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.
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Los parqués europeos cierran con caídas tras la apertura en negativo del S&P, por las exportaciones netas Chinas, y con las dudas sobre la coalición de gobierno en Portugal.
Risk aversion returned to the fore during a volatile session on Tuesday, with weak trade data in China resurging fears of a global economic slowdown and as there were no clear progress during the first talks between Democrats and Republicans to try to resolve the US debt ceiling standoff. Today the focus turns to the US CPI inflation data for April.
Another session with mixed results across financial markets on Wednesday, with investors’ sentiment weighted down by weak trade data in China and hawkish signals from some major central banks.
La jornada del viernes vino marcada por el intenso apetito por el riesgo de los inversores al hilo de los mensajes acomodaticios del BCE y las medidas expansivas procedentes de China. El banco central chino recortó el tipo oficial sobre préstamos y depósitos en 25 p.b. y el coeficiente de reservas bancarias en 50 p.b. Además, la entidad anunció la suspensión del límite sobre la remuneración de los depósitos bancarios. Esta semana, reunión de la Fed (miércoles).
Investors started the week trading with a more subdued tone, with sentiment soured by data showing a slowdown in China in Q2 and by lingering inflationary concerns on the back of upside tensions in some agricultural prices.
Greetings back to work in a week beginning with the downbeat echoes of Friday, when investors traded in a risk-averse mood. Sovereign bond yields ended the week sliding across the board, especially in Europe, and so did stocks, with the biggest falls in China. The USD was broadly flat, while commodities rose slightly.
Friday´s session was clouded by the risk that geopolitical tensions in the Middle East could escalate further causing a sustained rise in oil prices. On the economic side, US University of Michigan Consumer Sentiment fell from 68 to 63 from last month and China exports fell, although by less than expected by the consensus.
La abrupta caída de las importaciones en China (-17,7% interanual) frente al dato esperado por el consenso reavivó las dudas sobre el crecimiento del país asiático.
China’s central bank triggered a risk-on mood in financial markets yesterday by introducing the largest stimulus package since the pandemic to support its faltering economy: it reduced reserve requirements for banks, cut a key repo rate, and lowered the mortgage rate for homeowners.
Markets ended the week in a mixed mood as investors pondered over the Fed's plans for stimuli withdrawal, risks from China's Evergrande and the announcement that Chinese authorities will ban all transactions and mining related to cryptocurrencies. Global stocks declined or closed flat while the USD rose against most AE and EM currencies.
Financial markets had a mixed session on Friday, closing off a highly volatile week with large swings in asset valuations amid chaotic tariff announcements, increased trade tensions, and heightened uncertainty. The latest announcement came from China, which retaliated against the US by increasing the tariff on US imports to 125%.
Prosigue la dinámica de risk-off en los mercados internacionales de la mano del desplome de compañías como Volkswagen y Glencore, en el caso de esta última, a causa de la debilidad de las materias primas y las dudas en torno al crecimiento en China.
Investors ended the week on a cautious, yet slightly positive note. All eyes were on the trade talks between China and the US that took place over the weekend. Trump floated in social media an alternative tariff level of 80% on Friday (compared to the current 145%). Both sides have touted progress in the talks, but have offered few details so far.
Yesterday's announcement of a temporary truce in the trade war between the US and China lifted investors' mood, particularly in US assets. Both countries agreed that for the next 90 days the US will reduce the tariffs it imposed on Chinese imports last month from 145% to 30%, and that Chinese tariffs on US imports will fall from 125% to 10%.
Financial markets ended the week on a slightly positive note. News from early in the week of US-China trade negotiations helped sustain sentiment in equity markets, despite survey data showing a sharp deterioration in US consumer sentiment and an uptick in inflation expectations.
Investors ended the week by trading cautiously amid ongoing trade uncertainty, after Trump accused China of breaching a trade deal and said he expected to speak to Xi. US Treasury yields fell slightly, with some Fed officials maintaining their wait-and-see approach despite data released on Friday showed US consumer spending and PCE inflation slowed down in April.
The week kicked off to a mixed start. US Treasury yields rose after Trump announced on the weekend the US will raise tariffs on steel and aluminium (25% to 50%) and accused China of breaching the trade truce agreement. Separately, the ISM and PMI surveys for May showed delivery times increasing, while prices paid by suppliers remained elevated.
Markets traded cautiously as investors awaited news regarding trade negotiations between the US and China. The World Bank cut its global economic growth forecast, pointing to uncertainty brought by trade war as the main cause. In today's session, financial markets will focus on US CPI data for May.
Financial markets were mixed during yesterday's session. US CPI for May came softer than expected, with core CPI increasing by 0.1% mom (vs. expected 0.3%) and 2.8% yoy (vs. 2.9% expected), and overall CPI climbed 2.4% yoy, as expected. Separately, Trump said that a US-China trade deal is "done", which could ease trade frictions between the two countries.