Chart of the Week In September, the primary market for AT1 bonds saw an unprecedented supply surge, with issuers raising over … Continue reading AT1 Bonds: An unprecedented supply surge

Chart of the Week The latest news about inflation in the United States indicates that things are moving in the … Continue reading Freight: an inflationary risk is reappearing

Chart of the Week In 2023, many European banks posted excellent earnings with profits often reaching levels last seen in … Continue reading Which factors have boosted European banking profits?

Chart of the Week In September, the primary market for AT1 bonds saw an unprecedented supply surge, with issuers raising over … Continue reading AT1 Bonds: An unprecedented supply surge

Chart of the Week The latest news about inflation in the United States indicates that things are moving in the … Continue reading Freight: an inflationary risk is reappearing

Chart of the Week In 2023, many European banks posted excellent earnings with profits often reaching levels last seen in … Continue reading Which factors have boosted European banking profits?

Mixed signals Having slowed sharply in April, job creations recovered more than expected in May, reaching 272,000 according to the … Continue reading Macroeconomic focus – June 2024

Chart of the Week While the latest retail sales figures fell short of expectations and raised questions about the financial … Continue reading Americans have never flown so much

Chart of the Week France’s national debt is in the spotlight following the country’s ratings downgrade to AA- by Standard … Continue reading Nordics escape budget concerns

Chart of the Week Monthly European high yield bond issuance has reached its highest level since 2021. So far this … Continue reading European high yield: a buoyant primary market

Chart of the Week The ECB has just published its estimate of the progression in European wages negotiated by collective … Continue reading Euro zone: wage growth remains strong in Q1

Chart of the Week The yen has had a turbulent week against the US dollar. On Monday 29 April, the … Continue reading Tokyo to the rescue?

Chart of the Week Long-term government bond yields are rising across the globe except in China, where declines since the … Continue reading China: Low Bond Yields Buck The Global Trend

Chart of the Week According to recent data, the economic gap between Europe and the US is growing. In Europe, … Continue reading Europe and US policy paths to diverge

Chart of the Week March’s final PMI figures included a composite reading revised upwards from 49.9 to 50.3. In December, … Continue reading Eurozone: composite PMI returns to growth

Chart of the Week Since the end of 2023, cocoa prices have skyrocketed. From USD 1,900 per tonne in March last … Continue reading Cocoa: a spectacular price surge

Chart of the Week The Bank of Japan (BoJ) has lifted its policy rate to between zero and 0.1%. The … Continue reading Japan: the end of an era

Chart of the Week After 13 years of underperformance, marked by the financial crisis of 2008 and the eurozone debt … Continue reading European Banking Sector in Good Health

Chart of the Week German factory orders, which were boosted by one-off factors from sectors such as aviation in December, … Continue reading Germany: no sign of a manufacturing recovery

Chart of the Week Since the start of the year, market rates have risen across all maturities following a fall … Continue reading Rate cut expectations have adjusted sharply

Chart of the Week Eurostat has just published its final version of January’s eurozone price index. On a rolling 12-month … Continue reading Eurozone: inflation remains lofty

Chart of the Week Shipping costs between Asia and Europe have risen sharply in recent months. From around USD 1,200 per … Continue reading Shipping disruption: troubled waters in the Suez Canal

Chart of the Week While the GDP of the entire Eurozone has been struggling since the third quarter of 2022, … Continue reading Spain: strong growth as the economy catches up

Chart of the Week Eurozone bank deposits rose sharply in December 2023, hitting record highs last seen during the Covid … Continue reading Banks: December sees sharp rise in deposits

Chart of the Week In 2023, European bonds delivered positive performance across the board. The high yield segment outperformed its … Continue reading 2023 in review: the Fixed Income market rebound

Chart of the Week 2023 saw equity markets recover significantly from the declines of 2022. In both the US and … Continue reading Equity markets recap: 2023, a year of surprises

Chart of the Week Falling interest rates since the end of October have boosted real estate stocks in recent weeks. … Continue reading Real Estate Strikes Back

Chart of the Week October saw S&P reinstate Greece to its former investment-grade glory. The rating agency upgraded the country’s … Continue reading Greece Regains Investment Grade Status

Chart of the Week The first estimates of eurozone activity figures for the third quarter have been published, showing a … Continue reading Eurozone: what is happening with productivity?

Chart of the Week So far, two thirds of the companies included in the Stoxx Europe 600 index have reported their third-quarter 2023 … Continue reading Third-quarter earnings: a mixed bag

Chart of the Week An unprecedented disconnect has appeared in the US housing market. Year on year, previously owned home … Continue reading United-States: A disconnect between existing and new home sales

United States: pockets of resilience Household spending and the labour market were pockets of resilience for the US economy according … Continue reading Macroeconomic focus – October 2023

Chart of the Week Monetary tightening by the Federal Reserve since the start of 2022 has prompted a sharp rise … Continue reading Yield curve steepening: a technical indicator of recession

Chart of the Week This year’s spate of US bank failures (SVB, First Republic and Signature) triggered widespread concern over … Continue reading United States: tougher credit standards for small businesses

The US economy has proven remarkably resilient since it displayed signs of deterioration last spring, and the pace of inflation … Continue reading Economic outlook – September 2023

Chart of the Week Since May, long-term US interest rates have been increasing. The 10-year rate rose from 3.4% in … Continue reading Rising Interest Rates Aligned with Oil Price Variation

Chart of the Week Small Caps (defined as companies with market capitalisations below €2bn) are in positive territory year to … Continue reading Small Caps : the highest discount for 20 years

Chart of the Week The latest earnings season has delivered some positive surprises, with many listed companies posting their highest … Continue reading Eurozone: a disconnect between productivity and profits

Chart of the Week Since last year, Japan has emerged from a long phase of “zero inflation”, or even deflation, … Continue reading Japan: a very controlled rise in rates

Chart of the Week Credit impulse is a concept first introduced by Michael Biggs following the 2008 financial crisis. At … Continue reading United States: can growth withstand a steeply negative credit impulse?

Chart of the Week After having fallen sharply since the spring of 2022, retail sales excluding cars remained flat in … Continue reading Eurozone: No rebound in retail sales

Chart of the Week Having reached heights of over €300/MWh in August 2022, European month-ahead gas prices tumbled back to … Continue reading Europe: renewed pressure on gas prices

Chart of the Week Since its low point reached in October 2022, the Philadelphia Semiconductor Index, made up of the … Continue reading Semiconductors: driving artificial intelligence

Chart of the Week Although it has risen less than the European market since the start of the year, the … Continue reading S&P 500: anatomy of the year-to-date rise

Nymphs of the Prairie, or The Three Nymphs, is a sculpture by Aristide Maillol first exhibited at the 1937 World’s … Continue reading The Three Nymphs: restoration of the sculpture by Aristide Maillol

Chart of the Week The National Federation of Independent Business (NFIB) conducts a monthly survey to gauge small business optimism … Continue reading United States: small businesses expect tighter credit conditions

Chart of the Week Market volatility in the banking sector has been high in recent weeks, notably for Additional Tier … Continue reading AT1 hybrid debt: an improving risk-return profile?

Chart of the Week Since the beginning of the year, investors have been switching from one economic scenario to another: … Continue reading Exceptional volatility of short-term rates

Abstract: On March 10, 2023, the financial markets were affected by the receivership of the Silicon Valley Bank (SVB), now … Continue reading Analysis: Silicon Valley Bank’s Bankruptcy

Chart of the Week At his semi-annual hearing before both houses of the US Congress, Jerome Powell’s tone on the … Continue reading United States: Markets adjust to “higher for longer” rates

Chart of the Week For the second month in a row, the NAHB* Homebuilder Confidence Index is rising above expectations. … Continue reading United States: towards a stabilization of the housing market?

Chart of the Week On 2 February 2023, the European Central Bank (ECB) raised its key interest rates by 50 bps … Continue reading ECB speech: investors shift their initial perception

Bond/currency markets: attractive yields In the eurozone, the ECB speech on 15 December 2022 was more hawkish than expected, promising … Continue reading Market outlook – January 2023