Stocks slid in Europe amid rising concerns over delays to the vaccine rollout in the continent and the economic impact of a new strain of COVID-19. A vaccine produced by AstraZeneca and Oxford University was approved by the EU's regulator on Friday but difficulties in delivering shipments to the bloc are leading to rising tensions.
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An improving health situation in the US combined with the prospect of a bipartisan stimulus package have led to a 1.6% jump in the S&P 500 on Monday, its largest daily gain in two months.
Investors traded in a risk-on mood yesterday amid better-than-expected GDP data in the eurozone (-0.7% qoq in Q4) and a continuation of stimulus negotiations in the US.
Mario Draghi met Italy's president Sergio Mattarella on Wednesday and agreed to try to form a government of national unity after the recent collapse of the government coalition. It is however uncertain whether Draghi will be able to put together a willing coalition of parties.
Investors continued trading in a risk-on mood yesterday as the vaccination process continues, and, symbolically, the number of people vaccinated across the world reaches the number of COVID-19 cases.
Investors started the week on a positive note. Stocks rose across advanced and emerging economies on the back of optimism over the economic outlook. Positive market sentiment also led to higher commodity prices, and Brent oil prices nudged past $60.
In yesterday's session investors traded amid few relevant economic news or data releases. Stock indices edged down in most advanced economies after a rally that lasted a week but remain positive in the MTD.
In yesterday's session, investor sentiment remained cautious amid volatile inflation data in the US (core CPI inflation +1.4% in January vs +1.6% in December).
In yesterday's session, investor sentiment improved on the back of positive corporate earnings releases and the expectation of continuing support from the fiscal and monetary policies.
Markets ended the week on a positive note as investors continued to eye negotiations on a new fiscal package in the U.S. Volatility declined and stocks rose across advanced and emerging economies. Commodity prices also benefited from positive sentiment and ended the session higher.
Markets started the week showing greater risk appetite as the World Health Organization listed AstraZeneca and Oxford University’s COVID-19 vaccine for emergency use. Stocks rose across advanced and emerging economies, the USD weakened moderately and commodity prices edged up. U.S. markets were closed for the Presidents day holiday.
Investors traded in a more cautious mood in yesterday's session. Optimism about the medium-term economic outlook and recovering inflation expectations led to steeper sovereign yield curves. Yet, stock markets were mixed and closed moderately lower.
Investors turned more cautious in yesterday's session. Stocks declined moderately in most advanced economies and a lower risk appetite led to USD appreciation against the major currencies.
Markets displayed a lower risk appetite in yesterday's session – as investors pondered the impact of rising interest rates on equity markets. Volatility rose and stocks dropped across advanced and emerging economies.
Investors traded in a mixed mood on Friday as they became more confident in the economic recovery but also pondered the possibility of rising inflation.
The sell-off in the US bond market continued on Monday as worries about inflation erode expected bond returns. The yield on 10-year Treasury notes rose 3 basis points to 1.37%. These worries also hit Asian markets, where Japan's 10-year yields rose to 0.13% and Australia's rose to its highest level since June 2019 (1.61%).
In a volatile session, investors’ sentiment was clouded by disappointing labour data in the US (new jobless claims unexpectedly rose to 373k during the first week of July) and uncertainty about the evolution of the pandemic. In Europe, the ECB confirmed a decision to modify its inflation target to a symmetric 2%.
Investors traded with a positive mood on Wednesday, easing concerns about a rapid withdrawal of monetary accommodation by the major central banks.
Financial markets ended the day with negative results, following the release of disappointing survey sentiment data in both the US (the services ISM fell to 60.1 in June from 64.0 in May) and in Germany (the ZEW sentiment indicator dropped from 79.8 to 63.3). In addition, industrial orders in Germany plummeted in May (-4% m/m).
In the last session of the week, investors' sentiment improved and markets ended the day with positive results.