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In yesterday’s session, investor sentiment was soured by data showing the resilience of the US economy and its labour market. Private surveys showed that US companies added the most jobs in over a year in June, and the services sector expanded faster than expected, which investors fear will allow the Fed to continue raising rates.

Investors started the week trading with a cautious mood, still digesting the mixed US employment report released on Friday and awaiting tomorrow's key CPI inflation data. Also, comments from San Francisco Federal Reserve President Mary Daly pointed to further interest rate increases even if signaling the end of the hiking cycle is nearing.

Investors traded in a subdued mood on Tuesday, as they awaited today’s US CPI report and digested the latest dovish comments from several Fed officials on Monday: Bostic, who said that inflation could be brought back to target without further rate hikes; and Daly, who said the Fed was approaching «the last part» of its hiking cycle.

Yesterday, markets traded cautiously amid the uncertainty over negotiations between the US and Iran, as well as lingering concerns around the AI profitability after Nvidia’s results failed to impress the investors. Equity markets moved lower, with losses led by the technology sector.

Small gains in most of the stock markets with the exception of the Spanish stock market that registered loses due to the tensions regarding the Catalan question.

During yesterday's session, investors continued to digest the implications of the US Supreme Court's ruling to strike down US emergency tariffs. While the global tariff stands at 10%, the Trump administration is reportedly working to increase it to 15%. Against this backdrop, government bond yields closed flat on both sides of the Atlantic, in a day of choppy trading.

Investors continued to err on the side of caution on Wednesday, balancing out data showing US inflation cooled slightly more than expected in March with warnings set out in the minutes of the last Fed meeting of the risk of a mild recession in the US later this year.

A session with mixed results across markets on Tuesday, as investors returned from the Easter holiday and took position ahead of the March inflation report in the US today. The Fed also releases the account of its March meeting.

In yesterday's session, the pause in a vaccine trial after a patient fell ill weighed on sentiment. Stock indices declined across the globe (in the US, Q3 earnings season started disappointing investors) and yields on sovereign bonds edged slightly down. In FX markets, the US dollar strengthened against advanced and emerging economies' currencies.

Friday's session was volatile, after Iran postponed further peace negotiations with the US until Israel stopped striking Lebanon. The ceasefire between the countries was reached later in the session, which triggered a positive reaction that was almost immediately reversed. US markets were closed due to Juneteenth holiday.

Equity markets extended a rally across the globe on Thursday, as investors continued to switch their focus away from the stress in the banking sector and instead pondered about the likely path of monetary policy decisions ahead.

In the first session of the week, investors' sentiment improved as sovereign interest rates declined in both sides of the Atlantic and amid better-than-expected corporate earnings releases in the US. Equity indices rose substantially across the board.

Yesterday's data releases showed a stronger-than-expected labour market in the US, with non-farm payrolls increasing by 130k in January and unemployment rate easing 0.1pp to 4.3%. The data reinforced market expectations that the Fed will deliver two rate cuts this year, likely starting in the summer, rather than signaling an earlier or more aggressive easing cycle.

Risk aversion continued to set the tone during a highly volatile session at the end of the week, as investors read the US payrolls report as evidence that the Fed will continue tightening monetary policy.

Investors continued to trade with caution, taking position ahead of the publication today of the crucial US payrolls report for February. Data released on Thursday showed an unexpected increase in new jobless claims last week (to 211,000), which contrasted with signals from other surveys pointing to further tightening in the labour market.

In the last session of the week, investors’ concerns about liquidity shortage in the banking system continued to dominate the scenario and risk-aversion set the tone in financial markets.

Investors started the year trading with a risk-on mode, taking on board data showing receding inflationary pressures in Europe, a slowdown in economic growth in the US and a further decline in energy prices across the globe. As a result, investors revised down modestly their expectations for future policy interest rate hikes. 

Stocks slid in Europe amid rising concerns over delays to the vaccine rollout in the continent and the economic impact of a new strain of COVID-19. A vaccine produced by AstraZeneca and Oxford University was approved by the EU's regulator on Friday but difficulties in delivering shipments to the bloc are leading to rising tensions.