KBC Bank

Markets The flash EMU May PMI’s disappointed. After hovering just north of the 50 level that separates growth from contraction in the first four months of the year, it unexpectedly dropped from 50.4 to 49.5. As the HCOB chief economist […]

Markets Yesterday’s US 20-yr $16bn bond sale was a rough one. The auction tailed 1.2 bps vs the 5.035% WI yield with lower-than-average demand. US yields ripped higher, extending earlier gains. Net daily changes varied between +4.8 bps in the

Markets Investor focus remains centered on public finances as trade wars shifted to the background following the US-Sino truce. Global yield curves extend their bear steepening run with attention obviously on the US. US President Trump’s big beautiful bill cleared

Markets Moody’s depriving the US from its Aaa credit rating late on Friday to some extent was a symbolic step. It didn’t bring profound, new insights on the US budget deficit and its debt (un)sustainability. However, it comes at the

Markets Asian currencies remained among the best performers today. They still thrive on yesterday’s rumours of the US and South Korean having talked about FX policy even though sources later denied the news. Similar speculation of local governments ready and

Markets There were hardly any data with market moving potential and for now no trade-related headlines from US president Trump to guide trading today. European equities are taking a breather after the recent rebound (EuroStoxx 50 -0.1%). US indices open

Markets The sharp market moves (higher yields, stronger dollar, bullish stocks) on the 90-day US-Sino Chinese trade truce made way for a waiting game today in the run-up to April US CPI numbers. The recent chain of events changed markets’

Markets Substantial progress in the trade negotiations with China this weekend in Switzerland as touted by the US administration triggered an impressive reflationary move of global markets. Both US and most other core bond yields jumped sharply higher in an

Markets Markets are flying high following the “substantial progress” made during the first high-level US-Sino trade talks over the weekend. US Treasury Secretary Bessent, one of the attendees, shortly before the European open briefed what this meant in practice: a

Markets European PMIs offered a first glimpse of the impact on the German-European defense initiative on business. So far, though, the huge government spending announcements only lifted the forward looking indicator (sentiment towards future activity), specifically in Germany. That makes