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3 Things that Could Make European QE More Likely
1. Economic data and Political Instability: Recent economic data continues to disappoint. Meanwhile, the political situation in Russia could create adverse headwinds for surrounding economies, notably...
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Greece is the Word
The three key take-away points from last Friday’s deal: 1. Greek politicians shouldn’t play poker: Whether the new government was faced with a lack of time or simply wasn’t experienced in bail-out...
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Why did bonds sell off and yields rise?
Views from the European Investment Grade Fixed Income team Numerous reasons have been advanced for the rise in bond yields, ranging from credible to not very credible. Let us look at some: Fears that...
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5 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. U.S. GDP numbers were released, showing slightly lower-than-expected growth of 2.3% (expected 2.5%). The Q1 number was revised from -0.2% to +0.6%, which confirmed that there are still issues with...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. Contagion – What Contagion? European investors hoped that the problems in Greece would not have a knock-on effect on economic activity throughout Europe, but may be secretly worried that they...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. Inflation – Down Down, Deeper and Down Perhaps the reason that global bonds initially rallied was that the Renminbi (RMB) move was seen as a global deflationary move. A weaker RMB (and other Asian...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. “May You Live in Interesting Times” Reputed to be an ancient Chinese curse, “interesting” in the above phrase was meant to signify dangerous or turbulent times. Fingers were pointing at China last...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
50 Shades of QE The ECB’s September introductory statement reads “We emphasise our willingness and ability to act, if warranted, by using all the instruments available within our mandate”. It goes on...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
Catalonia Goes to the Polls (Again) Last week marked the start of campaigning for a regional election in Catalonia, traditionally Spain’s industrial and economic powerhouse. Although formally a...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. Over to you, Mario Here in Dublin, the European investment-grade fixed income team must confess to being a bit confused. Some time ago, Stanley Fischer (Vice-Chairman of the U.S. Federal Reserve)...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1.Catalan Elections The results of the regional elections in Catalonia are now in and have given a resounding victory to the two pro-independence parties. It now looks like these two parties may form...
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3 Thing the European Investment-Grade Fixed Income Team Talked about Last Week
1. Can Central Banks and their QE programmes really influence inflation? The announcement last week that inflation in the Euro-area had again fallen into negative territory wasn’t a huge surprise,...
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3 Things the European Investment-Grade Fixed Income Team Talked about Last Week
1.Central Banks – Talking the Talk, but now have to Walk the Walk In the last two weeks, we have had meetings of the ECB, U.S. Federal Reserve (Fed) and the Bank of Japan (BoJ). At its October press...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. Bank of England – One Down, Two to Go In the coming weeks, we have two major central bank meetings – the ECB’s meeting on December 3rd and the U.S. Federal Reserve’s (“Fed”) meeting on December...
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3 Things the European Investment-Grade Fixed Income team talked about this week
1. ECB – When Doves Talk It appears likely that the U.S. Federal reserve will increase the Fed Funds rate for the first time in almost a decade at their forthcoming December meeting. This has led to...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1.ECB – Preparing the Ground In July 2012, with the Euro sovereign debt crisis at its peak, ECB President Mario Draghi promised to do “whatever it takes” to ensure the continued survival of the Euro....
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. Euro Area Money Supply – Good and Getting Better Last week, the October Euro area broad money M3 flow increased by €51bn to €78bn, up sharply versus September when it rose by €7bn to €27bn. Annual...
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3 Things the European Investment-Grade Fixed Income Team talked about Last Week
1. The Aftermath of the ECB’s Decision One week after the ECB’s decision to lower the deposit rate by 10bps, and to extend their Quantitative Easing (QE) programme by six months, a couple of things...
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European Fixed Income: Time for Active Management
Tanguy Le Saout, Head of European Fixed Income Outlook 2016 Read More
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
. 1. Developments in China Any thoughts of easing into the New Year were abruptly shattered early last week when the Chinese equity market suffered two days of 7% falls before circuit breakers kicked...
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