Resultats de la cerca

Central banks took center stage, with a broadly hawkish tilt across major economies. The ECB left the depo rate unchanged at 2.00%, as expected, but highlighted stagflationary risks stemming from the Middle East conflict. Euro area sovereign yields edged higher, as markets now fully price in two rate hikes in 2026, while the euro recovered and equities declined sharply.

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.

Yesterday, global financial markets were marked by heightened investor caution amid rising fiscal uncertainty and underwhelming macroeconomic indicators. In the US, the House of Representatives narrowly approved a sweeping tax and spending package projected to inflate the national debt by approximately $3.8 trillion over the next decade.

In the last session of the week investors focused on the increasing bets for a tightening of monetary policy across advanced economies and the better-than-expected corporate earnings releases.

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.

Stock markets posted gains across Europe and the US, while sovereign yields moved in opposite directions as they recorded mild declines in the eurozone and moderate increases in the US.

Improved sentiment during yesterday's session was driven by optimism on trade talks between the EU and the US, and macroeconomic developments. US consumer confidence strongly rebounded, with the Conference Board index jumping to 98.0 in May from 85.7, and in France, inflation rose 0.6% yoy in May vs. 0.9% expected, and down from 0.9% in April.

The main stock markets in advanced and emerging economies registered gains, with the exception of the Portuguese PSI and the Shanghai Index.

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.

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.

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).

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).

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.

US inflation surprised slightly to the downside, with headline CPI easing to 2.4% yoy (vs. 2.5% expected), down from 2.7% in December. The softer reading boosted expectations of further Fed easing, with money markets now pricing a 50% probability of a third 25bp rate cut in 2026. US Treasury yields declined by around 5bp across the curve.

Market sentiment turned positive following the release of robust data confirming the resilience of the US economy and continued inflation containment in the euro area. Equity markets posted broad-based gains, led by cyclical sectors.

Financial markets recorded a positive start of the week, as investors increased the likelihood that the Fed will postpone the decision about when to start tapering its asset purchases.

Another volatile session with mixed results on Thursday, with the focus still on the potential impact of tighter monetary policy on rate-sensitive sectors. Investors are also monitoring the Q4 earnings results.

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 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.

During a volatile session, the risk-on mood recorded during the first hours of trading was eclipsed by a hawkish stance during the first Federal Reserve meeting of the year.