11/29/2023 0 Comments Big charts market watch![]() August CPI was broadly above expectations: headline YoY was 3.7% vs 3.6% consensus, and core MoM was 0.3% vs. ![]() US inflation data was stronger on higher oil prices. We think their forecasts, particularly around core inflation, will be too low, which means further hikes will be required. Despite this, the EUR/USD ended the week lower even as Bund yields rose. Probabilities of a hike were around 20% the week before but neared 60% on the day before. ‘The Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction’. ‘Key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.’ Growth forecasts, however, were revised lower, with the ECB expecting just 1% growth in 2024. They also increased their interest rate forecasts for this year and next, driven by higher energy prices. ![]() The ECB hiked by 25bps as Henry had expected for some time. Last Week’s HighlightsĮCB pulled off a dovish hike, but we see more to come. ![]() We standardise WoW price changes across different markets to allow for cross-market comparisons. Sign-up to receive world-class macro analysis with a daily curated newsletter, podcast, original content from award-winning researchers, cross market strategy, equity insights, trade ideas, crypto flow frameworks, academic paper summaries, explanation and analysis of market-moving events, community investor chat room, and more. This article is only available to Macro Hive subscribers. "We remain confident our talent, business model, strategy and scaled client relationships position us well for above average growth in the longer term, with a new emphasis on deploying free cash flow to dividends and share buybacks," Sorrell said.We standardise WoW price changes across different markets to allow for cross-market comparisons.ĮCB pulled off a dovish hike, but we see more to come. On a like-for-like basis, however, growth was 5.1%, reflecting challenging macroeconomic conditions and clients' caution due to fears of recession. Revenue increased to GBP517.1 million from GBP446.4 million, the company said, adding that net revenue rose 19% on a reported basis to GBP445.5 million. Cost management has resulted in headcount reductions, with the number of staff in its Media.Monks unit cut 5% to 8,551. S4 said first-half profitability reflects slower top-line growth and was below the company's budgets, and it said it is maintaining a disciplined cost-management approach. S4 capital posted an operating loss of 6.4 million pounds ($7.9 million) for the first half of 2023, compared with a loss of GBP75.4 million a year earlier. In July it issued new guidance, having previously forecast like-for-like net revenue growth in the range of 6%-10% and an operational Ebitda margin of 15%-16%. This is the second time the company has cut guidance this year. It also cut its target for its operational earnings before interest, taxes, depreciation and amortization margin to 12%-13.5% from 14.5%-15.5% previously. digital advertising and marketing-services company on Monday said that after slower-than-expected business over the summer months, it has revised its full-year expectations, and now sees like-for-like net revenue down on year, from prior guidance of net revenue growth in the range of 2%-4%.
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