Trading Bunds vs USTs into the Fed
Aug 19, 2015 17:21 pm UTC| Commentary
The beginning of the Fed rate hike cycle is likely to restore the normal directionality of the Bund-UST spread. At current spread and FX levels, Bunds are unlikely to act as a strong anchor for USTs. However, the next...

Russia economic growth indicators signal extended recession
Aug 19, 2015 16:45 pm UTC| Commentary
Russia growth indicators for July deteriorated further. In particular, real wages declined 9.2% y/y from an unrevised -7.2% and revised -8.6% in June and investment fell 8.5% y/y from -7.1% in June , both were...
US consumer price index (July 2015)
Aug 19, 2015 16:21 pm UTC| Commentary
Consumer prices rose 0.1% m/m in July, slightly below the consensus estimate of 0.2%. After excluding the cost of food and energy, prices of core consumer goods increased by 0.1% during the month, also below expectations...
US CPI:Modest gains in services offset a fall in goods prices
Aug 19, 2015 15:56 pm UTC| Commentary
July CPI inflation rose for the fifth consecutive month as the drag from last years energy price declines continued to fade and as core prices rose moderately. Headline CPI increased by 0.1% m/m in seasonally adjusted...
Aug 19, 2015 15:51 pm UTC| Commentary
The Consumer Price Index rose 0.1 percent in July and 0.2 percent over the last 12 months giving ammunition to the Federal Reserve doves to delay raising rates. But the Fed is signaling that it wants to start raising rates...
Lower availability of corn could rise use of wheat in EU
Aug 19, 2015 12:11 pm UTC| Commentary
Last week, the German Farmers Cooperative (DRV) predicted a 24% year-on-year slump in the German corn crop, while the USDA and the European Commission forecast a more than 15% slump for the EU. Because of the refusal to...
China real GDP likely contracted by 1.7%
Aug 19, 2015 12:03 pm UTC| Commentary
China is already exporting deflation to Japan in the sense that the Japanese PPI for domestic consumer goods has trended down with the Chinese PPI. Price cutting by Chinese exporters could exacerbate this effect. This, in...