The ECB cut interest rates by 25 bps for the third time this year, lowering the deposit facility rate from 3.5% to 3.25%. While the ECB is avoiding explicitly committing to a path for policy, President Lagarde’s repeated…

  Banks reported an increase in loan demand from both firms and households in the European Central Bank’s Bank Lending Survey, marking the first rise since 2022. This demand increase occurred as lending standards for firms…

  Third-quarter earnings season has started last week for banks, with most major banks reporting earnings above expectations so far. Our US Investment strategists routinely analyze the big banks' earnings calls to gauge…

  Recent positive US economic surprises drove cross-asset pricing, pushing both equities and Treasury yields higher. What do these yield levels mean for the Treasury market, and what path can we expect looking forward? Our US…

  After improving throughout the summer, the October release of the first monthly regional Fed manufacturing survey sent a negative signal about US manufacturing activity. General business conditions from the Empire State…

  Canadian headline inflation rose 1.6% year-over-year in September, lower than the expected 1.8% and down from 2.0% in August. This was also its slowest pace since February 2021. The decrease was mainly driven by gasoline prices,…

  Economic expectations for the both Germany and the Eurozone ticked up in October and surprised positively for the first time since they collapsed this summer. The assessment of current conditions however worsened, going from -84.…

  The UK August employment report was in line with recent data showing an economy humming at a decent pace. The unemployment rate decreased 0.1pp to 4% after peaking at 4.4% before the summer. The BoE will look kindly to the…

  Our China and Emerging Market strategy teams analyzed this weekend press conference by the China’s Ministry of Finance (MoF), that provided additional details on the recently announced fiscal stimulus plan. Our…