Financial Markets Daily Report
21 juny 2023

In yesterdays session, investors continued to err on the side of caution amid hawkish rhetoric from ECB officials and mixed economic data.

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  • In yesterdays session, investors continued to err on the side of caution amid hawkish rhetoric from ECB officials and mixed economic data.
  • In particular, US building permits and housing starts rose more than expected in May, a signal that the real estate sector might be starting to bottom out. In Germany, PPI inflation fell to -1.4% m/m (from +0.3% and compared with a consensus expectation of -0.7%) and +1.0% in year-on-year terms, the lowest since January 2021.
  • In this context, yields on sovereign bonds declined on both sides of the Atlantic, despite hawkish messages sent from several ECB Governing Council members and ahead of todays intervention from Jerome Powell before Congress.
  • Equities declined across the board and European natural gas rose by a notable 10% towards 39€/MWh, amid higher temperatures than usual in Europe.
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