Investors started the week on a downbeat note, with sovereign bond yields falling across the board on both sides of the Atlantic, as expectations grew that major central banks may be done with interest rate hikes. In the Eurozone, however, Lagarde stressed that strong wage growth does not yet allow the ECB to declare victory over inflation.
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Financial markets ended the week on a positive note, supported by stronger-than-expected employment data in the US (non-farm payrolls rose by 531k in October while the jobless rate edged down by 0.2 p.p. to 4.6%) and the approval by lawmakers in Washington of the $1.2tn infrastructure spending bill.
El sector agroalimentari espanyol s’enfronta a un nou escenari comercial marcat per l’augment d’aranzels per part dels EUA, fixats en el 15% per als productes europeus, mentre s’espera que es defineixin les excepcions estratègiques. En un context de proteccionisme creixent i d’afebliment del multilateralisme, el sector busca adaptar-se mitjançant la diversificació de mercats i l’impuls d’acords bilaterals des de la UE. El pacte amb Mercosur obre oportunitats per a productes clau com l’oli d'oliva, el vi o el porcí, però també planteja riscos per la competència en sectors sensibles com la carn de boví o l’arròs. Malgrat tot, la competitivitat i la diversificació de l’agro espanyol el posicionen favorablement per afrontar aquest entorn desafiador.
Investors extended their risk apetite amid positive global manufacturing PMI releases. In August, factory activity remained strong in most economies, but several surveys continued to signal disrupted supply chains and labour shortages as the main risks. In the U.S., the input price index fell from 85.7 points towards 79.4.
Financial markets started the week with cautious optimism as headlines on the war in Ukraine continued to weigh on investors' sentiment. Today, Russian and Ukrainian delegates are holding meetings in Turkey, with the Ukrainian authorities reportedly willing to discuss neutrality and other conditions.
Precaution and volatility continued to set the tone across financial markets on Thursday. Eurozone HICP inflation surprised on the upside (headline: 8.5% y/y in February after 8.6%; core: 5.6% after 5.3%) while, in the US, data showed unit labour cost accelerated in Q4 and new weekly jobless claims fell further last week.
Investor sentiment improved in the first session of the week boosted by better-than-expected business sentiment indicators in advanced economies and a stabilization of investor's concerns over the coronavirus impact on the economy.
Financial markets ended the week with another risk-off session as investors continued to consider the potential damage that coronavirus may have on the economy.
Stock markets rebounded at the start of the week, as investors digested a new batch of mixed economic indicators and took advantage of attractive valuations, following the sharp decline in stock indices in recent weeks. Sovereign bond yields ticked down in the US and continued to edge higher across Europe.
Market sentiment steadied in the second session of the week. Volatility eased and global stocks (with the exception of Asia) recovered some of the ground lost on Monday.
Escalating tensions in the Middle East drove a risk-off move across markets on Friday, with Brent crude rising above USD 100/barrel as concerns over energy supply disruptions intensified. Global equities declined, while the US dollar strengthened as a safe haven, pushing the EURUSD cross toward 1.14.
In yesterday's session, investors traded with a cautious mood as they weighed positive economic releases (UK factories' sentiment improved according to a survey and U.S. home sales rose close to a two-year high) against the resignation of Italy's M5S head Luigi Di Maio and the economic impact of the Chinese coronavirus outbreak.
Investors continued to trade cautiously yesterday amid messages from central banks signaling the end of the interest rates hiking cycle. Nevertheless, Christine Lagarde said that more evidence is needed to be sure that inflation returns sustainably to the 2% target.
Global stock markets continued with the positive mood and, despite the trade tensions, the main stock indices of China and the U.S. registered solid gains.
In the last session of the week, financial markets exhibited a positive tone on the back of better-than-expected housing data in the U.S. and continued optimism on easing trade tensions.
Investors traded cautiously ahead of today's signature of the U.S.-China phase-one trade deal and the release of further details on the agreement.
Investors ended the week in a mixed session, as they assessed the release of U.S. economic indicators and evolving tensions between the U.S. and Iran.
Global stock markets performed positively and the main indices registered moderate gains, with the exception of the IBEX 35 and the Turkish BIST 100, which lost 0.4% and 3.0% respectively.
Stock markets in advanced economies registered losses in the last session of the week, as investors' concerns on trade tensions increased following the comments of the U.S. President, Donald Trump.
In yesterday’s session, investors traded cautiously, closing with mixed results in the US and in Europe. The lower-than-expected HICP inflation print in Germany (9.2% in January from 9.6%) pushed down yields on sovereign bonds in the euro area (despite the hawkish tone from some ECB officials) and allowed stock indices to increase.