Tuesday 9th May 2023

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Bond yields continued to rise yesterday and overnight as markets seem to accept a more for longer approach from central banks. NAB’s Rodrigo Catril says the Business Survey yesterday showed that there was a fall in retail prices and final product prices, suggesting, perhaps, that inflation was coming under control. In the US the Senior Loan Officers survey in the US showed that lending conditions were tightening, with am impact on business credit demand. Whilst industrial production in Germany fell further in March, driven down by the automotive sector. It’ll be interesting to see how weak data like these impacts on the attitudes of the ECB, with Lane, Vasle and Rehn all talking over the next day.

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