ECB Preview—Ready For Liftoff
■ While the Euro area activity dataflow since the start of the war has been mixed, the incoming information points… »
Global Markets Daily: China – Have interest rates bottomed?
■ The Chinese economy slowed dramatically in April amid Covid outbreaks and restrictions under the country’s zero-Covid policy. The PBOC… »
Turning neutral on DM equities
• We cut developed market (DM) equities to neutral on a risk of the Fed talking itself into overtightening policy… »
ECB—More Urgency to Act
■ Recent ECB commentary suggests that the Governing Council is very likely to end QE at its June meeting and… »
The ‘real regime’ during the equity correction
■ Since the start of the year, a combination of hawkish monetary policy, the war in Ukraine and the risks… »
Why we still prefer stocks over bonds
·We recently cut risk, but stick with stocks over bonds for now. Equity prices now reflect much of the worsening… »
European Daily: BoE — How Different from the Fed?
■ The Bank of England’s cautious messaging at last week’s MPC meeting contrasts sharply with the Fed, which accelerated its… »
A rebalancing act to reduce risk
• We slightly reduce risk on a worsening macro outlook. We upgrade European government bonds and investment grade credit, and… »
The Risk of Second-Round Effects
The surge in Euro area inflation—with headline expected to reach 9% in September—has raised the prospect of second-round effects, where… »
Euro Area: Final April PMIs—Services Re-acceleration vs Slowing Manufacturing
BOTTOM LINE: The final Euro area composite PMI for April was unrevised from its flash estimate of 55.8, reflecting a… »
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