-
30 June 2023
390 KB
PDF
- Bunds largely made modest gains as euro area inflation broadly aligned with expectations, with a notable drop in the headline rate while the core rate ticked slightly higher.
- Shorter-dated Gilts made losses while updated Q1 GDP data showed an upwards revision to private sector capex, while profits outpaced pay.
Share
-
30 June 2023
477 KB
PDF
- Monetary policy update: hawkish comments by Powell affirm dot plot projections
- PCE price index: little moderation in underlying inflation
- Personal income & consumption: firm income growth, but spending stalls
Share
-
29 June 2023
329 KB
PDF
- While Spanish inflation fell below 2%, Bunds followed the global trend lower as the flash German inflation estimates confirmed a significant pickup in the headline and core rates.
- Gilts also made losses even as UK households made a second successive net mortgage repayment and withdrew a record amount from deposits.
Share
-
29 June 2023
388 KB
PDF
- Revised Q1 GDP: notable positive revisions to consumer spending & net exports
- Corporate profits: softening from elevated levels
- Pending home sales: third consecutive decline, but other segments of housing market showing signs of life
Share
-
28 June 2023
288 KB
PDF
- While ECB President Lagarde repeated her key messages from yesterday’s hawkish speech, Bunds made gains as Italian inflation posted a broad-based decline in June and euro area net lending to households contracted.
- Gilts made significant gains even as BoE Governor Bailey emphasised that UK core inflation was proving to be far stickier than expected.
Share
-
27 June 2023
267 KB
PDF
- Bunds made losses as President Lagarde insisted that ECB policy will remain restrictive for some time to come.
- Gilts also made sizeable losses despite a survey signalling a moderation in UK shop price inflation.
Share
-
26 June 2023
264 KB
PDF
- Bunds made gains as the German ifo business survey disappointed expectations, signalling a marked deterioration in the manufacturing outlook over H223.
- Gilts also rose as a UK retail survey pointed to underwhelming sales growth and a decline in orders.
Share
-
23 June 2023
366 KB
PDF
- Bunds rallied as the flash euro area PMIs for June signalled a significant loss of economic growth momentum.
- While the flash UK PMIs also missed expectations, Gilts made losses at the short end of the curve but gains further out as retail sales rose for a second successive month and consumer confidence improved.
Share