North America
- Equities volumes are still low but recovering. Liquidity worsened week on week but still appears good for the year to date.
- Volumes in US investment grade are up week on week and nearing normal levels for 2023. Liquidity remains good for the year.
- Data: US Inflation Rate and CPI on Wed, Sept 13. Retail Sales, PPI, and Initial Jobless Claims, Thurs, Sept 14.
- US axe data, which is within normal ranges, indicates a slightly higher proportion of bids versus asks in credit.
Europe and the UK
- Equities volumes were low but recovering. Liquidity has stabilized for 2023 levels.
- Euro investment grade volumes are up week on week and bid-ask spreads are still tight for the year.
- Data: UK Unemployment Rate on Sept 12, UK GDP on Sept 13, and the ECB’s Interest Rate move on Sept 14.
- EU axe data, which is within normal ranges, suggests a higher proportion of EU dealer bids versus asks in credit.
- GBP axe data, within normal ranges, suggests much higher net selling versus buying of credit.
