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2020

  • US Economic Comment

    US Economic Comment

    26 November 2020 337 KB PDF
    • The U.S. economy: early evidence on Q4 growth
    • FOMC minutes: highly favorable views on QE and 13(3) facilities
  • Euro Wrap-up

    Euro Wrap-up

    26 November 2020 376 KB PDF
    • Bunds made gains as national consumer surveys signalled a deterioration of sentiment, euro area bank lending to NFCs remained subdued, and the ECB’s flagged growing concerns about the outlook.  
    • Although late reports hinted that a breakthrough on fisheries might be close, Gilts made gains as reports for much of the day suggested that little progress had been made in the EU-UK negotiations.
  • Euro Wrap-up

    Euro Wrap-up

    24 November 2020 506 KB PDF
    • On a day of positive risk appetite, Bunds made losses as the ifo business survey suggested only a relatively modest drop in German GDP in Q4. 
    • Gilts also made losses as a survey also suggested that UK retail sales remain relatively resilient in Q4. 
  • US Data Review

    US Data Review

    24 November 2020 166 KB PDF
    • Consumer confidence: stalled at a low level
  • US Economic Comment

    US Economic Comment

    23 November 2020 324 KB PDF
    • Fed credit facilities: winding down
    • Inflation expectations: a new measure to guide Fed decisions
    • Recent economic statistics: not so bad
  • Euro Wrap-up

    Euro Wrap-up

    23 November 2020 353 KB PDF
    • Following the announcement of positive results from the Oxford-AstraZeneca vaccine trials, Bunds made modest losses even as the flash PMIs suggested that euro area GDP is contracting once again.
    • Gilts also made losses as the flash PMIs also pointed to a weakening in UK economic activity.
  • Euro Wrap-up

    Euro Wrap-up

    20 November 2020 545 KB PDF
    • After leaders failed to resolve their impasse over the EU budget, Bunds made gains as euro area consumer confidence fell to a six-month low.
    • Despite strong retail sales data, Gilts made gains as UK consumer confidence weakened too.
  • Euro Wrap-up

    Euro Wrap-up

    19 November 2020 351 KB PDF
    • Ahead of this evening’s leaders’ teleconference, which appeared unlikely to resolve the impasse over the EU budget and recovery funds, Bunds made gains as data confirmed a drop in euro area construction output at end-Q3.
    • While the EU-UK negotiations were suspended as one participant tested positive for coronavirus, Gilts made modest gains as business surveys pointed to a loss of recovery momentum in the UK.