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Tightening financial conditions could mean markets see less of a need to hike rates. It is still early days, and previous signs of worsening economic outlooks were met with a shrug by rates markets. Supply is also clouding the picture, but further curve bull-steepening would be a ...
Key highlights from the April U.S. employment report. Bank of England announces fourth rate hike since December. Rising rates, inflationary fears batter markets. For further details see: Is U.S. Wage Growth Starting To Slow?
Every asset class has been on a rollercoaster ride as investors are watching central bankers all around globe tighten monetary policy to fight inflation. The focus for the upcoming week will naturally be a slew of Fed speak and the latest US CPI data which is expected to show inflatio...
Earlier in this month, the UK government announced in its Energy Security Strategy that it will support the production of domestic oil and gas in the near term while accelerating the deployment of wind, new nuclear, solar, and hydrogen to boost the country's long-term energy independence....
The JPMorgan Manufacturing Purchasing Managers' Index™ (PMI™), compiled by S&P Global, fell from 52.9 in March to a 20-month low of 52.2 in April. April also saw global new orders almost stall, registering only a marginal increase which was the smallest since June 20...
A blockbuster week in store in financial markets and one that begins with bank holidays across various countries. The standout event next week will naturally be the Federal Reserve monetary policy decision on Wednesday when we’re likely to see the first 50 basis point rate hike...
Inflation worries still loom large in the market’s psyche, even with rising growth concerns. Risk sentiment doesn’t fare well in these circumstances. Sterling markets seem like a haven of relative calm, as we believe the BoE will hike twice more this year but pause after...
A string of weak sentiment data had the market re-rate recession probabilities and gave weight to the comparatively cautious tone adopted by the BoE. We foresee yields ending 2022 at 1.8% and the rally should accelerate next year. Our baseline scenario sees some modest GBP weaknes...
U.K. large-cap equities continue to be resilient in the face of multiple headwinds, as the FTSE 100 is the third strongest performer year-to-date. The Materials sector trades at a 7.9x forward P/E, resulting in a 35% discount to its long-term average and well below the 10-year high of...
Preliminary PMI survey data showed economic growth slowing in the US and UK as strong pandemic rebounds showed signs of fading. In contrast, a reopening of economies in the eurozone and Japan helped drive improvements, helping to offset weakened manufacturing performances arising from...