Global Markets     In the US, GDP had contracted by 9.5% y-o-y in 2Q2020, the deepest decline recorded. This was mainly due to the sharp contraction in consumer spending as a result of the US government lockdown. On the monetary front, the Fed left its FFR unchanged and affirmed its dovish stance. The euro zone’s GDP also contracted in 2Q2020 by 15.0% y-o-y which exceeded the USâ€...

Global Markets     In the US, PCE eased for the third consecutive month in May due to the continuing decline in purchases of durable and non-durable goods. In contrast, US retail sales rebounded in June after posting a decline for three consecutive months since March. In Europe, GDP projections were downgraded to -8.7% in 2020 and 6.1% in 2021 as the lifting of lockdown measures in ...

Global Markets     In the US, the unemployment rate hit an all-time high of 14.7% in April and moderated to 13.3% in May. The contraction in the manufacturing PMI remains severe for the second consecutive month in May amid weak demand and poor economic sentiment. In Europe, the German Constitutional Court struck a blow to ECB by declaring the massive PEPP as ultra vires and cited ne...

Global Markets     The 1Q2020 US real GDP expanded at its slowest pace since the GFC by 0.5% as the COVID-19 outbreak took a toll on the economy. Last month, the US recorded the largest number of COVID-19-related cases and deaths in the world. In Europe, PMI for the manufacturing sector slumped to more than a decade low as non-essential businesses were either shuttered or face...

Global Markets     The worsening COVID-19 pandemic has resulted in governments restricting the movement of its citizens to contain the spread of infection. Policymakers also unveiled large-scale stimulus measures to cushion the economic impact of the pandemic. In the US, the Fed introduced broad QE programmes with unlimited commitment to purchase USTs and MBS. In Europe, the ECB ann...

Global Markets     IHS Markit’s flash reading for the US Composite Output Index registered the steepest contraction in more than six years amid COVID-19 outbreak. In Europe, the ECB said that policy easing measures and a fiscal push are needed for inflation to return. In the UK, pay growth moderated in the private services sector but remained steady in the public services se...