Europe
Producer prices in Spain surprised to the downside, foreshadowing a relapse in Euro Area inflation and cementing the ECB’s dovish stance. The Spanish PPI index fell to 1.9% in April, continuing the disinflation trend from the last period while recording the…
Five questions, five answers from the road. We unpack what Europe’s biggest investors are worried about right now, from trade‑war whiplash to bund‑versus‑Treasury positioning; and where the real opportunities still lie.
Last Friday, President Trump announced new 50% tariffs on imported goods from the European Union (EU), effective June 1st, and threatened US company Apple with 25% tariffs unless it made iPhones in the US. Global stock markets reacted negatively to the news,…
The rebound in UK retail sales and consumer confidence surprised to the upside, and suggests that the re-acceleration in inflation observed earlier this week may not be transitory. UK retail sales rose 1.2% m/m in April from 0.1% m/m, significantly…
The outperformance of European small caps is coming to an end. Our Chart Of The Week comes from our European Investment Strategy team.The team identifies several headwinds for small caps in Europe in the near term. Small caps’ performance is primarily…
European corporate bond spreads have more room to narrow in the near term, but their next big leg is up. After a significant widening in option-adjusted spreads caused by stagflation fears in the US and “Liberation Day,” European spreads continue…
Swiss National Bank will have to resort to negative interest rates and FX intervention before year-end. Swiss inflation fell to 0% year-over-year in April, or the lower end of the SNB’s 0%-2% target range, and the continued strength in the Swiss Franc…
Uranium spot prices may have found a floor after falling to $64/lb from a $107/lb peak in February last year. This drawdown has been unexpected considering the strength of the underlying supply-demand fundamentals for uranium. The momentum remains…
UK inflation surprised to the upside in April. Headline inflation rose to a 15-month high of 3.5%, from 2.6% the month before. Core inflation also surprised above estimates, printing 3.8% vs. 3.4% in March. Services inflation climbed to 5.4% from 4.7%. Higher…
Our European strategists are upgrading the communication services sector to overweight on a structural investment horizon. In March, they highlighted the sector's near-term attractiveness. Since the Great Financial Crisis, the European telecom…