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31 January 2023
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- Employment cost index: slower in Q4, but still brisk
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31 January 2023
487 KB
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- Despite confirmation of minimal euro area GDP growth in Q4, a tick up in French inflation and continued German labour market resilience, euro govvies made modest gains as German retail sales slumped and an ECB survey signalled a further tightening in credit conditions.
- Gilts also made modest gains as UK mortgage approvals fell sharply to the lowest since January 2009 aside from the initial pandemic trough.
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30 January 2023
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- ESG bond issuance volumes set for moderate growth in 2023 as uncertainties set to subside
- COP15 puts biodiversity centre stage among ESG investors after landmark framework was agreed. Market-led initiatives could pave way for timely adaptation of disclosure requirements
- Primary market volumes declined in 4Q22 for SSAs and FIGs. 2023 ESG supply expected from inaugural transactions from smaller sovereigns as well as expanded agency and Supra mandates
- Secondary market spreads and greeniums less volatile in 4Q22 but remained exposed to liquidity constraints. New policies and greater investments into clean energy expected to provide relief
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30 January 2023
444 KB
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- Bunds made notable losses as Spanish inflation surprised on the upside and a marked acceleration in Irish GDP more than offset a modest contraction in Germany.
- Gilts were little changed on a quiet start to the week for UK economic releases.
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27 January 2023
357 KB
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- Despite some softer euro area bank lending figures and a downbeat French consumer survey, Bunds fell as Spanish Q4 GDP beat expectations and markets looked ahead to next week’s ECB policy announcements.
- Gilts also made losses on a quiet end to the week for UK economic news, as attention turned to the BoE policy decision and updated forecasts due on Thursday.
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27 January 2023
295 KB
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- FOMC: decelerating inflation opens a door to a 25 basis point change; possible mention of a pause, but that hurdle is high
- U.S. GDP: solid in Q4, but challenges in Q1 and beyond
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26 January 2023
245 KB
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- GDP: firm in Q4, but questions about sustainability
- Durables: Aircraft led jump in December International trade in goods: both sides of trade ledger contribute to deficit slippage
- New home sales: sideways movement at a low level in 22-H2
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25 January 2023
265 KB
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- Bunds ended the day little changed, even as the German ifo business survey implied a gradual recovery over coming quarters, and further ECB Governing Council members called for at least two further hikes of 50bps.
- Longer-dated Gilts made modest gains as UK producer input prices declined the most since April 2020, while services PPI inflation fell back too.
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