ZDEU News and Press, SPDR Solactive Germany ETF

Q2 Eurozone GDP (preliminary): +0.6% M/M vs. +0.7% consensus, +0.7% prior. +3.9% Y/Y vs. +4.0% consensus, +4.0% prior. Eurozone Q2 GDP earlier estimated rise of 4.0%. ETFs: EWG , DAX , EWI , EWQ , GF , HEWG , EWGS , DXGE , DBGR , FGM ...

We stay tactically overweight European equities with two key events on the horizon: a European Central Bank meeting and the German election. U.S. jobs growth in August was far below expectations. Yet, we caution that seasonality could be at play and a revision upwards is possible. ...

USD finished last week on a soft note but steadied at the start of the week, edging higher against nearly all major currencies. The Australian and New Zealand dollars were the weakest, off about 0.3%. The JP Morgan Emerging Market Currency Index snapped a six-day rally, its longest in...

We may well have seen the trough in both USD and EUR rates this summer, but we expect USD rates will rise much faster from here. With Fed tapering coming into view, the divergence with ECB QE policy will become more obvious. There is divergence on the US front end too, as bills re...

So historically we have not seen negative yields. Ever. I’ve looked at a lot of history books, I have not found persistent nominal negative yields, at least in written history. Right now, it would be a little bit tough to say that interest rates are free. Interest rates are whe...

The relentless drop in bond yields raises the question of how low can they go. For 10Y Treasuries, we think 1%. For German bonds, we’re probably closer to the bottom. The service sector is more liable to be impacted by Covid-19 cases. Look out for sentiment surveys today. ...

The Eurozone’s economy as measured by GDP expanded by 2% q/q in the second quarter, significantly faster than expected, indeed faster than the economies of the US and China. The most important driver of the Flash Composite PMI for July was the Flash Eurozone Services PMI Activi...

Germany’s flash July 2021 inflation estimate came in hot yesterday, boosted mostly by comparisons to July 2020’s VAT-free situation. Despite Deutschland’s oversized contribution and influence, Eurostat reports today how for Europe as a whole there was a whole lot ...

We think inflation is likely to fall back, but we are more sensitive to upside risk than at the start of the year. Evidence of longer-term investment in more and more sectors continues to build. Flexibility and a tactical approach across the full range of credit markets has been a...

Record low real yields across the world betray an exceptional degree of macro angst. Or do they? Don’t look at rates in isolation. Other markets are fine. The tide of central bank purchases lifts all boats, and normal liquidity conditions will only return at the end of the ...