Resultats de la cerca

The ECB cut interest rates by 25bp for the third time since June, and as expected by financial markets, lowered the deposit rate to 3.25%. The decision was based on increased confidence that inflation is close to target and a shift to a more negative short-term outlook for the euro area economy.

Investors started the week in a risk-off mood, albeit with no clear trigger or catalyst, suggesting that it was mostly about locking in profits. Sovereign bond yields rose across the board on both sides of the Atlantic, with steepening curves. In the eurozone, peripheral spreads widened despite Fitch's confirmation of Italy's rating and improved outlook late on Friday.

Financial markets had a choppy session on Tuesday, with many assets and indices oscillating between gains and losses. Government bonds had a slightly volatile session, ending with higher yields in the eurozone and flat in the US, as traders grappled with a strong primary market supply and different scenarios for the upcoming US presidential election.

Wednesday saw a mixed session in financial markets, with no major macroeconomic data releases to guide investors. US Treasury yields rose as investors weighed election uncertainty and a Republican sweep scenario, and priced in a slower pace of Fed rate cuts. In the eurozone, however, government bond yields fell on expectations of a more dovish ECB.

Investors traded in a slightly risk-on mood yesterday. Preliminary Eurozone PMI data for October showed activity remained stagnant, albeit with weaker-than-expected services and stronger-than-expected manufacturing. US PMI data surprised to the upside and labour market data showed fewer jobs are being lost but unemployment benefits are at a three-year high.

Investors traded without a clear direction during Friday’s session. Inflation expectations in the euro area fell to 2.4% and 2.1% for the 1-year and 3-year outlooks, respectively, and sentiment improved in both Germany and the US.

Investors digested a raft of economic data released during yesterday's session, including better-than-expected 3Q euro area GDP (+0.4% qoq) and a mild slowdown in 3Q US GDP (+0.7% qoq). In Spain, 3Q GDP rose by +0.8% qoq while inflation during October picked up to 1.8% yoy in October (1.5% last month).

Investors started the week in a risk-off mood as polls showed a tight race in today's US presidential election, which could potentially delay the vote count for weeks. Government bond yields were mixed in the eurozone and fell in the US, especially the longer-dated references, as traders await this Thursday's Fed meeting.

Investors traded in a mild risk-on mood on Tuesday as they awaited the results of the US elections. Government bond yields showed strong sensitivity to the tight race, with volatility persisting throughout the session. In the end, eurozone bond yields posted slight gains while the US Treasuries were mixed, with curves flattening on both sides of the Atlantic.

Markets were mixed as investors continued to fully digest the US presidential election results and monetary policy decisions from various central banks. In the euro area, equities fell on fears of the negative implications of a potential trade conflict, and were further pushed lower by falling sovereign bond yields which dragged down financial sector stocks.

Investors kicked off the week with a higher risk appetite. In the euro area, the initial negative reaction to Trump's victory began to fade, with equity indices rising across the region and sovereign bond yields falling. Peripheral speads narrowed only slightly and Fitch upgraded Spain's debt outlook from "stable" to "positive", and affirmed its A- rating.

Financial markets started the week with subdued trading and no relevant macroeconomic data releases. Government bond yields fell slightly in the US and rose in the eurozone, with curves flattening and peripheral spreads flat. Several ECB officials highlighted yesterday their concerns about Trump's protectionist plans impact on growth rather than inflation.

Financial markets had a volatile session on Tuesday, driven by geopolitical headlines and with no major macro data releases. Eurozone government bond yields fell as several ECB officials speaking during the day supported a dovish ECB, notably Italy's Panetta, who said the ECB should focus on the sluggish economy and move rates to an expansionary stance.

Investors' risk appetite waned yesterday amid renewed tensions in the war in Ukraine. Government bond yields rose in the Eurozone, where data released yesterday showed that negotiated wage growth accelerated to 5.4% in Q3 from 4.6% in Q2, which could cause the ECB to reconsider its dovishness if this feeds through to inflation in the coming months.

With no relevant macro data releases, investors struggled to find a direction for their trades on Thursday. Eurozone government bond yields fell, with peripheral spreads widening, as the consumer confidence index came in below expectations and several ECB officials warned of a significant hit to growth from Trump's tariffs.

Investor sentiment soured slightly on Wednesday ahead of today's US Thanksgiving holiday. In the eurozone, government bond yields fell as Germany's GfK consumer confidence index for December fell on fears of job losses; and despite hawkish comments from ECB's Schnabel, who favoured gradual cuts and played down the risks of inflation undershooting 2%.

Political tensions in France took center stage during yesterday's session after far-right and far-left parties submitted no-confidence motions against Prime Minister Barnier, risking the collapse of the current government. French government yields rose, its risk premium widened further, and the euro sold-off to 1.05 against the dollar.

Subdued trading on financial markets on Tuesday ahead of today's US CPI report and tomorrow's ECB meeting. Eurozone government bond yields were flat, while US yields edged slightly higher. On the data front, US unit labour costs rose 0.8% in Q3 (below an expected 1.3%), while the NFIB business confidence index rose to its highest level since June 2021.

Investor risk appetite eased slightly yesterday as government bond yields weighed on equities. In the eurozone, sovereign yields rose, curves flattened and peripheral spreads narrowed. Data released yesterday showed downside surprises in German retail sales and factory orders, and negative sentiment across the EU from the December EC's confidence indicators.

Financial markets were mixed in yesterday's session. In the US, sovereign bonds yields continued on a decreasing path, following dovish remarks from Fed Governor Waller, suggesting that rate cuts are possible by June if future inflation data remains favorable. In this context, Euro area sovereign bonds yields also decreased.