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Investors started the week trading with a more cautious approach, with sentiment negatively impacted by weak industrial data in Germany (–3.4% m/m in March, well below expectations) and signs of tightening credit conditions in the US, according to the Fed’s Senior Loan Officer Opinion Survey.

In yesterday's session, investors traded with an optimistic mood as negotiations between Democrats and Republicans to raise the US debt ceiling seemed to advance fast. Accordingly, House speaker (McCarthy) and Senate Majority Leader (Schumer) are already preparing the vote count for a bipartisan deal to avoid reaching the debt ceiling.

Last week ended on a subdued note. Equity indexes were mixed, mostly lower in Europe but with some gains in the US, especially in the interest rate sensitive Nasdaq. Long-dated government bond yields were broadly lower, while shorter-dated yields rose, particularly in the US. Oil and commodities were lower following weak Chinese economic data.

Investors closed the week with yet another risk-off session, as recession fears returned to the fore following weaker-than-expected economic survey data across advanced economies.

Fears of a global economic slowdown continued to weigh on investor sentiment at the start of the week, following a new batch of disappointing economic survey data and concerns about recent geopolitical developments in Russia.

Investors ended the week on a brighter note than on Thursday. Market sentiment was boosted by encouraging data on inflation dynamics in the US and in the eurozone (despite a modest tick up in core inflation).

In yesterday's session, investors continued to digest the lower-than-expected US inflation report for June and traded with a risk-on mood. In addition, US PPI data for June reinforced the disinflationary environment while St. Louis Fed President James Bullard, one of the most hawkish FOMC member in this cycle, announced his resignation.

A lower-than-expected inflation data in the UK reinforced hopes among investors that disinflationary pressures are gaining traction, triggering a sharp depreciation of the British pound and a drop in the country’s sovereign debt yields.

In yesterday’s session, investors weighed mixed signals from economic sentiment indicators in the US and in Germany. While the Conference Board consumer sentiment indices rose in July, signaling that private consumption might still have room to grow in Q3, the German IFO moderated.

As investors await the Jackson Hole conference for some guidance on monetary policy, European sovereign bond yields fell across the board in Tuesday's session. Meanwhile US short-term references posted gains, boosted by Fed's Barkin hawkish remarks on how the current strong economy would allow for higher rates should inflation pick up.

Eurozone sovereign bond yields remained broadly flat In Thursday's session as investors awaited the Jackson Hole meeting, which started last night with mixed comments from ECB officials. Centeno advised caution on further hikes, as downside risks for the economy are materializing, while Nagel said it's 'much too early' for a pause.

In yesterday's session, investors traded cautiously as they awaited for today's key US employment report for the month of August. Also, in the euro area a mixed inflation HICP was released, with all components except energy exhibiting a disinflationary path in August.

Yesterday’s session saw thin trading volumes in the market due to a holiday in the US. Chinese stocks ended higher, as authorities stepped up efforts to support a struggling property sector. The Shanghai CSI 300 index was up 1.4%, led by strong gains in developer companies, and drove stocks up all across Asia.

Risk-off appetite prevailed among investors yesterday. In the eurozone, a raft of negative data releases weighed on stocks, as both retail trade across the region and German factory orders surprised on the downside.

Investors traded yesterday with most eyes on today’s US CPI report. Oil prices rose again after OPEC released its monthly report and kept its global oil demand forecast for the rest of the year and 2024 unchanged, despite Saudi and Russian cuts. Benchmark Brent ended the session at an annual high, fuelling concerns about inflation.

Today’s FOMC meeting remained the focus of investor attention in yesterday’s session, with markets currently pricing in the Fed to keep rates unchanged. On the data front, US new home construction fell to its lowest level since 2020 as higher mortgage rates in August appear to have cooled demand.

Investors traded with a slightly higher risk appetite on Friday as several key inflation data points on both sides of the Atlantic fell and despite the risk of a US government shutdown, which was eventually averted over the weekend, rose. Eurozone inflation fell to a 2-year low, with core CPI showing positive momentum and US core PCE also moderating.

In yesterday’s session, economic sentiment data releases were the focus of investors’ attention. In both Europe and the US, better-than-expected, but still weak economic data, pushed sovereign yields down on both sides of the Atlantic amid an upward trend in previous sessions.

In yesterday's session, a mixed release of the flash October PMIs pushed 10-year sovereign yields modestly down on both sides of the Atlantic while stock indices edged up backed on mixed Q3 earnings releases. Some companies beat analysts' profits expectations, some announced a higher profit guidance or other disappointed in both dimensions.

In yesterday’s session, investors focused their attention to the ECB monetary policy meeting, where interest rates were left unchanged (depo and refi at 4.0% and 4.5%, respectively), and to Q3 GDP figures for the US, which grew at a  solid 4.9% SAAR rate with dynamic rates of growth of private and public consumption and residential investment.