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Investors remained trading cautiously yesterday, as they still expect no further tightening of monetary policy and as economic data came in slightly better than expected. In the eurozone, the consumer sentiment indicator rose slightly from -17.8 to -16.9 in November, although it remains at quite a low level. 

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.

Investors traded yesterday with a risk-on mood, despite the continuing tensions between China and the US, fueled by the gradual reopening of economies and amid optimism on the economic recovery.

In yesterday’s session, investors traded cautiously as they continued to assess the intensity and duration of the monetary policy tightening that central banks are likely to agree this week and in the coming months.

Investors traded cautiously in the last session of the week. Volatility eased after Thursday's sell-off and stocks recovered some ground on Friday but still closed the week suffering their largest weekly loss since March.

The possible end of the central banks’ hiking cycle continued to weigh on financial markets’ sentiment yesterday. A list of FOMC members said yesterday that the US economy remains strong but expressed a generalized preference for remaining patient amid rising uncertainty in the coming months.

In yesterday's session financial markets continued to digest the last US Federal Reserve monetary policy decision, where interest rates were held unchanged at the 5.25%-5.50% target range and President Jerome Powell hinted that we might already be at the peak of the hiking cycle, although new rate hikes were not definitely ruled out.

Yesterday's session opened with the negative tone seen in the previous days driven by the increase in covid-19 cases around the globe.

Investors closed the week trading with more appetite for risk, taking on board another upside surprise in labour market data in the US and easing financial pressure in the country’s regional banks.

On Friday, the release of HICP inflation data in the euro area centered the stage in financial markets. Headline inflation fell sharply from 8.5% to 6.9% y/y in March, but core inflation ticked up to 7.5% in a sign that price pressures are persisting. In this context, ECB member Villeroy de Galhau said there are still some more rate hikes to do.

In yesterday's session, investors' concerns about the pace of economic activity in the coming months led to a generalized risk-off sentiment. In particular, the US manufacturing ISM declined from 47.7 to 46.3 while the prices paid subcomponent fell too (from 51.1 to 49.2).

Risk appetite extended across financial markets on Thursday, with sentiment lifted by resilient economic data and further signs that inflationary pressures are easing. The focus today turns to the kickoff of the Q1 corporate earnings season, with results from some large US banks. 

In the first session of the week, investors traded cautiously amid hawkish comments from some FOMC member and mixed results in the US corporate earnings season. In particular, Richmond Fed President Thomas Barkin said that more evidence that US inflation is easing will be needed before changing the monetary policy stance.

Investors traded with caution in yesterday’s session, amid mixed economic data releases and hawkish central banks’ communication. In particular, the minutes of the last ECB meeting showed how Governing Council members agreed to further tighten monetary policy if the inflation outlook in March’s projections is confirmed.

Investors started the week trading with no clear direction, taking on board mixed signals from the ECB and looking ahead for a new batch of corporate results and the Q1 GDP data for the world’s largest economies later this week.

Investors continued to trade cautiously in yesterday's session as COVID-19 cases continued rising in Europe and in the US. In this context, demand for safe assets (such as the Japanese Yen or the Swiss Franc) increased on a day in which US markets were closed due to the Thanksgiving holiday.

Positive news on another COVID-19 vaccine sparked a rally in financial markets at the start of the week. As Moderna reported that its vaccine was 94.5% effective (data from a preliminary analysis of a large late-stage clinical trial), stocks surged across the world, led by sectors sensitive to mobility restrictions, while at-home tech equities declined. 

In yesterday’s session, the lower-than-expected release of US CPI inflation pushed down the expectations of a far too tightened monetary policy in the Federal Reserve. Headline inflation moderated from 7.7% to 7.1%, confirming the downward trend but still at very elevated levels, while core inflation edged down 0.3pp to 6.0%.

In the last session of the week, investors traded with an optimistic mood amid steady economic indicators and as the US debt ceiling deal seemed more likely. In fact, on Saturday President Joe Biden and House speaker McCarthy reached a deal to raise the ceiling that will now have to pass Congress.