Summary of November's research, covering the following topics:
Debt: Continuing huge burden on Domestic investors in 2025 to fund governments
Debt: Update on global private sector credit trends
Rates: Bearish momentum extinguished
UK: “Simple Real Yields” relative to other major markets
France: Debt sustainability (interest rate cost and debt profile)
EU Banks: SX7E and Bank Credit correlations and the link with Euro inflation
Canada: Debt deflation underway – lagging disinflation beginning to bite
Japan: “Hot” inflation unlikely given negative base effects – expecting a JGB signal
Risk: Divergence between extended positioning and declining market sentiment
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