DRR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 - 617480280 From 09/02/21

We doubt the drivers behind the narrowing of USD-EUR rates differential will persist: supply will swing the other way ahead, and overly hawkish ECB comments sow the seeds of a mini-tantrum. We're at a crossroads on many fronts. Direction usually comes from the US, but not always. ...

The new month begins with risk appetites bolstered by stronger than expected PMI reports helping lift equity markets after the pause in the US yesterday. The flash EMU manufacturing PMI of 61.5 after 62.8 in July was close to the final reading of 61.4. The US dollar is trading ins...

The dollar has been sold against nearly all the currencies today. The risk-on mode to finish the month is evident in equities as well. Copper is up slightly for the third consecutive session and the seventh in the past eight. For further details see: 2 Major Surprises To...

In his speech on Friday, Fed Chair Jerome Powell stressed that inflationary pressures are cooling and getting closer to the Fed’s 2% target rate. Powell also acknowledged that some inflation is a “cause for concern” and implied that higher prices could be more permane...

There has been some follow-through activity after Fed Chair Powell's pre-weekend Jackson Hole comments. US futures indices are posting small gains. Gold poked through $1,823 briefly before succumbing to selling pressure. For further details see: Little Follow-Through Fro...

The preliminary PMI estimates have already been released for many countries and are often good enough for investors. China's PMI is an exception. While Beijing continues to press with its regulatory and social reforms, economic policymakers are eschewing large-scale fiscal or monetary...

Eurozone nominal GDP is even lower than it was before the Lehman crisis. The Eurozone’s largest banks are over-leveraged, and their share prices question their survival. We should consider the political and economic consequences of a collapse of the Eurosystem. The fina...

News of the deadly strike at the Kabul airport quashed risk appetites, sending equities lower and the dollar higher. European bonds are also trading higher, leaving yields soft. China's iron ore contracts finished the week with their fifth consecutive advance. For further de...

The bond market sell-off continues, with the US 10-year pushing above 1.35%, a 10 bp increase on the week. Japan extended the formal emergency to more prefectures and now covers the area where 70% of the population lives. Mexico reported a Q2 current account surplus of $6.3 bln, w...

US S&P 500 and NASDAQ set new record highs, and Asia Pacific markets moved higher, though there was profit-taking in Hong Kong on Chinese tech names. The Scottish National Party concluded a powersharing agreement with the Greens at the end of last week. The US dollar peaked be...