Scott explains how the extraordinary outbreak-fighting policy action – and recent market turbulence – has changed our view on credit. We see improving outlook for credit – with unprecedented policy action to limit the coronavirus shock in place and sharply
Growth in CEE to dive deeper into negative territory Recent developments have deprived us of optimism and we revise our CEE growth forecast down to -4.7% this year. March PMI indices in Germany and the Eurozone plunged, dragged down by
Statistics Paper Series The Household Finance and Consumption Survey (HFCS) is a joint project of all of the national central banks of the Eurosystem, the central banks of three EU countries that have not yet adopted the euro, and several
Focus: Markets, stimulus packages, Eurozone inflation This week brought massive gains on the stock markets and yield premiums on the interest rate markets fell for the riskier investments. Spreads on Italian government bonds also fell. The markets have thus reacted
Conference Call – Pandemics, Policy and Politics (continued) A dramatically different world one week later Over the last few weeks, the macro landscape has clearly started to shift, however few would have expected the dramatically different environment we currently find
Abstract The quality of the geographical breakdown in the balance of payments and related statistics (such as international trade in goods, trade in services and foreign direct investment (FDI) statistics) can be assessed by means of comparisons with mirror data
Key points With the US and broader European economies entering the ‘acceleration’ phase of their respective COVID-19 infection cycles, fiscal policymakers across Europe and the United States have begun outlining plans to bear down on this growing shock to demand
En de impact op het financiële systeem en de markten Het aantal virus besmettingen ligt wereldwijd nu op ruim 218.000 gevallen. Na China en verscheidene Europese landen zet de verspreiding ook in de Verenigde Staten steeds verder door. Het aantal
Focus: ECB and US Fed measures, Eurozone PMIs he measures taken by central banks to counteract the economic downturn have been gathering considerable momentum for a good week now. We have listed the individual measures below. In summary, the central
Containment continues to tighten ; great liquidity stress forces policy action I. COVID-19 update Overseas: COVID-19 continued to spread rapidly in the US & EU; +14,717 new cases overseas; Iran showed early signs of entering the “moderation stage ”. 1,835 new
De voorbije week in een notendop De Amerikaanse economie creëerde 237.000 nieuwe jobs en deed het dus beter dan de verwachte +175.000. De cijfers betreen evenwel een periode waarin nog geen geval van het coronavirus in de VS was gemeld.
ECB Council Meeting he meeting of the Governing Council brought some measures that had been expected, but also some that came as a surprise. The surprise was on the interest side. Not only did the central bank leave all key
Investment Talks ECB action: At its meeting on 12 March, the ECB disappointed market expectations by not cutting rates in the wake of the coronavirus spread. The bank delivered additional unconventional monetary easing thorough a temporary boost to its QE
CIO | View Amid severe market collapses, dramatic corona measures and energetic central banks in the UK and United States, the ECB package was somewhat underwhelming. Even on a "normal" trading day in times of the coronavirus crisis, the package
“Lockdowns” are becoming the norm when dealing with covid-19. They will trigger steep – if hopefully transitory – contractions in GDP. Business cash reserves are scarce in the US, but everywhere credit will need to flow to avoid second-round effects
Spotlight: Fixed Income While the virus was the dominating theme in politics, economics, sports, daily life and border management (just to name a few) the financial markets have reacted with another strong sell-off across asset classes last week. This document
Special | Financials & Covered Bonds | Eurozone In conjunction with the announcement by the Governing Council of additional liquidity support and increased asset purchases (see ECB Short Note of 12 March 2020), the ECB Banking Supervision announced a number
A déjà vu of 2008 in markets lately? Mike explains why we think the coronavirus shock should not spark a 2008-style crisis. The coronavirus outbreak is set to deliver a sharp and deep economic shock – akin to that of
Today the UK monetary and fiscal authorities provided a sizeable, coordinated package of measures to support the economy in the face of the COVID-19 outbreak. Such clear coordination between the Governor of the Bank of England and Chancellor of the
Updating our outlook Macro Research team On 5 February we published our first tentative assessment of what Covid-19 might mean for the global economy 1 . At that time, there were 24,500 cases reported globally, of which 220 were reported
A decisive and coordinated policy action is key to combat the economic fallout from the coronavirus outbreak. Mike explains why. Fears about the coronavirus and its hit to the economy have rattled stocks and sent government bond yields to record
Markets in turmoil – our outlook Nobody can currently estimate how fast and how far the new coronavirus will spread. The markets have reacted strongly this week, probably too strongly, to the global spread of the virus. We expect the
Preface: This publication, launched in parallel with the ECB’s report on financial integration and structure in the euro area, brings together two sets of statistical indicators which were previously presented in separate ECB reports. The first part of the publication
Preface: As part of its efforts to streamline and focus its publications, the ECB has decided to combine the previous report on “Financial integration in Europe” (last published in May 2018) 1 and the previous “Report on financial structures” (last
Executive summary The working group on euro risk-free rates – which recommended replacing the euro overnight index average (EONIA) with the new risk-free rate, the euro short-term rate (€STR) – is assisting the market in the smooth transition from EONIA
Munis hit turbulence in a flight to safety -> https://opiniopro.com/2020/04/blackrock/munis-hit-turbulence-in-a-flight-to-safety/ #cash #coronavirus #FixedIncome #lending #municipalbond #COVID19 via
@blackrock
Emerging markets debt: Determinants of sovereign bond quality and returns -> https://opiniopro.com/2020/04/eaton-vance/emerging-markets-debt-determinants-of-sovereign-bond-quality-and-returns/ #credit #EmergingMarkets #debt #fiscalpolicy #sovereignbonds via
@EatonPartners
@EatonVance
Fixed Income Market Update -> https://opiniopro.com/2020/04/voya/fixed-income-market-update-4/ #fixedincome #highyield #EMD via #Voya
The corona shock in commodity prices -> https://opiniopro.com/2020/04/abn-amro/the-corona-shock-in-commodity-prices/ #Commodities #GOLD #oilprice #OPEC #coronavirus #COVID19 via
@ABNAMROeconomen
US Senate approved US fiscal package -> https://opiniopro.com/2020/04/hsbc/us-senate-approved-us-fiscal-package/ #fiscal #CoronaCrisis #COVIDー19 #inflation #Recession2020 via
@HSBC
