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2022/04/14 / Erste Group Research

Investors are waiting for hard data

Credit spreads have ended their tightening trend that had started in the second week of March but are still below pre-Ukraine war levels. Investors need more data to assess just how negative the impact of the war, the high energy prices, and supply bottlenecks (N.B. lockdowns in China) will be. The service sector is giving reason to be hopeful. However, high inflation rates might make consumers hesitant when it comes to spending on leisure activities. The bond prices for example of the hotel chain Accor or the airline easyJet are already on the decline. The Q1 reporting season, about to get into full swing next week, will bring more certainty. As long as the halt of all Russian oil and gas imports is possible, bonds from the less energy intensive telecoms sector are offering a safe haven.

The ECB meeting today should not provide any impulse for the market. The decision about the future of the bond purchases is to be taken only in June.

Special topic:

- BIG: annual result 2021

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General information

AuthorErste Group Research
Date2022/04/14
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-
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