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G10 Macro Rates Market Analysis – Weekly Review – 1st June 2020

02 June 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Risk assets again performed strongly last week. The S&P500 increased by over 3%, matched by the European and global equity markets, while WTI oil was 5% higher. There are a lot of reasons in the short-term for the optimism that financial markets have been pricing recently. Economies are gradually coming back to life across the globe and unprecedented fiscal and monetary stimulus in most developed nations are still in place.  

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G10 Macro Rates Blog – Hope is fully priced

28 May 2020

Latest G10 Macro Rates Blog
With Shayne Dunlap, Co-Portfolio Manager

Humans have an innate ability to hope – to believe things will be better in the future than they are currently. This has been an important factor in our species surviving and ultimately thriving as the dominant one on this planet. It also has the side effect of manifesting itself in the financial markets. 

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G10 Macro Rates Market Analysis – Weekly Review – 22nd May 2020

26 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Volatility continued to decline last week. The key themes remained unchanged: risk assets rebounded as economies started to re-open with the S&P 500 up 3.5% on the week, WTI up 12.5% to above $33, Credit spreads were tighter across the board and 10y Government Bond yields remained mostly unchanged.  

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Pacific's G10 Macro Rates team speaks to Investment Week

19 May 2020

Pacific Asset Management G10 Macro Rates team, Shayne Dunlap, Richard Marshall & Oleg Gustap recently talked to Investment Week's Michael Sheen on how PAM's entrepreneurial mindset has helped them outperform through recent market turmoil. 

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G10 Macro Rates Market Analysis – Weekly Review – 15th May 2020

18 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Another quiet week passed in financial markets. Risk assets underperformed as government bonds strengthened across the globe, but volatility remained subdued. Financial markets re-priced the probability of an introduction to negative rates in currencies where short term rates have reached 0%. Heads of Central Banks have been resisting the idea so far, leaning towards more ‘conventional’ measures like forward guidance, QE and Yield Curve Control.  

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G10 Macro Rates Market Analysis – Weekly Review – 8th May 2020

11 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Last week continued the fashion of decreasing volatility, higher equities and unchanged interest rates. The rally in equities continued to be skewed towards technology companies, with the broad NASDAQ index trading positive YTD. As was expected, the number of job losses in Canada and the US reached all time extremes. With numbers fully priced, there was little reaction by financial markets.  

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G10 Macro Rates Market Analysis – Weekly Review – 1st May 2020

04 May 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Volatility continued declining across markets last week. Both Equity and Treasury markets in the US ended the week unchanged with tighter credit and FRA/OIS spreads. While yields on German Bunds and UK Gilts were lower on the week, supported by Central Bank purchases. Interest rates and FX volatility measures continued declining while VIX remained broadly unchanged as daily volatility of S&P 500 returns remains high. 

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G10 Macro Rates Market Analysis – Weekly Review – 27th April 2020

27 April 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Last week equities and US 10y Treasuries finished the week flat, with volatility metrics going further down as the VIX slid to 36. The main event of last week happened outside of interest rates and foreign exchange markets as front WTI futures contracts traded negative for the first time touching -$40. Part of the move was a technical one, as the rest of the curve failed to exhibit similar volatility, but oversupply in the oil market remained a concern with June WTI contract down almost 40% on the week. 

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G10 Macro Rates Market Analysis – Weekly Review – 17th April 2020

20 April 2020

With the Pacific G10 Macro Rates Team 

Global Macro Overview
Although financial markets are gradually paying more attention to economic data the actions taken by fiscal and monetary authorities remain the major drivers. Governments across the world are still committed to supporting local economies for as long as lockdown measures are in place.  

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Pacific G10 Macro Rates Live Webinar | Video Replay

08 April 2020

Pacific G10 Macro Rates Live Webinar | Video Replay

Due to the ongoing concerns around the coronavirus, the Pacific G10 Macro Rates Event in London was replaced by a Live Interactive Webinar on Wednesday 8th April 2020 at 10:00 UK time.

The event allowed participants the opportunity to hear from the team, ask questions and find out more about their unique approach. 

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