Financial Markets Daily Report
02 juliol 2020

Volatility nudged down in the first session of Q3 2020. U.S. stocks advanced moderately as economic indicators recovered (ISM manufacturing at 52.6 points in June, its first reading above the 50-threshold since early 2020). Elsewhere, stocks declined in Europe and gained in EM.
 

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  • Volatility nudged down in the first session of Q3 2020. U.S. stocks advanced moderately as economic indicators recovered (ISM manufacturing at 52.6 points in June, its first reading above the 50-threshold since early 2020). Elsewhere, stocks declined in Europe and gained in EM.
  • In fixed-income markets, U.S. and euro area core sovereign yields edged higher while peripheral spreads narrowed.
  • In oil markets, Brent oil prices edged higher after data showed a 7.2 million barrels decrease in U.S. crude oil inventories last week. Yet, inventories remain about 15% above their 5-year average for this time of the year.
  • The accounts of the Fed's June meeting showed that officials are worried about the risk of permanent damage to the economy (and some of them assigned substantial odds to additional waves of COVID-19 outbreaks). Also, when discussing future policy options, officials seemed to favor tying their forward guidance to economic outcomes.
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