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A global selloff in stock markets continued on Thursday, as worries mounted about the direction of the global economic recovery and the potential spillovers on the outlook for companies’ earnings.

A new variant of the coronavirus in the U.K. triggered a global sell-off yesterday. The new variant, which is said to be up to 70% more infectious, sent stocks lower across the world.

Financial markets ended the day with mixed results, as stronger-than-expected inflation data in both the U.S. and China reinforced investors’ fears about the persistency of the pickup in prices.

In the first session of the week, investors traded cautiously in the absence of relevant economic data releases while continuing to digest last week's Fed and ECB monetary policy meetings. With the US markets closed due to a holiday, attention centered to messages from ECB officials.

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).

In the last session of the week, investors weighed better-than-expected economic data releases in the US with a hawkish tone from Federal Reserve officials. In particular, Christopher Waller and Thomas Barkin highlighted that inflation remains too high and stubbornly persistent, which might prompt a 25bp rate hike at the July meeting.

In an eventful session, investors traded with a risk-on mood and stock indices rose in the U.S. and in most euro area trading floors. In fixed-income markets, sovereign yields edged up in both sides of the Atlantic, specially so in Italy, where Mario Draghi presented the 2022 fiscal budget with some tax cuts and an increase in the retirement age.

As no major developments were reported in the Middle East, investors remained cautiously optimistic that US–Iran talks could resume in the coming days and the ceasefire will hold. Energy prices were broadly stable to softer, with Brent crude trading around $95/barrel and TTF gas easing toward €41/MWh.

Yesterday’s session was dominated by the ECB’s 25bp hike, which brought the deposit facility rate to 3.5%, and by a hawkish tone from President Lagarde. She strongly hinted at a further 25bps hike in July, stating that the bank still had some ground to cover and was not considering a pause.

Investors started the week with fresh optimism as the EU and the UK are set to continue negotiating to reach a deal before the transition period ends by December 31st.

Lower-than-expected inflation data on both sides of the Atlantic drove financial markets' sentiment. Preliminary figures from Spain and France showed headline inflation below 2%, at 1.5% and 1.2% respectively. In the US, the PCE price index fell to 2.2% from 2.5%, making solid progress towards the Fed's target.

On Friday, stock markets edged up in the U.S. and were mixed in the euro area (advancing in the periphery and nudging down in the core).

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.

Risk-off session in financial markets as the conflict in the Middle East intensified with an Iranian missile attack on Israel. Global stocks closed the session with losses of around 1%, while sovereign bonds, the US dollar and gold all rose as investors turned to safe assets. Brent oil prices rose by more than 2% close to $74/barrel.

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.

Risk-off sentiment continued to dominate financial markets as tensions mounted in the Middle East. Oil prices rose 5%, with the Brent reference closing around $77/barrel, and the dollar strengthened.

After the strong correction registered during the first weeks of February, global stock markets closed last week on a positive note with stronger increases in Europe than in the U.S., where they remained relatively stable on Friday.

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. 

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.

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.