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G10 Macro Rates Market Analysis – Weekly Review – 22nd February 2021

22 February 2021

With the Pacific G10 Macro Rates Team 
Last week real yields in the US finally increased (nominal – inflation), it also correlated to equities peaking. They (equities) have stopped viewing higher rates as a positive reflection of growth, towards one of an unsustainable tax on the economy. Whether rising real yields is a permanent feature, will be key to equity market direction for the next few months.  

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G10 Macro Rates Market Analysis – Weekly Review – 15th February 2021

15 February 2021

With the Pacific G10 Macro Rates Team 
Last week’s strong uptick in European cpi did not follow on in the USA or China as their same measure came in lower than expected. However, this did not fear the market as more positive news came from many corners: including strong Norwegian and UK Q4 GDP data, with the chief economist of the BoE referring to the UK economy as a “coiled spring”; US Jobless claims hinting at a more positive outlook; higher oils prices (currently viewed as a predictor of stronger future growth); Macro prudential restrictions were reintroduced by the RBNZ to dampen the hot NZ mortgage market; and BUBAs Weidmann forecasting German HICP strengthening to 3%. 

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G10 Macro Rates Market Analysis – Weekly Review – 8th February 2021

08 February 2021

With the Pacific G10 Macro Rates Team 
The week started with Chinese PMI data pulling back a little but remaining in expansionary territory. The most interesting central bank activity stemmed from Australia and the UK. 

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G10 Macro Rates Market Analysis – Weekly Review – 1st February 2021

01 February 2021

With the Pacific G10 Macro Rates Team 
Last week equity markets stole the show. The world’s leading capitalist nation demonstrated a lack of irony as a platform called Robinhood redistributed profits away from the (rich) hedge funds to the (poor) retail investor. Short positions were squeezed mercilessly, and equity funds deleveraged as a result. At the peak of the mayhem, the platform halted trading access to retail clients whilst still allowing institutions to trade. This raises a whole new line of enquiry about the ethics and legality behind such an action. With the volatility increase, exchange margins have been raised and positions decreased, along with rumours that it was other hedge funds acting behind the cloak of the “hooders” who were squeezing the shorts. Potential ripples outside of Long-Short equity funds have not surfaced yet, and it seems that the event might be contained. 

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