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Yesterday financial markets recorded a highly volatile session after Russia announced a plan to hold a referendum in the occupied regions in Ukraine this weekend. Investors also dialed up their expectations of tighter monetary policy from central banks, after the Swedish Riksbank surprised with a 100bp hike.

Risk aversion continued to set the tone during a volatile session on Thursday, with the focus turning to the risk of persistency of inflationary pressures and a new round of hawkish commentary from various central bank officials.

In yesterday's session, investors continued to trade with an upbeat tone amid better-than-expected corporate profits releases and macroeconomic data. In particular, the US industrial production in September rose by 0.4% m/m and the Zew survey expectations index for Germany and the euro area edged up modestly in October.

In yesterday's session, investors traded with a cautious mood, despite the good news in the earnings season, as they continued to assess a complicated macroeconomic scenario.

In yesterday’s session, financial markets' expectation of a much more tightened monetary policy stance eased, as producer price data in the US increased by less than expected in October (0.2% and 0.0% m/m the overall and core indices). Also, speeches from ECB and Fed members favored slowing down the pace of rate hikes.

In yesterday's session, monetary policy took center stage again as US Federal Reserve comments pointed to a higher terminal interest rate than anticipated by financial markets. Investors priced in these comments and yields on sovereign bonds rose in the euro area and, especially, in the US.

Investors turned more positive during a risk-on session on Tuesday. The key themes remained the potential moderation of interest rate hikes by central banks, COVID outbreaks in China and volatility in energy markets.

Investors closed the week trading cautiously, taking on board data confirming a slowdown in the pace of job creation in the US but at a reduced pace relative to expectations.

Ahead of today's key CPI data release in the US, which is expected to show a deceleration in inflation, investors traded cautiously. Yields on 10-year sovereign bonds edged modestly up in the euro area while increasing more notably in the US.

Investors traded yesterday with a positive tone amid somewhat better-than-expected corporate earnings results in the US and expectations of a moderation in the pace of monetary policy tightening. In Germany, the Ifo expectations’ index rose in January, but remained at very low levels.

Investors continued to trade cautiously on Tuesday, taking position ahead of a crucial monetary policy meeting at the Federal Reserve today, where the central bank is expected to scale down the pace of interest rate hikes (+25 bp) but to signal more adjustments ahead.

Another session with mixed results across financial markets on Wednesday, with investors keeping the focus on solid economic data and the likely implications for monetary policy decisions by major central banks.

Volatility and precaution continued to set the tone yesterday, with investors digesting hawkish messages from FOMC officials and hotter-than-expected PPI inflation data in the US (+0.7% m/m in January, the largest gain since June).

Investors continued to trade with caution on Tuesday, taking on board the upside surprise in February HICP inflation in both France (7.2% y/y) and Spain (6.1%) and dialing up its expectations for policy interest rates hikes (money markets price the depo rate could near 4% by year end). Today, the German HICP data is released.

The dovish hike delivered by the Federal Reserve and US Treasury Secretary Janet Yellen comments, signaling that regulators are not considering a broad expansion of deposit insurance, centered the stage in financial markets. 

Investors traded with a risk-on mood on Wednesday. The main drivers were a rally in tech stocks, boosted by the restructuring plans from China’s Alibaba Group, as well as receding fears of contagion from the banking turmoil.

Caution continued to set the tone in financial markets amid mixed corporate profits releases and hawkish comments by US Federal Reserve members. In particular, Raphael Bostic argued in favor of a rate hike in May’s meeting, and pausing there, while James Bullard leaned towards bringing interest rates towards the 5.50-5.75% target range.

Investors ended the week sticking with a cautious approach, taking on board mixed corporate earnings and resilient economic sentiment data pointing to more monetary policy tightening ahead. For the ECB, VP Luis de Guindos said core inflation remains “very sticky”and added that the next ECB moves will be based on data.

Risk aversion returned to the fore during a volatile session on Tuesday, with investors sentiment faltered by the release of weak consumer confidence data and mixed signals from the ongoing Q1 corporate earnings season.

In yesterday's session, investors traded with a risk-off mood amid concerns on the US debt ceiling and clearer signs that the US labor market is cooling down. In particular, job vacancies in March declined by 400k to 9,590k, the lowest level since April 2021.