Financial Markets Daily Report
17 desembre 2020

The accommodative monetary policy stance confirmed in yesterday's Federal Reserve's meeting and the better-than-expected December flash PMIs in the euro area kept optimism among investors. In particular, the manufacturing indices were expected to fall but managed to increase, and the services indices rose but remained below 50.

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  • The accommodative monetary policy stance confirmed in yesterday's Federal Reserve's meeting and the better-than-expected December flash PMIs in the euro area kept optimism among investors. In particular, the manufacturing indices were expected to fall but managed to increase, and the services indices rose but remained below 50.
  • In the US, the Federal Reserve kept its monetary policy unchanged and added clarity on the evolution of the QE. In particular, the statement now says that asset purchases will continue at the current pace until "substantial further progress" has been done towards the Fed's objective. In addition, its economic projections were revised upwards.
  • In this context, most stock indices rose mildly and yields on sovereign bonds edged up in the euro area and in the US. Elsewhere, the price of the barrel of Brent rose above $51 and the euro fluctuated above $1.22.
  • Today the focus will be on the Bank of England's Monetary Policy Committee announcement.
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