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3 August 2023
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- Shorter-dated Gilts made gains but longer-dated Gilts made losses as the BoE hiked Bank Rate by 25bps, raised the possibility that the peak could be near, but also committed to keeping policy “sufficiently restrictive for sufficiently long”.
- Longer-dated Bunds made losses even as euro area goods price pressures continued to diminish and the final July services PMIs reaffirmed that growth in the sector is probably slowing.
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1 August 2023
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- While the final manufacturing PMIs signalled falling output and disinflation in the sector, Bunds largely made losses as the euro area unemployment rate reached a new series low and German jobless claims fell.
- Gilts also made losses despite a drop in a survey measure of UK shop prices and a further decline in house prices.
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31 July 2023
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- Bunds made modest gains as flash euro area data showed that GDP in Q2 rose in line with the ECB’s expectation, headline inflation eased slightly but core inflation picked up due to the sticky services component.
- Apart from at the short end of the curve, Gilts made gains as UK consumer credit picked up but net mortgage lending remained very weak.
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28 July 2023
360 KB
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- Bunds ended the day little changed as initial figures from some of the member states pointed to a return to positive euro area GDP growth in Q2 and declines in euro area headline and core inflation in July.
- Gilts followed USTs higher at the shorter end of the curve on a quiet day for economic news from the UK.
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28 July 2023
544 KB
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- U.S. data on growth & inflation: favorable developments
- Employee compensation costs: slower growth, but still brisk
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27 July 2023
314 KB
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- Bunds made gains as the ECB raised its main policy rates by 25bps but kept open its options for its September policy meeting.
- Gilts made gains at the short end of the curve but losses at the long end despite a weak UK retail survey.
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27 July 2023
298 KB
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- Q2 GDP: firm growth, led by consumer spending and business investment
- GDP price index: subdued in Q2
- Durable goods orders: jump in headline led by transportation category
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26 July 2023
272 KB
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- Bunds made losses even as today’s ECB monetary data further illustrated the impact of higher interest rates on bank lending and deposits.
- Gilts also made losses on a quiet day for top-tier UK economic data.
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