Evolution of the international financial markets and evaluation of the main events and economic indicators of the previous day session. Available in English.
Markets closed the week with a mixed session on Friday. A jump in U.S. producer price inflation (+4.2% yoy in March after +2.8% in February) led to a steepening of global sovereign yield curves and a mixed performance in most stock markets (with the exception of the U.S., where equities posted a third-straight weekly rally).
Investors continued to trade in a low volatility environment as comments from policy makers reiterated their intention to support economic growth. In particular, Janet Yellen, US Treasury Secretary, urged the main economies to adopt an expansionary fiscal stance to secure a robust recovery.
Yesterday, investors traded in a low volatility environment as the Fed's last meeting minutes reiterated its intention to keep the monetary policy stance unchanged for some time. Nevertheless, as it was anticipated in the dot plot, several members argued that they would favor raising rates earlier than the FOMC’s median view.
In yesterday's session investors traded with a positive mood as the IMF revised upwards its macroeconomic projections for most advanced and emerging economies. The more vigorous recovery is driven by the fiscal stimulus packages and the vaccination campaign gathering pace in the next quarters.
In yesterday's session, US investors traded with optimism as more people are receiving vaccines and economic data releases came out better than expected. European markets were closed due to the Easter holiday.
Yesterday, markets traded more cautiously as investors eyed the Easter holidays. Stock markets were mixed, declining moderately in most regions while U.S. benchmarks closed slightly higher on the back of tech shares.
Investors continued to trade in a mixed mood in yesterday's session. Commodity prices declined across the board while the USD strengthened. Stocks were mixed, advancing in Asia and Europe but declining moderately in the U.S.
Markets were mixed in the first session of the week. Stocks advanced in Asia and Europe but retreated in the U.S, where financials weighed on the main benchmarks as investors assessed potential losses from their exposure to Archegos Capital Management, a hedge fund that had failed to meet margin calls.
Markets ended the week with a risk-on session on Friday. Stocks rose across advanced and emerging markets, sovereign yield curves steepened and commodity prices advanced, while in FX markets the USD was roughly flat against major currencies.
In yesterday's session, stock volatility declined and investors traded with cautious optimism. Federal Reserve officials reiterated their intention to keep monetary policy unchanged until the economic recovery has been fully completed. Then, the exit of the stimulus would be very gradual and with great transparency.
Investors traded with a positive tone in yesterday's session as March PMI data surprised on the upside in most regions, particularly in the euro area (Composite Index 52.5 vs 48.8 in February). The advance was more robust in the manufacturing sector, although the services index also increased.
In yesterday's session investors traded with a less optimistic tone amid rising global COVID-19 cases and new lockdown measures in Germany. Additionally, Fed President Jerome Powell played down concerns of an overheating US economy as he said that the increase in inflation "will be neither particularly large nor persistent".