Market analysis
Commentary written by the people who run our dealing desk, on the instruments our clients actually trade.
We publish what we would want to read ourselves: what a market did, and what is known about it. No price targets, no signals, and nothing dressed up as a recommendation. Anything you decide to do with the information is your decision, and every position carries the risk of losing more than it makes.
BTC…The day's move across the catalogue, from the same feed the terminal prices on. A ranking, not a recommendation.
The week ahead
Results, ex-dividend dates, splits and rate decisions on the instruments we list, and the larger US listings. Dates in UTC.
TRVTravelersearnings
FIFiservearnings
RTXearnings
AMCearnings
CBChubbearnings
COFCapital Oneearnings
GEGeneral Electricearnings
GMGeneral Motorsearnings
ISRGIntuitive Surgicalearnings
MSCIearnings
NFLXNetflixearnings- +2
ABTAbbottearnings
CCICrown Castleearnings
CMECME Groupearnings
CSXearnings
DHRDanaherearnings
DOWDowearnings
ELVElevanceearnings
IBMearnings- +10
From the desk
Notes on what a market did and what is known about it, published by the people who run our dealing desk.
London FXJSC Legal Sub-Committee Outlines Transition to 2026 FX Definitions
The committee discussed the migration from 1998 to 2026 FX definitions, set for November 2027, including new automated standards and digital documentation for foreign exchange trading.
Federal Reserve Releases Comprehensive Data on United States Household Financial Conditions
The 2025 Survey of Consumer Finances shows real median family income reached $82,200 while median net worth climbed to $215,900 between 2022 and 2025.
Bank of England Committee Discusses Expanding Sterling Real-Time Settlement Hours
The FXJSC reviewed potential market impacts from a shift toward near 24/7 RTGS and CHAPS settlement capabilities.
European Central Bank Targets 2029 for Digital Euro Implementation
Piero Cipollone confirmed the ECB is advancing toward a 2029 launch for the digital euro, emphasizing its role as a secure public alternative to private digital payment providers.
European Central Bank Notes Inflationary Risks from Persistent Energy Price Shocks
Governing Council members highlight that energy price volatility and shifting inflation expectations have driven market terminal rate projections above three percent.
Federal Reserve Initiates Enforcement Action Against American Express Over Laundering Failures
The Federal Reserve has launched an enforcement action against American Express for failing to adequately detect and report suspicious activities related to anti-money laundering regulations.
Prudential Regulation Authority proposes automatic updates for 128 regulatory thresholds
The PRA plans to link 128 banking and insurance regulatory thresholds to nominal UK GDP growth starting in 2031 to reduce compliance burdens.
ECB Survey Reports Easing Credit Terms for Securities and OTC Derivatives
Euro area credit terms eased slightly for all counterparties from June to August 2026, primarily through improved price conditions.
ECB Executive Board Member Lane Discusses Inflation Risks and Economic Resilience
Philip Lane highlights that energy shocks and long-term global interest rates are key factors influencing the ECB's current monetary policy evaluations.
ECB Executive Board Member Outlines Strategy for Digital Euro Implementation
Piero Cipollone confirmed the ECB's plan to integrate central bank money into digital systems to ensure payment resilience and European monetary sovereignty.
ECB Banking Supervision Adopts Tiered Approach for Addressing Bank Findings
The ECB is implementing a new tiered framework to prioritize supervisory actions based on risk severity and accelerate the remediation of outstanding issues at banks.
ECB Executive Board Member Discusses Diagnostic Framework for Monetary Policy Decisions
Philip R. Lane outlined the criteria used to evaluate inflation outlooks and monetary transmission while assessing current energy supply shocks.
ECB Vice-President Vujčić Advocates for Simplifying European Banking Regulatory Frameworks
Boris Vujčić outlines proposals to streamline EU banking regulations and capital buffers to improve industry efficiency while maintaining financial system resilience.
European Central Bank Updates Monetary Policy Framework and Payment Infrastructure Regulations
The ECB has amended its monetary policy framework and initiated new pilot programs for wholesale asset tokenization.
ECB President Lagarde Highlights Systemic Risks from Artificial Intelligence Adoption
Christine Lagarde outlines how artificial intelligence, particularly autonomous agents and cyber vulnerabilities, presents emerging systemic risks to the European financial sector.
Bank of England Committee Reports Heightened Risks to Financial Stability
The Financial Policy Committee warned of rising interconnected vulnerabilities and global market pressures while maintaining the UK countercyclical capital buffer at 2%.
ECB Executive Board Member Clarifies Monetary Policy Response to Shocks
Isabel Schnabel discusses the ECB’s strategy for addressing persistent inflation caused by overlapping economic shocks through transparent framework guidance and timely interest rate adjustments.
ECB President Lagarde Highlights Energy Crisis Risks to Price Stability
Christine Lagarde identifies the ongoing energy crisis as a primary threat to European growth and price stability, necessitating a data-dependent approach to future monetary policy decisions.
Federal Reserve Finalizes Reforms to Stress Test Transparency and Capital Volatility
The Federal Reserve has updated its stress testing framework to increase transparency, public input, and stability in capital requirements for large banking institutions.
ECB Executive Board Member Isabel Schnabel To Resign In January 2027
Isabel Schnabel will step down from the ECB Executive Board to join the International Monetary Fund as Financial Counsellor.
European Central Bank Updates Monetary Policy Collateral and Haircut Framework Guidelines
The ECB is implementing changes to its collateral framework and haircut schedules for monetary policy operations starting 30 November 2026.
ECB Supervisory Board Adopts Risk-Based Approach to Streamline Banking Oversight
The ECB is implementing a new risk tolerance framework to prioritize material threats and increase operational efficiency across European banking supervision.
Federal Reserve and FDIC Approve Resolution Plans for Fifteen Major Banks
The Federal Reserve and FDIC confirm that fifteen large banking organizations have submitted satisfactory resolution plans without identified deficiencies.
ECB President Lagarde Discusses Economic Outlook and Artificial Intelligence Impact
Lagarde outlines the central bank's focus on inflation and productivity while confirming a recent 25 basis point interest rate hike to maintain medium-term price stability.
Bank of England Market Participants Expect Further Increases to Bank Rate
Market participants informed the Bank of England that current conditions support expectations for higher interest rates to address ongoing macroeconomic uncertainty.
Federal Reserve Proposes New Regulatory Framework for Payment Stablecoin Issuers
The Federal Reserve has released two proposals to regulate payment stablecoin issuers and define application procedures for supervised banking institutions under the GENIUS Act.
Bank of England Launches Five Year Eurobond for Currency Reserves
The Bank of England has issued a new 5-year US dollar denominated bond paying a 4.875% annual coupon to finance its foreign currency reserves.
Bank of England Governor writes to Chancellor regarding CPI inflation deviation
The Governor has triggered a formal explanation process following CPI inflation deviating from the central bank's target by over one percentage point.
Bank of England Mandates Banks for New Five Year Dollar Bond
The Bank of England has appointed four joint lead managers to execute a new benchmark five-year US dollar bond issuance to support its foreign exchange reserves.
European Central Bank Launches Pontes Platform For Wholesale Tokenised Asset Settlement
The Eurosystem has introduced Pontes to enable the settlement of wholesale tokenised asset transactions using central bank money as part of its digital finance strategy.
European Central Bank To Invest Own Funds Into Tokenised Securities Market
The ECB is preparing to allocate a portion of its non-monetary policy portfolio to tokenised public sector securities using its new Pontes settlement system.
ECB Board Member Lane Cites Persistent Energy Risks to Inflation Outlook
Philip Lane highlights that a second wave of energy price increases will likely keep euro area inflation elevated longer than previously expected.
Bank of England Keeps Bank Rate Steady at 3.75 Percent
The Monetary Policy Committee voted 6-3 to maintain the benchmark rate as officials evaluate the inflationary impact of rising energy prices.
ECB Vice-President Boris Vujčić Outlines Meeting-by-Meeting Monetary Policy Approach
Boris Vujčić states the ECB will remain data-dependent, emphasizing that policy decisions will be made meeting by meeting without pre-set forward guidance.
European Central Bank Consumer Survey Shows Rising Inflation Expectations in August
Euro area consumers reported higher inflation expectations across all time horizons in August while maintaining a stable outlook for economic growth and nominal income.
Federal Reserve Participants Issue Updated Economic Projections Following September Policy Meeting
Federal Reserve officials have published their latest economic outlook and forecasts following their mid-September meeting.
Bank of England Pauses Gilt Auctions Pending Review of Sales Model
The Bank of England has suspended gilt auctions while it explores selling £146 billion in government bonds directly to the Treasury.
Governor Bailey Maintains Caution on Interest Rates Amid Global Energy Uncertainty
The Bank of England held rates steady at 3.75% while outlining a long-term plan for reducing gilt holdings.
ECB Wage Tracker Indicates Negotiated Wage Growth Reaching 2.7 Percent
The European Central Bank updated its wage tracker, projecting negotiated wage growth of 2.7% for the first half of 2027 based on current collective bargaining agreements.
Federal Reserve Raises Interest Rates by Twenty Five Basis Points
The Federal Open Market Committee lifted the federal funds rate target to a range of 3.75 to 4 percent.
Bank of England Securities Lending Committee Discusses Market Infrastructure and Stability
The Bank of England's committee reviewed market preparations for T+1 settlement and the integration of digital assets in the securities lending sector.
European Central Bank Executive Reaffirms Commitment to Future of Euro Cash
Piero Cipollone confirmed the ECB's strategy to maintain cash availability alongside digital payments to ensure continued financial stability and public trust in the currency.
Christine Lagarde Highlights Urgent Need for Increased European Artificial Intelligence Investment
ECB President Lagarde urges faster European adoption of AI technology to boost productivity and secure long-term economic growth amid significant competition from the United States.
European Central Bank President Defends Recent Interest Rate Increase
Christine Lagarde explains that higher interest rates are necessary to combat 3.3% inflation driven by persistent energy price shocks.
European Central Bank Raises Interest Rates by Twenty Five Basis Points
The ECB has increased its key interest rates by 25 basis points to combat persistent inflationary pressures.
European Central Bank Raises Interest Rates by Twenty-five Basis Points
The Governing Council increased policy rates to address persistent inflation pressures arising from geopolitical conflicts and rising energy prices.
Federal Regulators Increase Asset Threshold for Community Bank Exam Cycles
The Federal Reserve and other agencies raised the asset threshold for 18-month examination cycles from $3 billion to $6 billion.
Christine Lagarde Urges EU Member States to Pursue Deeper Integration
The ECB President argued that Europe must prioritize unified economic and defense efforts to remain competitive and preserve sovereignty in a challenging geopolitical landscape.
Frank Elderson Urges Banking Integration to Support European Economic Competitiveness
The ECB highlights improved bank profitability but identifies persistent national fragmentation as the primary obstacle to long-term competitiveness and the financing of Europe's strategic investments.
Bank of Canada Keeps Overnight Interest Rate Steady at Two Percent
The Bank of Canada held its target for the overnight rate at 2.25% amid global geopolitical tensions and shifting trade dynamics.
ECB Official Highlights Importance of Household Expectations for Monetary Policy
Boris Vujčić detailed how consumer survey data enhances the ECB's understanding of inflation expectations and the economic transmission mechanism.
ECB Executive Board Member Proposes Central Banks Adopt Distributed Ledger Technology
Isabel Schnabel argues that bringing central bank money on-chain is essential for modernizing financial settlement and monetary policy implementation.
Bank of England defers November 2026 RTGS standards release following Swift
The Bank of England has postponed its planned RTGS standards update to maintain global alignment after Swift delayed its own release schedule.
ECB Governing Council Discusses Geopolitical Risks and Inflationary Pressures in July
The ECB noted persistent energy supply concerns and resilient economic data, while markets have priced in additional policy tightening amid ongoing geopolitical volatility.
ECB Executive Board Member Outlines Strategy for European Tokenised Financial Markets
Piero Cipollone detailed the Eurosystem's progress in integrating central bank money into distributed ledger technology to foster a unified European market for digital assets.
ECB Executive Board Member Discusses Economic Competitiveness and Inflation Management
Piero Cipollone emphasizes the importance of structural reforms and stable monetary policy amid ongoing economic challenges.
Eurozone Consumers Report Lower Inflation Expectations for July 2026
The ECB survey indicates a decline in consumer inflation expectations and mortgage interest rate forecasts alongside a slight improvement in the outlook for economic growth.