

    Euro wrap-up

    24 February 2026 305 KB PDF
    • Bunds were little changed as business surveys pointed to ongoing recovery in German manufacturing but a broad-based deterioration in sentiment in France.
    • While a UK retail survey flagged a deterioration in sales volumes, hiring and investment intentions, shorter-dated Gilts fell after the new US global tariff reverted to 10%.