Market updates

Felipe Villarroel looks at the preliminary numbers for July PMI Manufacturing and PMI Services data, and how from a markets point of view, he thinks volatility will remain in place while both rates and spreads should trade in a range as we await for more clarity on whether inflation will allow Central Banks to pause and the extent of the slowdown in H2, particularly considering August is looming.

What level of risk are investors willing to take? As central bank rates hike and a soft landing narrative makes its way into analysts’ forecasts, Eoin Walsh takes a look at what affects this has on investment risk and reinvestment risk.

What sort of landing will the global economy experience? With the recent release of the US CPI report, inflation has been on a downward trend and the resilient activity data has continued to surprise many. This report has acted as a trigger of sorts for increasing calls for a soft landing.

BBVA have announced they are issuing a new AT1. What does this mean for the market? Eoin Walsh believes this could be the catalyst investors have been waiting for to help AT1 spreads grind tighter.

What can we expect from central banks this week? Felipe Villarroel looks at how recent CPI prints in the Eurozone and in the United States are expected to influence upcoming central bank monetary policy decisions.

What have we learnt from the ECB’s Consumer Expectations Survey? Felipe Villarroel discusses how latest changes in the consumer’s expectations of the economy reflect that the ECB’s monetary policy is actually working.

In recent weeks the US debt ceiling has been dominating headlines with investors focused on the imminent threat of a US default which would be extremely unnerving for global markets. We look at the wider implications facing the US economy.

As earnings season kicks off in Europe, Eoin Walsh looks at what impact, if any, recent volatility in the banking sector has had on European banks. 

Partner and Portfolio Manager Chris Bowie discusses recent Q1 events and gives an outlook for Investment Grade for the next quarter.

With headlines suggesting that deposit outflows in the banking sector are causing concern, Felipe Villarroel looks at the data which suggests that European banks remain resilient.

After a volatile few days in bank capital, Felipe Villarroel looks at how AT1s are pricing after the sell off.

Swiss regulators' decision to bail out Credit Suisse equity holders while wiping out AT1 debtholders will see long-term effects on bank debt markets and likely legal action says Eoin Walsh

Partner Eoin Walsh explores what the potential outcome of regulatory intervention for Credit Suisse could mean as negative headlines persist for the bank.

With the collapse of Silicon Valley Bank dominating media headlines and fueling questions among investors, Mario Montagnani explains why our Multi Asset Boutique believes it is a company-specific, isolated case.

Deposit outflows at Silicon Valley Bank raise concerns over lending quality and mark-to-market losses, but is this a wider issue for the global banking sector?

With 2023’s rally halted by the Fed’s hawkish messaging, Felipe Villarroel questions whether markets read the recent jobs data correctly and looks at what it means for terminal rate expectations.

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.

TwentyFour Portfolio Manager, Jack Daley, discusses how the short term bond strategy has performed in Q4 2022 and provides his outlook for the new year.

A member of our Multi-Sector Bond discusses market conditions in Q4 2022.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.

With projections for European growth and inflation being hastily revised in early 2023, the region’s bonds are still paying investors a premium that may not be around for long, says Dillon Lancaster.

Recent employment data suggests the US economy may escape with a soft landing, a welcome boost to market sentiment in the early days of 2023, says Eoin Walsh.

The Politburo, the top decision-making body of the Chinese Communist Party, announced last week a document focusing on the country’s economic growth in 2023. Meanwhile, the Chinese government also started to exit its zero-Covid-policy, much sooner than anticipated. These intentions signal an earlier-than-expected recovery of the Chinese economy.

Following Chairman Powell’s speech last night, George Curtis looks at what the latest labour market data means for the Fed’s war on inflation.