Bonds under modest pressure yesterday, but some support could be found again later today. US equities with a positive day. Euro-zone PMIs finally feeling some pressure. Fitch keeps Austria AAA – no changes to the Irish rating either. Conflicting signals from the US. US existing home sales ahead.
Jan von Gerich
Jan von Gerich is the Global Fixed Income Strategist for Nordea, and has been an expert on government bonds from before the global financial crisis. His analyses start from the big picture, as understanding the wider context is essential in current times, and then proceed to more market-oriented views.
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Jan graduated from the Helsinki University of Technology with a Master of Science and has been with Nordea since 2004, working in the Helsinki, Copenhagen and Stockholm offices. Previous to Nordea he has worked in New York within the financial industry.
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US bonds suffered some losses yesterday, but gains ahead today. More weak confidence data from China. Equities facing some pressure. Fed not about to change course. Weather, weather, weather. Austrian ratings under pressure – a risk for Austrian bonds. PMI and inflation day. Sizable bond auctions in store.
Bonds rally on the back of disappointing data. Continued weak US data to support bonds in the near future. Equity markets still performing relatively well. US home builder confidence plunges – more than weather at play. A rise in US minimum wage to cost 500 000 jobs? Fed minutes and US housing market data ahead. Dutch 30-year launch not particularly impressive – Germany to sell 10-year bonds today.
German yields edge higher in calm trading – some further upward pressure in the cards today. Italian 10-year yield falls to 8-year lows. Renzi with ambitious goals – reality likely to be different. BoJ has more ammunition left – monetary policy alone cannot lift Japan. Bundesbank confirms the rumours – SMP sterilizations to end soon? Eyes on confidence data on both sides of the Atlantic New 30-year bond from the Netherlands.
The physical cape market saw some activity in the Pacific but the Atlantic remained quiet resulting in a relatively flat index. The paper market started the week well bid but...