23 Nov 2023 TwentyFour Blog Far-right leader wins Dutch election but markets remain calm The Dutch elections took an unexpected turn as it looks like Geert Wilders' Freedom Party (PVV) will gain 20 seats and become the largest party with 37 of 150 seats. Read more
27 Oct 2023 TwentyFour Blog Fundamentals show European banks well set up as bonds are still cheap Whilst bank debt has recovered from the contagion of the US regional banking crisis and the Credit Suisse write down event earlier this year, many bonds are still trading wider than they were at the beginning of the year. Read more
25 Oct 2023 TwentyFour Blog The ECB hiking cycle is likely to be over Yesterday, market participants received two important reports about the state of the economy in the Eurozone. Firstly, the October Markit PMI – Purchasing Managers’ Index - reports showed a continued deterioration in growth in the manufacturing as well as the services sector. Read more
13 Oct 2023 TwentyFour Blog Examined: the case for fixed income in a hard or soft landing Fixed income investors have gone through a stressful few weeks. Since the beginning of September, government bond yields have moved sharply higher, causing spreads to widen and returns to worsen across the board. Read more
27 Sep 2023 TwentyFour Blog That shrinking feeling: Money supply tightens as rate hikes feed through Following the recent publication of the European Central Bank's monthly “Monetary Developments in the Euro Area” report, Felipe Villarroel takes a deep dive into how this report evidences the impact that successive rate hikes are having on the economy Read more
15 Sep 2023 TwentyFour Blog ECB: That's All Folks? Felipe Villarroel argues that it will not be long before we see yields in fixed income assets at levels markedly above spot inflation which could translate in investors racing to lock in those yields. Read more
11 Sep 2023 TwentyFour Blog ECB’s turn to skip? Dillon Lancaster comments on the divergence in views from ECB members, and whether the end of the week will see a 'skip' or 'hawkish pause'. He believes either outcome is not likely to have a huge effect on the market. Read more
24 Aug 2023 TwentyFour Blog Poor PMI data weigh on soft landing narrative Felipe Villarroel shares his thoughts on the recently released preliminary PMI data, which he concludes is a reminder that the hiking cycle only started 18 months ago and there are lags that are yet to be felt in the real economy, reiterating some of his previous views. Read more
4 Aug 2023 TwentyFour Blog Diverging dynamics in savings ratios As governments around the world provided support in various manners during the pandemic, savings ratios increased to levels that were twice as large as the previous all time highs in some countries. Felipe Villarroel takes a look at some countries' spending vs savings monthly data patterns and lays out what he thinks this means for fixed income investors. Read more
27 Jul 2023 TwentyFour Blog ECB's bank lending survey has something for everyone Felipe Villarroel gives an overview of what he believes to be important features of the survey, reflecting on both the good and the bad news. Read more
24 Jul 2023 TwentyFour Blog PMIs below expectations in Europe and the UK Felipe Villarroel looks at the preliminary numbers for July PMI Manufacturing and PMI Services data, and how from a markets point of view, he thinks volatility will remain in place while both rates and spreads should trade in a range as we await for more clarity on whether inflation will allow Central Banks to pause and the extent of the slowdown in H2, particularly considering August is looming. Read more
19 Jul 2023 TwentyFour Blog Reinvestment risk growing, along with the soft landing narrative What level of risk are investors willing to take? As central bank rates hike and a soft landing narrative makes its way into analysts’ forecasts, Eoin Walsh takes a look at what affects this has on investment risk and reinvestment risk. Read more