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Markets Monthly PMI’s were the headline story on global markets. EMU surveys at least were no happy reading. The composite EMU HCOB PMI declined from 50.9 to 50.1 suggesting an near standstill in activity. The decline was mainly driven by a deepening contraction in German manufacturing (42.6). France also stays in sub-50 territory (composite 49.5), […]

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EUR/USD Pares Losses After Weak Eurozone PMIs

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Bank of Canada Cuts Policy Rate to 4.5%

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13/06/2024

Fantastic, Then

The Federal Reserve’s (Fed) dot plot plotted one rate cut for 2024, down from three in March and the Fed revised its inflation forecasts higher. But the Fed’s announcement didn’t get more hawkish than this because the distribution of the dots was much narrower than in March; 7 members plotted a one-cut preference while 8 […]
25/01/2024

Cliff Notes: Labour Demand and Investment Under Pressure

Key insights from the week that was. In Australia, the latest NAB business survey delivered another sombre update on the state of the domestic economy at the turn of the year – the “December” survey was in the field January 3-15. In an environment characterised by high inflation, elevated interest rates and weak consumer spending, […]
25/04/2024

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Markets Asian markets mostly started the day in risk-off modus after a disappointing outlook from tech bellwether Meta at its earnings report yesterday after the close of US markets. This also spilled over to European equities this morning. The risk-off again didn’t trigger any real safe haven bid for core bond markets. Declines in EMU […]