Yesterday, investors traded in a risk-off session in which stock indices declined across the board, core euro area sovereign yields ticked down and the US dollar strengthened against most currencies.
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In yesterday's session, investors traded with a risk-off mood amid concerns of growing COVID cases around the globe. Powell's speech in Congress in which he stated that the US economy is improving failed to provide much relief to investors, as he also said that there is a long way to go before a full recovery.
Volatility increased in the first session of the week as investors pondered over worsening pandemic dynamics. Stocks were mixed, advancing moderately in the U.S. and in emerging Asia while retreating across euro area core and peripheral countries.
Stocks fell across the board in the last session of the week.
In yesterday's session volatility declined as investors celebrated the speech of Janet Yellen. In her confirmation hearing to become the new US Treasury Secretary, Yellen urged lawmakers to "act big" on the next fiscal package and focus initially on public health and widespread vaccinations. Today Joe Biden takes office as US president.
Equities and sovereign yields decreased slightly in most of the developed countries due to a spike of risk aversion on the renewed tensions between the US and North Korea.
Stock indices in advanced economies tumbled as the Donald Trump administration put the Chinese telecom Huawei in the blacklist that could forbid it from doing business with U.S. companies.
In the last session of the week, investors traded with a downbeat tone and stock indices declined across Europe and, following a tech sell-off, in the US. Asian equities, instead, increased mildly.
Market risk appetite declined in yesterday's session as investors continued to digest the outcome of the Fed meeting. Stock markets declined across advanced and emerging economies while the safe-haven JPY appreciated.
In the last session of last week, European shares and the S&P 500 scaled new peaks while yields on U.S., Japanese and euro area government debt fell as investors embraced the easy monetary policies of major central banks.
Yesterday investors traded on a risk-on mood on the back of an historical agreement in the EU. The €750bn stimulus plan agreed will consist of €390bn in grants and €360bn in loans.
Financial markets started the week with a mixed session. In Europe, investors traded with a risk-off mood while in the US riskier assets benefited from progress in the negotiations for a new fiscal stimulus package and hopes for a COVID-19 vaccine.
Global markets traded on a risk-on note in yesterday's session. Stocks rallied across advanced and emerging economies, supported by a recovery in semiconductor shares. The improvement in investor sentiment defied higher energy prices in commodity markets, as the price of Brent crude rose above $90 per barrel amid ongoing tensions in the Middle East.
Brent oil and TTF gas whipsawed and stock markets were mixed as hostilities in the Middle East continued to weigh on investor sentiment. Tech equities steadied after last week's rout, but both the S&P 500 and the Eurostoxx closed moderately lower.
Investors welcomed Fed Chairman Jerome Powell comments saying that the Federal Reserve is monitoring the possible implications of trade tensions and that it "will act as appropriate to sustain the expansion".
In yesterday's session investors traded cautiously following the release of better-than-expected Q1 GDP growth data for the euro area (revised up by 0.3 p.p. to -0,3%) and record high job opening figures for the U.S. (up by almost 1 million to 9.3 million in April).
The adoption by the US Senate of a fiscal 2018 budget resolution brought optimism about the chances for tax cuts and supported a small decrease in sovereign yields.
In the first session of the week, euro area stock indices edged down amid concerns of lower global economic growth in the following quarters.
Financial markets were relatively quiet in the first session of the week as investors await for the several central bank decisions and communications expected for this week (most notably Fed, Bank of England and Bank of Japan).
Yesterday, investors in the US traded with optimism as the Federal Reserve kept its official interest rates unchanged and reiterated its intention to "act as appropriate to support the economy".