Market Updates


BlackRock Commentary: Sticking with reduced risk taking

Business activity is slumping and higher inflation persists. Central banks are responding with aggressive rate hikes without fully acknowledging the growth damage. The new regime of macro volatility is taking root with weaker growth, persistent inflation and volatile markets.

BlackRock Commentary: Energy shock spurs Europe’s recession

BlackRock have argued since March that the energy crunch will drive a recession in Europe The crisis has worsened since then as Russia has halted gas supplies. Plus, the European Central Bank (ECB) isn’t acknowledging how it will crush activity further by trying to fight high inflation, in BlackRock’s view.

BlackRock Commentary: Recession looms as regime takes root

BlackRock have argued for a while that they’re in a new macro regime. Central bankers at the recent Jackson Hole forum started to recognize this reality. But BlackRock think they’re not prioritizing economic implications over pressure to curb inflation.

Notes from the Trading Desk

Notes from the Trading Desk – Franklin Templeton

The ECB will be a key focus on Thursday as it considers accelerating the pace of interest-rate hikes. The market is placing about a 70% probability on a 75-basis-point increase, which would be the ECB’s single biggest hike since its inception. Sticking with Europe the energy crisis will remain front and centre given the Nord Stream 1 shut down. Markets will also be watching German Industrial Production data, out on Wednesday.

Notes from the Trading Desk – Franklin Templeton

The euro traded through parity versus the US dollar last week given a gloomy European economic backdrop. Gas prices remain in focus, with Nord Stream 1 scheduled to shut down for three days of maintenance on 31 August. The EU just called an emergency meeting of energy ministers to discuss bloc-wide solutions to the spike in power prices.

Notes from the Trading Desk – Franklin Templeton

Energy prices continue to be a focus for markets. Both European and US futures markets trade up to their respective 200-day moving averages but fail to break through and quickly pull back last week. Outside of equity markets, the US dollar had a notable move higher again last week, with the Dollar Index (DXY) up 2.3% and trading back near multi-year highs.

BlackRock Commentary: Earnings under pressure

Stocks are rallying as markets believe inflation is waning and the Fed will slow hikes soon. BlackRock don’t think the rally is sustainable. Why? They see the Fed hiking rates to levels that will stall the economic restart. Corporate earnings may weaken more as consumer spending shifts and profit margins contract.

Notes from the Trading Desk – Franklin Templeton

Despite the strength in the market overall, a number of headwinds persist for European corporates, and one area of focus is the Rhine river water level, which continues to drop. This could have the potential to restrict the transportation of goods through central Europe, at a time when the continent is already suffering the worst energy crisis in decades.

BlackRock Commentary: Why we like credit over equities

BlackRock prefer investment grade (IG) credit over equities on a tactical horizon as they see a new market regime with higher volatility taking shape. They believe IG credit can weather a significant growth slowdown whereas equities don’t look priced for this risk.

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