Latest News,
Views & Blog

Multi-Asset Blog

Read More

Emerging Market Viewpoints

Read More

G10 Macro Rates Blog

Read More

In the News

Read More

G10 Macro Rates Market Analysis – Weekly Review – 2nd Dec 2019

03 December 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
It was mostly a quiet Thanksgiving week, with the FT reporting the tightest range for EUR/USD in history. Last week also saw the continuation of the election campaign in the UK, further developments on the US-China trade front, new highs on the S&P and a lot of insightful macroeconomic data. 

Read More

G10 Macro Rates Market Analysis – Weekly Review – 25th Nov 2019

26 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
A very quiet week in the rates markets, with 10y US Treasuries stuck in a 15bps range. Trade related headlines continued to drive the markets. As uncertainty increased about a Phase 1 deal in 2019, the S&P 500 sold-off after reaching new highs and bonds rallied. Economic data was broadly in line with consensus across the globe and hence didn’t affect financial markets that much. 

Read More

G10 Macro Rates Market Analysis – Weekly Review – 18th Nov 2019

18 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
CPI: Most countries released their inflation data last week. It was untroubling for central banks, apart from European inflation which is low, but as expected. 

Read More

G10 Macro Rates Market Analysis – Weekly Review – 11th Nov 2019

11 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
Trade Wars and stabilising data continued to drive financial markets last week. As both sides of the trade dispute started sending positive signals towards the end of the week, financial markets embraced risk-on environment – equities rallied to new highs and 10y US Treasuries sold off close to 15bps. 

Read More

G10 Macro Rates Monthly View – Normality returns, or has it?

07 November 2019

G10 Macro Rates Monthly View
With Shayne Dunlap, Co-Portfolio Manager

Normality returns, or has it?
October brought a welcome period of “normal” markets. Improved sentiment on the two big pressing issues, Brexit and US China trade talks, allowed some upward movement in curves and yields from their stretched lows. This created a more balanced environment where buyers and sellers appeared in more equal measure and market volatility reduced.  

Read More

G10 Macro Rates Market Analysis – Weekly Review – 4th Nov 2019

04 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
A very busy macro week with elections in Argentina and one region in Germany. There were central bank meetings in USA, Canada and Japan, whilst data was released for PMIs, jobs, inflation and GDP.

In general the story of weak manufacturing has been borne out, with economies dominated by trade or manufacturing seeing weaker or contractionary PMIs (Taiwan, South Korea, Japan, Sweden) and those that are more insulated from these economic forces in expansionary territory (Norway, Netherlands, Canada, USA). With China appearing on both sides, depending on which PMI you chose to look at and the USA’s ISM showing a similar split in subcomponents – does this indicate a turning point in the global economy? 

Read More

G10 Macro Rates Market Analysis – Weekly Review – 28th Oct 2019

28 October 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
It has been a quiet week for markets, despite political volatility. Yields on the 10y US Bonds spent the week within an 8bps range. While the political situation in the UK remains unpredictable, positive headlines on US-China trade and carrot-and-stick speech from Vice President Pence on Thursday ignited equity markets with a dose of optimism, as the S&P 500 rallied 1.4% on a week. 

Read More

G10 Macro Rates Market Analysis – Weekly Review – 21st Oct 2019

21 October 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
Global markets have been waiting for some clarity on the positive headlines that were delivered last week, hence volatility remained relatively subdued especially across non-GBP interest rates (US, Canada and Japan were on holiday on Monday as well).  

Read More

G10 Macro Rates Market Analysis – Weekly Review – 14th Oct 2019

14 October 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
Geopolitics has been driving the financial markets for another week. However, unlike the previous 12 months, news has mostly been positive. The level of pessimism with regards to BrExit and US-China trade war became apparent when FX and Rates markets reacted aggressively to positive news on both. GBP had its best two-days in over a decade and US 10y bond yields sold off 25bps in three days. Interest rates are pricing around one cut from the Fed in 2019 and less than one cut from the BoE by the end of 2020. 

Read More

G10 Macro Rates Blog – After The Endgame

11 October 2019

Latest G10 Macro Rates Blog – After the Endgame
With Shayne Dunlap, Co-Portfolio Manager

Some major central banks have started hinting they are approaching the monetary endgame, what next?

The recent remarks from Draghi and Kuroda are quite telling – both are recognizing the limitations of what further cuts to Monetary Policy & QE can effectively achieve in their 3rd or 4th iterations.  

Read More