Reino Unido
UK inflation surprised to the downside in December. Headline inflation retreated below estimates to 2.5% y/y from an eight-month high of 2.6% in November. Core inflation also decreased below estimates, printing 3.2% vs. 3.5% in November. Services inflation,…
Our European Investment strategists looked at the developed markets bond selloff from a European perspective, focusing on Euro area and UK government bonds and currencies. The recent selloff in European bonds is driven primarily by surging US yields, which…
UK and German bonds are victims of the global bond market riots. Will European yields continue to move higher and will the euro and the pound find a floor anytime soon?
The November UK CPI, in line with estimates, hit an eight-month high, accelerating from 2.3% y/y to 2.6%. Core and services inflation were also strong at 3.5% (vs. 3.3% in October) and 5.0% (flat from October), respectively. Services inflation strength will…
For our last publication of the year, we explore five key themes that will dominate the European macro landscape and markets next year. While the start of 2025 will be challenging for European assets, the latter part will offer some much-needed relief.
UK inflation was hotter than expected in October, rising to 0.6% m/m from being flat in September. Core inflation also ticked up, printing at 3.3% y/y vs. 3.2% a month prior. Services inflation remains elevated at 5.0% y/y. We do not expect these elevated…
Esta semana actualizamos nuestros Monitores de Bancos Centrales (CBMs), que nos ayudan a calibrar cómo debe ajustarse la política monetaria en las economías de mercados desarrollados. Nuestra conclusión es que, si bien en términos generales se requieren condiciones monetarias más acomodaticias, surgen algunas ideas de trading a partir de las divergencias en las señales entre los países del G10.
Este Strategy Insight presenta nuestra opinión sobre el recorte de tipos de interés anunciado hoy por el Bank of England, así como sobre el presupuesto anunciado por el gobierno del Reino Unido la semana pasada.
The Bank of England cut its policy rate in line with expectations to 4.75%, but it signaled a more gradual pace of cuts as it increased its inflation forecast following last week’s budget. A 25 bps cut with hawkish guidance strikes the balance the BoE needed.…
We recently pointed to the UK Budget announcement as a pivotal event for UK assets. Following an initially positive reception, the market has turned and priced in further fiscal premia in UK assets, with both gilts and the pound selling off. While the budget…