海外研报

Supply and Cash Flow Monitors

 EUR22.5bn gross supply and EUR0.9bn net supply on the back of bigBTP redemptions and Bunds coupons. On offer new 10Y Bund, Green Bunds tap, LT OAT, SPGB (new 7Y) /

MXAPJ closed the week flat, led by rebounds in the Greater China markets

MXAPJ closed flat, with Hong Kong & China Offshore (+2%)leading Korea (-4%), Singapore (-3%), and Australia (-2%).

Labor Market Trumps inflation Right Now (For BondYields)

US producer prices rose by a softer-than-expected 0.1% m/m in July, from 0.2% in June. The core measureremained unchanged, the tamest reading in four months. Notably, the index for final demand services fel0.2% m/m.

Europe: August Flash PMIs — Persistent Strength in the UK, Olympics Boost in the Euro Area

BOTTOM LINE: The Euro area composite flash PMI increased by 1.1pt to 51.2, aboveour expectations and consensus. The acceleration in the composite index was driven

Bits & pieces

UnDebtfeatable - The indications are strong that regardless of who wins the US election additional deficits and debt are coming down the pipeline – it’s out of control and can’t be