UGBP News and Press, Citigroup Global Markets Holdings Inc ZC SP ETN REDEEM 15/12/2032 USD 25 - 17326E159 From 10/08/21

A decent US jobs figure will allow the Fed to announce the taper next month. Inflation will keep the pressure on the Fed, arguing for further steepening of the curve into next week's bond supply. The ECB has yet to figure out how to react to higher inflation, but also avoid the ne...

The sharp upside reversal in US shares yesterday carried over in Asia and Europe today. The Asset Purchase Program had strict parameters in terms of the capital key and country limits. US weekly jobless claims have risen for the past three weeks. For further details see: ...

The Nikkei fell for the eighth consecutive session, and today's 1% drop brings the cumulative decline to 9%. The Reserve Bank of New Zealand became the second high-income country to hike rates. The US dollar appeared to break the neckline of the possible head and shoulders topping...

Inflation concerns are a problem for fixed income markets. But it is a return to positive economic surprises that will prove the most potent driver of higher rates in the coming weeks. As the ECB diverts the focus away from the amount of its purchases, we think sovereign spreads s...

Rates have adjusted higher over the course of the week, with the unabated rise in energy prices adding to the backdrop of central banks having turned more hawkish. Next week's US jobs data could cement a Fed taper announcement in November and add to the markets' feeling of a mistake i...

The rates market sell-off has extended, albeit losing some steam. While the GBP inflation narrative grabbed the headlines, USD rates dynamics indicate it is more a repricing of monetary policy. Only the ECB is distancing itself from the hawkish turn, at least with some success as ...

The 13 bp jump in the US 10-year note and 30-year failed to derail the rebounding equities or lend the dollar support. Japan's headline CPI slipped deeper into deflation. The US dollar peaked on Monday near CAD1.29 and fell back to CAD1.2635 yesterday, helped by the continued reco...

The week is winding down, and risk appetites seem vulnerable even though the MSCI Asia Pacific Index pared its first weekly loss in four, led by gains in Tokyo and Hong Kong. China will launch the "Southbound Link" next week that will draw mainland capital into Hong Kong. The US d...

The energy complex has become a key focus, with Brent oil holding above $75 and WTI above $72. Gold's outside up day on Tuesday went for naught, and the yellow metal is testing support in the $1,780 area. The New Zealand economy expanded by 2.8% in Q2, more than twice the pace exp...

Developed market yield curves are displaying late-cycle dynamics. This is nowhere as obvious as on the GBP curve as hikes are being brought forward, and as the curve flattens. This makes it all the more difficult for long-end rates to rise. For further details see: Rates...