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  24/03/2017
 
  Russian Central Bank reduced the repo rate by 25bps
 
  24/03/2017
 
  Strong take-up at the last ECB’s TLTRO
 
  21/03/2017

 
  Euro area IG corporate bonds - Breaking out of the 4-month old trading range likely, but total returns to remain low going forward
 
  16/03/2017
 
  Turkish central bank widened its interest rate corridor further
 
  16/03/2017
 
  PBoC hiked again its repo rates by 10 bps
 
  16/03/2017
 
  No populist victory in the Netherlands but lengthy government formation ahead
 
  15/03/2017
 
  Strong increase in fuels and food lifts US inflation to 2.7% yoy. Core rate eases at 2.2%
 
  13/03/2017
 
  Final Q4 2016 corporate results confirm strength and show improvement since our mid-February update
  10/03/2017

 
  US employment beats expectations in February. Wage growth at 2.8% yoy paves the way for a rate rise
 
  09/03/2017
 
  ECB maintains its dovish stance
 
  08/03/2017
 
  China's exports disappointed while imports suggest stable growth
 
  07/03/2017
 
  Appetite for euro area IG corporate bonds remains healthy – Performance driven by sovereign yield movements
  03/03/2017
 
  Monthly equity valuation update per March 2017
 
  02/03/2017
 
  Headline inflation soared to 2.0% yoy in February but ECB’s mission not yet accomplished
 
  01/03/2017
 
  Fed officials push up market odds of March rate hike
 
  23/02/2017
 
  Euro area government bond issuance activity well advanced year to date
 
  22/02/2017
 
  Euro area IG corporate bonds remain a haven of stability
 
  21/02/2017
 
  Institutions back to Athens as Eurogroup puts emphasis on structural reforms over austerity
 
  20/02/2017
 
  Renzi puts party leadership at stake hoping for snap elections in September
 
  16/02/2017
 
  Next market concern Netherlands?
 
  14/02/2017
 
  The Q4 2016 reporting season confirms the upward earnings’ cycle also in Europe. Q1 should not disappoint too
  13/02/2017
 
  Japan's GDP benefitted from current rebound in manufacturing cycle
 
  06/02/2017
 
  PBoC signals tighter liquidity
 
  03/02/2017
 
  Russian Central Bank hawkish, FX purchase volumes announced
 
  03/02/2017
 
  US employment beats expectations in January. Wage growth cools
 
  02/02/2017
 
  Record high issuance of euro area IG corporate bonds in January well absorbed by the market
 
  01/02/2017
 
  Fed foregoes hints to rate hike in March, but remains on course for policy normalization
 
  31/01/2017
 
  Energy price induced inflation spike to 1.8% in January while Q4/2016 growth soared to 0.5% qoq
  30/01/2017
 
  Second review still on hold as Greek government resists calls for additional budget cuts
 
  27/01/2017
 
  US GDP up 1.9% in Q4, as temporary factors slows down growth
 
  26/01/2017
 
  Early elections in Italy more likely following Court's ruling on the Italicum
 
  24/01/2017
 
  Turkish central bank widened its interest rate corridor to defend the currency
 
  24/01/2017
 
  January composite PMI hints at a good start into the year
 
  20/01/2017
 
  Relative Value Trade Idea - Sell hedged US IG corporate bond positions, buy euro denominated IG corporate bonds
  19/01/2017
 
  ECB stays on track with QE while maintaing a dovish bias
 
  18/01/2017
 
  Fuels lifted US inflation to 2.2%. Core rate stable at 2.2%
 
  16/01/2017
 
  DBRS cuts Italy’s rating to BBB (high)
 
  12/01/2017
 
  Brazil's central bank accelerates the pace of rate cuts
 
  12/01/2017
 
  The Q4 reporting season is set to confirm the earnings’ recovery after the cyclical bottom experienced in Q1
  11/01/2017
 
  Italy's Constitutional Court rejects referendum petition on the heart of the Jobs Act
 
  06/01/2017
 
  US labor market data support further Fed key rate hikes in 2017
 
  06/01/2017
 
  Gross issuance of corporate bonds to moderate slightly in 2017, net issuance of financials to slide into negative territory
  04/01/2017
 
  December headline inflation of 1.1% at highest level since September 2013 as energy prices became inflationary again
  23/12/2016
 
  Monte Paschi asked for state rescue as recapitalization plan failed
 
  16/12/2016
 
  Russian Central Bank keeps stable interest rates
 
  14/12/2016
 
  Fed raises US rate, sees three further hikes in 2017
 
  09/12/2016
 
  Strong IG corporate bond issuance activity in November – Some slowing expected in 2017
 
  08/12/2016
 
  ECB extends QE at only € 60 bn but tapering is not on the cards yet
 
  05/12/2016
 
  PM Renzi announces resignation after landmark defeat in Italian referendum
 
  24/11/2016
 
  Turkish central bank increased interest rates to defend the currency and inflation target
 
  24/11/2016
 
  US consumer confidence up in November, partially on election news. Business surveys to provide more information around the turn of the month
  18/11/2016
 
  Mexican central bank raises policy rate by another 50 bps amid peso's weakness
 
  11/11/2016
 
  Q3 earnings season: further improving Q3 results indicate Q1 to be a cyclical trough
 
  11/11/2016

 
  Trump presidency not a positive news for euro area IG corporate bonds, but impact to remain contained
 
  10/11/2016
 
  Assessing the impact of Trump's victory on EM economies
 
  09/11/2016
 
  Trump prevails in US elections
 
  04/11/2016
 
  US payroll slighly below expectations in October wages accelerates to 2.8% yoy
 
  02/11/2016
 
  Fed moves closer to December rate hike
 
  28/10/2016
 
  US Q3 GDP growth at 2.9% beats expectations
 
  24/10/2016
 
  Fitch lowers Italy’s rating outlook to negative amid the persistent fiscal slippage and heightened political risks
  24/10/2016
 
  The Spanish Socialist party gives the green light to PM Rajoy’s investiture
 
  24/10/2016
 
  Portugal averts suspension from ECB’s QE as DBRS confirms the investment grade rating, with stable outlook
  20/10/2016
 
  ECB APP adjustment and QE extension to come jointly in December
 
  20/10/2016
 
  Brazil's central bank starts its monetary easing cycle with a 25 bps rate cut
 
  20/10/2016
 
  Euro area IG corporate bonds taking a breather – medium term still constructive
 
  19/10/2016
 
  ECB Bank Lending Survey suggests some weakening in lending to firms in Italy and Spain
 
  18/10/2016
 
  Energy lifts US inflation to 1.5% in September, core inflation stands at +2.2%
 
  07/10/2016
 
  US payroll slighly below expectations in September, wages up 2.6% yoy
 
  07/10/2016
 
  Market Commentary: British pound to remain under pressure
 
  05/10/2016
 
  ECB increases bond purchases to € 85bn in September - Portugal well below target level
 
  30/09/2016
 
  Monthly equity valuation update per September 2016
 
  30/09/2016
 
  Mexican central bank hikes by 50 bps to cope with MXN weakness
 
  30/09/2016
 
  Turkey after being downgraded to non-investment status
 
  30/09/2016
 
  PM Renzi still targeting extra fiscal flexibility ahead of key referendum vote in December
 
  26/09/2016
 
  Another dismal performance for the PSOE, but countdown to new elections keeps running
 
  22/09/2016
 
  Fed turns to a more hakwish tone, but dots went down again
 
  21/09/2016
 
  BoJ introduced new monetary policy framework
 
  16/09/2016
 
  Russian Central Bank reduced repo rate by 50 bps.
 
  16/09/2016
 
  US inflation firmed to 1.1% yoy in August, the core rate strenghtens at 2.3% yoy
 
  08/09/2016
 
  Situation too good for additional ECB measures already now, action in December most likely to us
  05/09/2016
 
  Mutual vetoes persist as countdown to Spain's third general election begins
 
  02/09/2016
 
  Underwhelming US payrolls for August
 
  01/09/2016
 
  UK manufacturing PMI stages strong rebound
 
  01/09/2016
 
  Rousseff's ouster effective as Brazilian Senate concludes impeachment proceedings
 
  01/09/2016
 
  China‘s manufacturing PMIs upside surprises unlikely to herald a meaningful upturn
 
  25/08/2016
 
  US Presidential Election: a quick and rough guide to polls and other forecasts
 
  23/08/2016
 
  Turkish central bank narrowed interest rate corridor further
 
  23/08/2016
 
  ECB’s QE program aggravates deterioration of bond market liquidity and can trigger large fluctuation in yields
  23/08/2016
 
  August Flash PMIs underline resilience of euro area activity against Brexit shock
 
  16/08/2016
 
  Ongoing positive development of euro area IG corporate bonds in a quiet market environment
 
  09/08/2016

 
  Q2 earnings season: improvement versus Q1 is confirmed together with low growth and smaller cap dominance
 
  05/08/2016
 
  Czech National Bank: Communication on future exit from FX commitment to become less clear
 
  05/08/2016
 
  US payroll growth exceeds again expectations in July
 
  04/08/2016
 
  Indian Goods & Service Tax passed Upper House of Parliament
 
  04/08/2016
 
  BoE announces stimulus package amid relatively calm outlook on inflation
 
  02/08/2016
 
  Fiscal needs suggest only limited BoE’s Brexit response
 
  01/08/2016
 
  Monte Paschi deactivates the stress test's bomb by announcing a market-based solution
 
  01/08/2016
 
  Contrasting signals from China’s manufacturing PMIs
 
  29/07/2016
 
  BoJ disappointed markets
 
  29/07/2016
 
  Disappointing preliminary Q2 GDP in the US, dragged by inventories
 
  29/07/2016
 
  Q2 earnings season: some improvement versus Q1 but still low growth
 
  29/07/2016
 
  Solid Q2 GDP growth and slightly higher inflation in July
 
  27/07/2016
 
  Fed keeps 2016 rate hike on the table
 
  27/07/2016
 
  No fine for Spain and Portugal as the European Commission prioritizes growth over fiscal consolidaiton
  22/07/2016
 
  Flash PMIs hint at Brexit shock in the UK but more moderate fallout in the euro area
 
  21/07/2016
 
  ECB in a dovish wait-and-see-stance as ECB is waiting for more information on the Brexit fallout
  20/07/2016
 
  US Q2 earnings season: first 47 firms show growth to remain weak
 
  19/07/2016
 
  Turkish central bank narrowed interest rate corridor further
 
  18/07/2016
 
  Failed coup attempt unsettled the markets in Turkey
 
  15/07/2016
 
  US inflation stable at +1% yoy in June, core inflation firmed to +2.3%
 
  15/07/2016
 
  China's real GDP growth steady
 
  13/07/2016
 
  EGB’s issuance well advanced - ECB to become an increasingly important technical support in H2
  08/07/2016
 
  US payroll growth exceeds expectations in June
 
  07/07/2016
 
  Monthly equity valuation update per July 2016
 
  06/07/2016   Corporate bonds - Caution needed in the short term (particularly for financials), but more constructive in the longer term
  24/06/2016
 
  Brexit vote unsettles financial markets
 
  22/06/2016
 
  Spanish elections: Still long negotiations to follow
 
  21/06/2016
 
  Turkish central bank narrowed interest rate corridor further
 
  20/06/2016
 
  PM Renzi suffered severe setback in local elections runoff
 
  16/06/2016
 
  China-A shares not included in MSCI international indices
 
  16/06/2016
 
  US inflation edged slightly down in May on lower food prices, core inflation firmed to 2.2%
 
  15/06/2016
 
  Fed cuts rate projections despite barely changed macro outlook
 
  10/06/2016
 
  Russian Central Bank reduced repo rate by 50 bps.
 
  10/06/2016   New historical low for 10-year Bund yields - Bunds to remain resilient in the run up to the UK referendum
  04/06/2016
 
  Disappointing labor market report
 
  02/06/2016
 
  ECB waiting for the monetary policy stimuli to fully unfold
 
  25/05/2016
 
  Eurogroup approves Greek aid release, finds a (non-definitive) compromise on debt relief
 
  17/05/2016
 
  US inflation edged slightly up in April on higher fuel prices, core inflation eased to 2.1%
 
  16/05/2016
 
  Euro Area equity valuation versus US remains extreme
 
  13/05/2016
 

 
Euro area IG corporates take a break, but resumption of tightening trend in the medium term
 
  13/05/2016
 
  Strong euro area Q1 GDP confirmed
 
  12/05/2016
 
  Lower stocks lift oil prices, but price dymanics should remain sluggish
 
  10/05/2016
 
  Impeachment annulment revoked, Brazil's Senate to vote regularly on Wednesday
 
  06/05/2016

 
  Flow data confirm positive outlook for euro area IG corporates in the long run, but risks of backlashes in the short term have increased
 
  03/05/2016
 
  Despite China's disappointing PMIs, we see recent data stabilization not yet to be over
 
  03/05/2016
 
  Taking stock of recent dollar weakness
 
  29/04/2016
 
  Russian central bank signals it may reduce interest rates.
 
  28/04/2016
 
  Unchanged BoJ policy disappointed some market participants today
 
  27/04/2016
 
  Fed signals easing concerns about global risks, maintains wait-and-see mode
 
  25/04/2016
 
  Moody's confirmed Russia's Ba1 rating with negative outlook.
 
  22/04/2016
 
  Monthly equity valuation update per April 2016
 
  21/04/2016
 
  ECB maintains a dovish stance while giving more details on the corporate bond purchases
 
  20/04/2016
 
  Turkish central bank adjusted interest rate corridor
 
  19/04/2016
 
  BoP data point to downside risks for the euro
 
  18/04/2016
 
  Brazilian lower chamber votes in favor of President Rousseff's impeachment
 
  18/04/2016
 
  Snap elections in Spain a step closer after Podemos' base rejected PSOE-C's deal
 
  15/04/2016
 
  China likely to see some temporary growth stabilization
 
  14/04/2016
 
  US inflation eased slightly in March due to volatile components
 
  13/04/2016

 
  Diverging fundamental development in European and US corporate bond market confirming more benign outlook for euro area corporates
 
  07/04/2016
 
  The ECB's diminished scope to weaken the euro
 
  07/04/2016
 
  Strong performance of international government bond markets in Q1 – Technical situation to remain supportive
  05/04/2016
 
  The Reserve Bank of India (RBI) cut its repo rate today to 6.5%
 
  01/04/2016
 
  Tankan added to Japanese business cycle worries
 
  31/03/2016
 
  No deal yet for new government in Spain, while 2015 budget deficit data topped estimates
 
  30/03/2016
 
  President Rousseff mulls cabinet reshuffle to survive PMDB's departure
 
  25/03/2016
 
  Q1 earnings season: top-line growth to remain weak
 
  24/03/2016
 
  Turkish central bank adjusted interest rate corridor
 
  22/03/2016
 
  Weak spot in US home sales, but outlook for construction still healthy
 
  22/03/2016
 
  Euro area PMI sentiment surprised on the positive side in March
 
  16/03/2016
 
  Fed errs on the side of caution
 
  14/03/2016
 
  A string of good news paves the way to a strong performance of euro area IG corporate bonds
 
  10/03/2016
 
  ECB surprises with bold action
 
  08/03/2016
 
  Strong drop in China's export growth rate heavily influenced by base effect
 
  08/03/2016

 
  Strengthening primary issuance a positive indication for European IG corporate bond markets, but flow of funds remains a concern
 
  07/03/2016
 
  Brazilian assets soared on renewed impeachment speculations
 
  07/03/2016
 
  The countdown to new elections in Spain has started
 
  01/03/2016
 
  Argentine government strikes deal with holdouts (pending Congress' approval)
 
  29/02/2016
 
  People's Bank of China cuts RRR by 50 bps
 
  29/02/2016
 
  Falling oil prices pushed inflation back into a negative reading in February
 
  22/02/2016
 
  Cameron announces 'Brexit' referendum for June 23 after EU agreement
 
  18/02/2016
 
  Further stock market relief rallies are not excluded but are likely to be short-lived
 
  18/02/2016
 
  Mexican central bank raised policy rates by 50 bps in unscheduled meeting
 
  16/02/2016

 
  European IG corporates pulled down by risk-off sentiment despite reassuring medium term prospects – Turning point uncertain yet
 
  29/01/2016
 
  BoJ introduced today a new interest dimension to its monetary easing policy
 
  29/01/2016
 
  Russian Central Bank keeps interest rates on hold
 
  27/01/2016
 
  Fed not yet willing to take March rate hike off the table
 
  22/01/2016
 
  Euro area PMI sentiment took a hit but still remained in comfortable territory
 
  21/01/2016
 
  ECB to “review and possibly reconsider” its monetary policy stance in March
 
  21/01/2016
 
  Brazil's central bank on hold, defying rate hike expectations
 
  20/01/2016
 
  US CPI inflation edges up to 0.7%, fall in expectations not a cause for concern
 
  19/01/2016
 
  Monetary policy stance unchanged in Turkey
 
  19/01/2016
 
  China's real GDP growth receded to 6.8% yoy – more PBoC help expected
 
  18/01/2016

 
  Disappointing corporate Investment Grade (IG) fund flows and rising High Yield (HY) defaults add to current market concerns – Better times ahead for euro area IG corporates
 
  14/01/2016
 
  Good start of government bonds into 2016, but continuation unlikely
 
  11/01/2016
 
  Catalan separatists find agreement on presidency, avoiding new regional elections
 
  07/01/2016
 
  MSCI China still at risk in the short term despite attractive valuations
 
  06/01/2016
 
  ECB’s APP technically on target – 2016 will reveal its monetary success
 
  04/01/2016
 
  Chinese stock market response to slowing Caixin PMI looks harsh
 
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