European bond markets bought off as inventory markets bounced. Bundesbank President Nagel warned yesterday that central banks should not reply to increased inflation with “too little, too late” and that “if financial coverage falls behind the curve, even stronger hikes in rates of interest might turn out to be essential to get inflation underneath management” which might result in increased financial prices. German Ifo enterprise confidence numbers got here in weaker than anticipated this morning, which along with the disappointing PMI studies yesterday added to recession fears, however for now inventory market sentiment is trying a bit brighter.
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Stuart Cowell
Head Market Analyst
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