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Global stock markets were mixed yesterday with the main European indices edging down (except for the Portuguese PSI 20 and the Ibex 35) and the S&P gaining 0.2%.

Markets ended the week in a mixed mood as investors pondered over the Fed's plans for stimuli withdrawal, risks from China's Evergrande and the announcement that Chinese authorities will ban all transactions and mining related to cryptocurrencies. Global stocks declined or closed flat while the USD rose against most AE and EM currencies.

In yesterday's session, investors' sentiment improved and recovered from Monday’s lows amid upbeat corporate results. Stock indices in the euro area and in the US rose as traders bought the dip (the S&P 500 registered its biggest daily increase since March).

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.

Investors traded cautiously on Wednesday, digesting the December inflation print in the US, which showed headline inflation rising to 7.0%, highest since June 1982, and core inflation increasing by 0.6 pp to 5.5% yoy. Even if in line with consensus expectations, these figures add pressure to the Fed to start hiking interest rates as soon as in March.

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.

With investor focus on the tech sector, equity markets moved lower during the session. US stock indices posted modest losses, with tech stocks under pressure as investors continued to digest Q4 earnings results. European indices were weighed by losses in business software companies amid concerns over the potential disruptive impact of AI on their business models.

The Fed decided to keep rates steady in its first meeting with Kevin Warsh as chair, opening the possibility of future rate hikes later this year. Investor mood soured on the hawkish bias, with US treasury yields rising significantly, especially in the short term, after retail sales numbers in May showed a stronger-than-expected economy.

European stock markets ended the week on a positive note while the main U.S. indices were mixed, with a slight decrease for the Nasdaq and a small gain for the S&P 500.

Financial markets started the week with a risk-on session, as investors shifted their focus to corporate earnings and economic indicators, taking a breath from the prospect of monetary policy tightening by the major central banks.

Markets had a mixed session yesterday. Sovereign yields continued to decline across the U.S. and euro area, while the EUR crawled back above $1.17 and touched a 10-day high. European stock markets were mixed while the U.S.' S&P 500 wavered. This morning Japan's Nikkei rallied on the back of a U.S.-Japan trade deal that would set tariffs on Japan at 15% (incl. cars).

The risk-off tone continued into Tuesday's session. Oil surged and extended September's run, driven by supply concerns and the disruption of Saudi Arabia's exports via the Red Sea port of Yanbu. Compounding the pressure, markets moved to a near-certainty on a Fed rate hike today.

Euro area investor sentiment recovered following the EU-US trade deal, sending stocks higher across the region. In the US, investors traded in a risk-off mood on news that, after two days of negotiations in Stockholm, Chinese and US officials failed to deliver a trade deal and agreed only to seek an extension of the 90-day tariff truce. Stocks fell, and Treasuries rallied.

In yesterday's session, the economic impact of the omicron variant together with investors' expectation for central banks were the main drivers in financial markets.

US headline inflation rose to 2.7% (2.4% in May) and core inflation rose 0.1pp to 2.9%. A detailed breakdown showed prices have begun to rise in some goods categories, suggesting tariffs are beginning to impact. Investors pushed expectations of the first rate cut from September to October, and Treasury yields rose along the curve. The dollar slightly strengthened.

In the latest session, investor caution prevailed amid lingering concerns over the profitability of AI, a somewhat more hawkish tone from the Fed, and an escalation of tensions between the US and Iran.

Investors traded in an apparent risk-on mood in yesterday's session, with both stocks and sovereign yields rising across the board. Commodity prices also increased across energy, metals and agriculture products. In FX markets the USD wavered and the EUR traded close to $1.18. Market sentiment benefited from the announcement of a U.S.-Vietnam trade deal.

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.

Investors continued trading with a risk-off mood, with sentiment gloomed by the deterioration of the COVID situation across Europe and mixed signals from economic sentiment data. Investors were also taking position ahead of the bank holiday in the US later this week.