-
23 August 2023
286 KB
PDF
- Bunds rallied as the flash euro area PMIs signalled an increasing likelihood that GDP is now contracting, while consumer confidence also deteriorated.
- Gilts also made big gains as the flash UK PMIs also surprised significantly on the downside to flag the prospect of a drop in GDP this quarter.
Share
-
22 August 2023
282 KB
PDF
- Bunds made gains as the euro area current account surplus jumped sharply thanks to a record goods trade balance, while French retail sales started Q3 in reverse.
- Gilts also made significant gains as UK public sector borrowing again missed expectations while a survey pointed to a drop in output and weakening of selling-price expectations in the manufacturing sector.
Share
-
18 August 2023
315 KB
PDF
- Bunds made gains across the curve as the final euro area inflation data for July confirmed the drop in headline inflation to an 18-month low and that summer holiday-related prices contributed to the stickiness of core inflation.
- Gilts made gains as UK retail sales fell further than expected in July.
Share
-
18 August 2023
532 KB
PDF
- Powell on the docket at Jackson Hole
- The housing market: difficulties likely to persist
- Is firm consumer spending about to slow?
Share
-
16 August 2023
301 KB
PDF
- Bunds made gains as data confirmed that the pace of decline in euro area industrial production accelerated in Q2 while employment growth moderated.
- Gilts made further losses as UK inflation data for July suggested that core price pressures persist as the services component picked up again.
Share
-
15 August 2023
288 KB
PDF
- Retail sales: firm spending with a notable contribution from online shopping
- Results suggest a pickup in Q3 consumer spending from the 1.6 percent pace in Q2
Share
-
15 August 2023
279 KB
PDF
- Bunds made losses as the ZEW survey suggested that investors are a touch less downbeat about the German economic outlook even though they have a highly negative assessment of current conditions.
- Gilts made losses as UK pay growth significantly exceeded expectations despite other evidence of a loosening of labour market conditions.
Share
-
14 August 2023
407 KB
PDF
- Italy windfall tax softened after announcement caused market volatility
- Primary market activity in the summer break surprised with a number of senior trades among FIGs as well as subordinated trades from high quality Swedish and French issuers
- Secondary market spreads were mostly wider for EUR and USD affected by market moves from the surprise Italian bank tax announcement. The Tier 2 segment remained robust and improving the most, encouraging further issuance
Share