Resultats de la cerca

In yesterday’s session, monetary policy tightening from the main central banks continued to center the stage in financial markets. The Bank of Japan surprised with its decision to increase the range of tolerance around its yield curve control tool. The ten-year sovereign yield rose 25bp towards 0.50% and the JPY appreciated markedly.

Risk aversion returned to the fore during a session characterized by low volumes in the run-up to the holiday season. Investors continued to reassess their expectations about monetary policy tightening amid hawkish commentary from some ECB officials and robust economic data in the US (e.g., new jobless claims and the upward revision in Q3 GDP).

In the first session of the week, investors sentiment worsened and stock indices declined across the board, led by the tech sector. The euro area Sentix Confidence Index fell by 2.7 points to 16.9 in October, the third consecutive decline.

Markets started the first two sessions of the week with mixed results, with fears about rising inflation and slowing growth remaining the key themes among investors, and ahead of the start of the Q3 corporate earnings season.

In the last session of the week, investors continued to trade with a risk-on mode, taking on board the fall in HICP inflation in the eurozone (9.2% in December after 10.1%) and the US employment report for December. On balance, the data suggested central banks will continue hiking policy interest rates but likely at a reduced pace.

During a volatile session, financial markets ended the day with mixed results, after the U.S. CPI inflation report surprised to the upside (5.4% y/y in September after 5.3% in August). The data suggested that upward pressures on prices are broadening out, putting into question the view that the rise in inflation could be transitory.

Investors started the week trading with a risk-on mood, taking position ahead of corporate earnings and key economic data to be released this week. Today, the focus will be on the flash PMIs for January, which are expected to edge modestly up in the euro area and in the US, despite remaining below the 50-point expansionary threshold.

Investors ended the week with mixed results, as fears intensified that inflationary pressures are building up across the globe. The headline HICP in the Eurozone rose to levels not seen since 2008 (3.4% y/y in September) while in the U.S. the PCE deflator remained elevated (4.3% y/y august).

Risk appetite continued to set the tone in the last session of the week, as investors reassessed prospects for less aggressive monetary policy tightening, on the back of reduced inflationary pressures, and took on board mixed results at the start of the Q4 earnings season among large US banks.

In the last session of the week, financial markets were very volatile after the upside surprise in the US labor market report for January. Non-farm payrolls rose by 517k, well above consensus expectations (+188k) and the upwardly revised monthly average in 2022 (401k). The unemployment rate ticked down to 3.4%, a level not seen since 1969.

El sector agroalimentari espanyol es caracteritza per la seva elevada propensió exportadora: la gamma de productes que exporta és cada vegada més àmplia i arriba a més destinacions. No obstant això, hi ha una altra dimensió que convé tenir en compte: la complexitat exportadora, un concepte que mesura la intensitat de coneixement necessari per produir els béns exportats. Perquè no solament importa exportar molt, sinó també el que s’exporta.

Europa és el principal emissor turístic del món i la conca del Mediterrani, el seu principal receptor. Això beneficia doblement Espanya, on el sector turístic és un dels més consolidats de la regió. No obstant això, altres mercats desenvolupen amb força les respectives indústries turístiques, i el retorn a escena d’Egipte, de Tunísia i de Turquia ha modificat l’entorn competitiu dels últims anys.

L’oferta d’habitatge nou continua creixent amb vigor, en especial a les zones amb més demanda. De cara als propers trimestres, la senda expansiva del sector tindrà continuïtat.

In a volatile session, investors’ sentiment was clouded by disappointing labour data in the US (new jobless claims unexpectedly rose to 373k during the first week of July) and uncertainty about the evolution of the pandemic. In Europe, the ECB confirmed a decision to modify its inflation target to a symmetric 2%.

In yesterday’s session, investors had to weigh mixed economic data indicators, as flash PMIs showed how the manufacturing sector in the euro area weakened slightly in March, deep below the 50-points threshold, while the services index managed to increase (52.9 for the euro area).

The hawkish tone set by central bank officials continued to center the stage in financial markets at the start of the week. In particular, ECB chief economist Phillip Lane signaled that further interest rate hikes beyond next week's meeting will be appropriate to ease inflationary pressures.

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.

Concerns about a hotter-than-expected inflation in the US centered the stage in yesterday’s session. In March, headline CPI rose by 3.5% y/y (3.2% in the previous month) and the core index rose by 3.8%, the same rate as in February.