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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>The Fed cut policy rates by 25 bps in another non-unanimous decision, with Hammack dissenting in favour of no cut</li><li>The cut was contrasted by a significant tightening in the dot plot, which showed a median 50 basis points of easing in 2025, compared to 100 basis points of easing in 2025 in the September dot plot</li><li>This outlook is consistent with an upward revision in the Summary of Economic Projections, with the PCE inflation forecast for 2025 rising to 2</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Fed cut policy rates by 25 bps in another non-unanimous decision, with Hammack dissenting in favour of no cutThe cut was contrasted by a significant tightening in the dot plot, which showed a median 50 basis points of easing in 2025, compared to 100 basis points of easing in 2025 in the September dot plotThis outlook is consistent with an upward revision in the Summary of Economic Projections, with the PCE inflation forecast for 2025 rising to 2Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fed Watch – A hawkish cut, with sharp talons

<ul><li>Euro Macro - The eurozone composite PMI for December edged up, remaining in contractionary territory but moving closer to neutral at 49.5 (48.3 in November).</li><li>ECB - Dovish comments signal easing path going forward.</li><li>In the final month of 2024 the contraction in business activity in the eurozone eased on the back of rising activity in the services sector. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Euro Macro - The eurozone composite PMI for December edged up, remaining in contractionary territory but moving closer to neutral at 49.5 (48.3 in November).ECB - Dovish comments signal easing path going forward.In the final month of 2024 the contraction in business activity in the eurozone eased on the back of rising activity in the services sector. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eurozone - PMIs stabilise on services despite political uncertainty

<ul><li>We expect a 25 bps rate cut with no major surprises from the Fed this Wednesday</li><li>Since the start of easing, inflation has picked up, and the labour market remains a mixed bag</li><li>This puts the Fed in a difficult position, though the likely response is to keep moving towards neutral</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect a 25 bps rate cut with no major surprises from the Fed this WednesdaySince the start of easing, inflation has picked up, and the labour market remains a mixed bagThis puts the Fed in a difficult position, though the likely response is to keep moving towards neutralContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FOMC Preview – Easing Between a Rock and a Hard Place

<ul><li>China Macro: November retail sales disappoint, housing market data improve somewhat</li><li>Last week, Beijing once more confirmed it will step up stimulus in 2025</li><li>Supporting domestic demand key policy goal for 2025</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

China Macro: November retail sales disappoint, housing market data improve somewhatLast week, Beijing once more confirmed it will step up stimulus in 2025Supporting domestic demand key policy goal for 2025Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China: Retail Sales Slow in November, More Support Announced

<ul><li>In this piece, we look at all issuers included in the Bloomberg euro corporate bond index (excl. financials) and assess whether companies more vulnerable to climate-related risks – physical or transition - also experience steeper credit curves</li></ul><div data-v-a32cbb07=""><div data-component-type="rich-text"><ul data-v-449fd9f8=""><li style="list-style-type: disc;" data-v-449fd9f8=""><div data-v-449fd9f8="" data-v-f66c592a=""><div data-v-f66c592a=""><div data-v-f66c592a=""><p data-v-f66c592a=""><span data-v-57e5f677="">We evaluate exposure to climate risks by looking at mainly three variables: (1) The GHG emissions (scope 1, 2 and 3) intensity (tonnes per EUR million of revenue), (2) the ISS ESG physical risk score, and (3) the ISS ESG carbon risk</span></p></div></div></div></li><li style="list-style-type: disc;" data-v-449fd9f8=""><div data-v-449fd9f8="" data-v-f66c592a=""><div data-v-f66c592a=""><div data-v-f66c592a=""><p data-v-f66c592a=""><span data-v-57e5f677="">Our analysis indicates that these variables are not statistically significant in explaining curve steepness, while credit ratings are a significant factor</span></p></div></div><div data-v-f66c592a=""></div></div></li></ul></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In this piece, we look at all issuers included in the Bloomberg euro corporate bond index (excl. financials) and assess whether companies more vulnerable to climate-related risks – physical or transition - also experience steeper credit curvesWe evaluate exposure to climate risks by looking at mainly three variables: (1) The GHG emissions (scope 1, 2 and 3) intensity (tonnes per EUR million of revenue), (2) the ISS ESG physical risk score, and (3) the ISS ESG carbon riskOur analysis indicates that these variables are not statistically significant in explaining curve steepness, while credit ratings are a significant factorContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ESG Strategist - Higher Climate Risks Do Not yet Translate into Steeper Credit Curves

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External broker reports(aggregated public sources)
• ABN AMRO

Fed Watch – A hawkish cut, with sharp talons

The Fed cut policy rates by 25 bps in another non-unanimous decision, with Hammack dissenting in favour of no cut. The cut was contrasted by a...

ABN AMRO

Eurozone - PMIs stabilise on services despite political uncertainty

Euro Macro - The eurozone composite PMI for December edged up, remaining in contractionary territory but moving closer to neutral at 49.5 (48.3 in...

ABN AMRO

FOMC Preview – Easing Between a Rock and a Hard Place

We expect a 25 bps rate cut with no major surprises from the Fed this Wednesday. Since the start of easing, inflation has picked up, and the labour...

ABN AMRO

China: Retail Sales Slow in November, More Support Announced

China Macro: November retail sales disappoint, housing market data improve somewhat. Last week, Beijing once more confirmed it will step up...

ABN AMRO

ESG Strategist - Higher Climate Risks Do Not yet Translate into Steeper Credit Curves

Our analysis indicates that these variables are not statistically significant in explaining curve steepness, while credit ratings are a significant...

ABN AMRO