Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The impacts of shortened settlement cycles in the U.S. are critical to asset managers and banks globally. What can you do now to prepare for the change?

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

What’s needed before a region with 41 trading exchanges and 31 settlement infrastructures can consider a shorter settlement cycle?

The U.K.’s Long Term Asset Fund initiative could be a strategic solution for pension schemes amid future volatility.

What is now needed to meet the next generation of ESG investors? Adrian Whelan unpicks the title of a session at Sibos, where he will be speaking next month.

The U.K. Financial Conduct Authority (FCA) has opened a public consultation which seeks to reshape the rules around marketing of Long-Term Asset Funds (LTAFs) to allow access to a wider group of retail investors and pension schemes.

Banks, asset managers and insurers operating in the EU will be subject to new rules intended to boost the security and resiliency of the financial sector. Adrian Whelan maps out what asset managers need to know.

Fed speakers continue spreading the hawkish message; PPI data also came in on the soft side; preliminary August University of Michigan consumer sentiment will be today’s data highlight; monthly U.K. data dump began; eurozone June IP was reported; Sweden reported July CPI; Taiwan revised Q2 GDP growth slightly lower; India reports July CPI and June IP

Fed officials continued their communication push; Fed tightening expectations should move higher; the July jobs report is the main event; Canada also reports July jobs data; several eurozone countries reported June IP; BOE hiked rates 50 bp to 1.75%, as expected; updated forecasts were grim; Czech Republic delivered a dovish surprise and kept rates steady at 7.0%; Japan reported firm June labor cash earnings and household spending; RBA released its Statement on Monetary Policy; India hiked rates 50 bp to 5.40% vs. 35 bp expected

We think Fed officials will push back against the market’s dovish take on its decision; the U.S. rates market continues to price in gloom and doom; ISM reports July manufacturing PMI; eurozone final July manufacturing PMI readings were reported; Germany continues to weaken; Caixin reported soft China July manufacturing PMI; Hong Kong reported weak Q2 GDP data

The two-day FOMC ended with a 75 bp hike to 2.50%; market expectations for Fed tightening are diverging; Powell was suitably hawkish during his press conference; and reiterated the Fed’s laser focus on inflation; we get our first look at Q2 GDP; it looks like some fiscal stimulus is coming in the U.S. after all; eurozone confidence continues to plunge in July; ECB officials are starting to acknowledge recession risks; July eurozone CPI readings will start to roll out; BOJ Deputy Governor Amamiya sees wage gains picking up next year; Australia reported soft June retail sales

It’s all about the ECB today; regional Fed manufacturing surveys for July will continuing rolling out; the ECB is widely expected to hike rates 25 bp; Italian politics have entered a dangerous new phase; the U.K. political outlook has gotten some clarity but the next Tory leader will inherit a terrible situation; South Africa is expected to hike rates 50 bp to 5.25%; Turkey kept rates steady at 14.0%, as expected; the two-day BOJ meeting ended with a dovish hold; Indonesia kept rates steady at 3.5%, as expected

Managers and distributors are increasingly obligated to engage investors on their ESG appetite. Adrian Whelan sets out the MiFID II Sustainability Preferences and other factors that firms should consider.

Fed Chair Powell made some rare comments about the dollar; Chicago PMI will be today’s highlight; May core PCE will be closely watched; Colombia is expected to hike rates 150 bp to 7.5%; BOE Governor Bailey did sterling no favors; the Riksbank hiked rates 50 bp to 0.75%, as expected; Japan reported weak May IP and housing starts data; China reported strong official June PMI readings

U.S. yields remain low as recession fears rise; the U.S. yield curve is flattening but nowhere near inverting; Fed Chair Powell broke no new ground in his testimony before the House; Mexico hiked rates 75 bp to 7.75%, as expected; June German IFO business climate came in soft; U.K. reported soft May retail sales; U.K. politics are heating up; Japan reported May national CPI readings

With the curtailment of trading in Belarusian, Russian and Ukrainian securities, fund liquidity is high on asset managers’ agendas. BBH’s Adrian Whelan addresses some of the key questions around use of side-pockets for UCITS funds.

U.S. yields are lower as risk off sentiment takes hold; April U.S. PPI data now takes center stage; Fed officials remain hawkish; the heavy slate of UST issuance concludes; both Mexico and Peru are expected to hike rates 50 bp; more ECB officials are on board with July liftoff; yet ECB tightening expectations remain subdued; U.K. monthly data dump was weaker than expected

Regulatory reporting proposals could have significant consequences for private fund advisors, writes BBH’s Adrian Whelan.

U.S. rates have resumed their move higher; Fed officials remain hawkish; the Fed’s pivot to limiting demand is noteworthy; retail sales data are worth discussing; despite the holiday, some U.S. data will be reported; ECB delivered a dovish surprise

U.S. rates continue to move higher; Fed officials are likely to remain hawkish; France held its presidential election Sunday; U.K. began its monthly data dump on a soft note

Hawkish Fed comments continue to roil the rates markets; Fed tightening expectations remain heightened; U.S. yields continue moving in the dollar’s favor; the 2- to 10-year curve is no longer inverted; FOMC minutes will be released; as we warned yesterday, default risk has risen for Russia

This is a very quiet week for the U.S. in terms of data; U.S. yields have resumed moving in the dollar’s favor; another portion of the U.S. yield curve has inverted; Colombia central bank minutes will be released; ECB tightening expectations remain heightened after last week’s CPI shocker

Fed Chair Powell is the latest Fed official to look through the Ukraine crisis; we believe the Fed hikes 25 bp at the March 15-16 FOMC; ISM services PMI will be the data highlight; the Fed released its Beige Book report for the March 15-16 FOMC meeting; BOC hiked rates 25 bp to 0.50%, as expected; MSCI and FTSE Russell are both cutting Russia from their major equity indexes; Moody’s and Fitch both cut their sovereign rating for Russia two full steps; eurozone reported January PPI

The Fed continues to tilt more hawkish; U.S. rates market continues to adjust to the new Fed messaging; the week starts off quietly ahead of key inflation and retail sales data later this week; Brexit tensions are back

The dollar is slightly weaker on the day, but moves have been modest ahead of the U.S. holiday. The biggest headline came from Germany, with Olaf Scholz is set to become the next German Chancellor. Also, the RBNZ continued its fight against inflation overnight and raised interest rates by 25bps while signaling there is more to come.

As the U.K. embarks on its post-Brexit regulatory journey, ESG is an area of policymaking where the rules are being framed to be similar but not the same as those of the E.U. These areas of divergence will occupy many asset managers’ minds as they look to compare and contrast rulesets, writes Adrian Whelan.

October retail sales will be the data highlight; reports suggest President Biden has made his choice for Fed Chair; regional Fed manufacturing surveys for November have started rolling out; BOC Governor Macklem is sounding more hawkish; U.K. reported solid labor market data

The U.S. Treasury will sell $56 bln of 3-year notes today; U.S. rates have fallen since the FOMC decision; Chile reported higher than expected October CPI; the ECB debate about inflation continues to rage; markets are still digesting last week’s shock decision from the Bank of England

The FOMC is expected to announced tapering when its two-day meeting ends this afternoon; ADP private sector jobs will be the data highlight; ISM services PMI for October will also be reported; ECB President Lagarde is pushing back harder against market tightening expectations

Democrats may be nearing a compromise that could unlock trillions in fiscal stimulus; regional Fed manufacturing surveys for October will continue to roll out; Brazil reports mid-October IPCA inflation; U.K. Chancellor Sunak will reportedly unfreeze public sector salaries next April; BOE tightening expectations are getting trimmed;

The U.S. Department of Labor has taken a significant step towards the integration of environmental, social and governance (ESG) considerations in pensions management. BBH’s Adrian Whelan sets out how the proposed rule reverses previous barriers to investment.

U.S. rates continue to rise; Treasury has a heavy auction schedule this week; Fed speakers are plentiful; the House is scheduled to vote on the short-term extension of the debt ceiling today

Here's a look at the main drivers in Developed Markets this week.

The hawkish wave continues to sweep more EM central banks, while isolating the remaining dovish few. In this report we elaborate on the recent changes in Poland, Colombia, Brazil, South Africa and South Korea.

The Fed delivered a hawkish hold, as we expected; we think if job growth improves to around 500k this month, the Fed will pull the trigger on tapering; Powell said that gradual tapering is likely to conclude around mid-2022; there was a hawkish shift in the Dot Plots; Fed regional manufacturing surveys will continue to roll out; Brazil hiked rates by 100 bp to 6.25%, as we expected; Mexico reports mid-September CPI

Here's a look at the main drivers in Emerging Markets this week.

Six major central banks meet next week. Their respective policy stances should underpin our strong dollar call as monetary policy divergences should continue.

August retail sales data are worth discussing; University of Michigan consumer confidence ties into this question about consumption; regional Fed manufacturing surveys for September are starting off strong; ECB denied hawkish comments attributed to Chief Economist Lane; new forecasts from last week’s ECB meeting are not consistent with the FT story

After the post-jobs report sell-off, the dollar has come roaring back; due to the media embargo ahead of the September 21-22 FOMC meeting, there will be no Fed speakers this week; the only U.S. data today is the August budget statement

Now that the dust is settling after Brazil’s pro-government demonstrations, a clearer picture starts to emerge; it doesn’t look good to our eyes, but we may have reached a local maximum in tensions.

The Fed Beige Book report painted a fairly upbeat picture for the September 21-22 FOMC meeting; speakers this week suggest the Fed is looking through the August jobs miss; July JOLTS job opening are worth discussing; weekly claims data should show continued improvement in the labor market; BOC delivered a dovish hold, as expected; Peru is expected to hike rates 25 bp to 0.75%

July JOLTS job opening will be reported; Fed releases its Beige Book report for the September 21-22 FOMC meeting; Fed speakers this week should reveal how the Fed is viewing the August jobs miss; BOC is expected to keep policy steady; yesterday’s large pro-government protests across Brazil were mostly peaceful

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

• Ethereum broke violently higher with multiple drivers still looking supportive; Crude prices stabilized this morning after a 2% drop yesterday on news that OPEC plans to boost crude production; Brazil's Q2 growth figures disappointed, but inflation remains the focus for now; Moody's cut Peru's credit rating by one notch; Eurozone PPI surprised on the upside, but the doves are firmly in control

Here's a look at the main drivers in Developed Markets this week.

SPACs have existed in the United States since the early 2000s, but they have enjoyed a resurgence in popularity recently, and in spite of a slight cooling of SPAC launches they remain one of the most discussed trends across the market. Here we take a whistle-stop tour through the various aspects of the rise of the SPAC.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The same themes and price action direction prevailed overnight: delta-virus triggered selloff continues across assets combined with China’s crackdown against the tech sector. The Australian and New Zeeland dollars are underperforming, hit by increasing concerns about infections and declining commodity prices.

July retail sales data are worth discussing; the U.S. economy should continue to post strong growth in Q3; FOMC minutes will be released; Canada reports July C

Markets are starting the week with a modest risk-off tone; regional Fed manufacturing surveys for August will start rolling out.

In a recent speech, SEC Chairmen Gensler returned to a corner of the market he knows extremely well, speaking at length about security-based swaps (SBS) reform.

Here's a look at the main drivers in Developed Markets this week.

The EU’s Sustainable Finance Disclosure Regulation (SFDR) is unquestionably one of the most complex implementation projects asset managers operating in Europe have ever been tasked with.

U.S. 10-year real yields fell to a new record low of -1.14%; two-day FOMC meeting begins today and ends with a decision tomorrow; market expectations for Fed policy are worth mentioning; Fed manufacturing surveys for July will continue to roll out

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The dollar is ending a good week on a solid note. DXY is trading just below 93 and is up two straight days and six of the past seven. Further gains are expected and it should eventually test the March 31 high near 93.437. The euro remains heavy after the ECB decision (see below) and the clean break below $1.18 sets up a test of the March 31 low near $1.1705. Sterling is having trouble breaking back above $1.38 as economic uncertainty picks up.

The dollar remains firm as the new week begins in risk off mode. DXY is up for the third straight day and is trading at the highest level since April 5 near 93. Further gains are expected as it moves toward a test of the March 31 high near 93.437. The euro remains heavy ahead of the ECB decision Thursday and the break below $1.18 sets up a test of the March 31 low near $1.1705. Sterling is also trading heavy as the government’s pandemic response comes under renewed scrutiny (see below). Cable is about to test the April 12 low near $1.3670 and further losses are likely. USD/JPY remains under pressure as risk off sentiment continues to take hold, though near-term support is seen around the July 8 low just above 109.50.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Markets are still on board with Fed Powell’s reassuring message on inflation. The BoK kept rates unchanged while also tapering its bond purchases; Chile’s central bank joined Brazil and Mexico in their tightening cycle, while Turkey and Korea left rates unchanged, as expected. Crude continues its downward slide after U.S. supply data and signs that a supply deal on OPEC+ might be at hand

U.S. inflation readings will come into focus; we believe that the continued low rate environment will give the Fed more confidence to taper; U.S. Treasury issuance continues

ESMA's recently released Annual Report covers several areas of focus for regulators in the next few years to come. Here, we break down the top 10 things to know about the future of ESMA.

U.S. yields and the dollar remain subdued; we are agreement with Bullard and Kaplan's comments yesterday and look for tapering by end-2021; core PCE for May will be reported; President Biden announced a tentative infrastructure deal with a group of ten centrist Senators from both parties; Mexico took the plunge into the hawkish camp with a surprise 25 bp rate hike yesterday to 4.25%; Brazil quarterly inflation report reinforced the trajectory of hikes from the statement

Since the Fed’s hawkish hold last week, inflation expectations have fallen dramatically; Fed manufacturing surveys for June will continue to roll out; weekly jobless claims data will be reported; we get another revision to Q1 GDP; Mexico is expected to keep rates steady at 4.0%; Chile central bank minutes were on the hawkish side, confirming a hike is coming in the next few meetings

The two-day FOMC meeting starts tomorrow and wraps up Wednesday afternoon. We expect a hawkish hold stemming from a shift in the Dot Plots, upgraded economic forecasts, and potential tapering talk.