In yesterday's session, stock volatility declined and investors traded with cautious optimism. Federal Reserve officials reiterated their intention to keep monetary policy unchanged until the economic recovery has been fully completed. Then, the exit of the stimulus would be very gradual and with great transparency.
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Markets ended the week with a risk-on session on Friday. Stocks rose across advanced and emerging markets, sovereign yield curves steepened and commodity prices advanced, while in FX markets the USD was roughly flat against major currencies.
Markets were mixed in the first session of the week. Stocks advanced in Asia and Europe but retreated in the U.S, where financials weighed on the main benchmarks as investors assessed potential losses from their exposure to Archegos Capital Management, a hedge fund that had failed to meet margin calls.
Investors continued to trade in a mixed mood in yesterday's session. Commodity prices declined across the board while the USD strengthened. Stocks were mixed, advancing in Asia and Europe but declining moderately in the U.S.
Yesterday, markets traded more cautiously as investors eyed the Easter holidays. Stock markets were mixed, declining moderately in most regions while U.S. benchmarks closed slightly higher on the back of tech shares.
In yesterday's session, US investors traded with optimism as more people are receiving vaccines and economic data releases came out better than expected. European markets were closed due to the Easter holiday.
In yesterday's session investors traded with a positive mood as the IMF revised upwards its macroeconomic projections for most advanced and emerging economies. The more vigorous recovery is driven by the fiscal stimulus packages and the vaccination campaign gathering pace in the next quarters.
Yesterday, investors traded in a low volatility environment as the Fed's last meeting minutes reiterated its intention to keep the monetary policy stance unchanged for some time. Nevertheless, as it was anticipated in the dot plot, several members argued that they would favor raising rates earlier than the FOMC’s median view.
Investors continued to trade in a low volatility environment as comments from policy makers reiterated their intention to support economic growth. In particular, Janet Yellen, US Treasury Secretary, urged the main economies to adopt an expansionary fiscal stance to secure a robust recovery.
Markets closed the week with a mixed session on Friday. A jump in U.S. producer price inflation (+4.2% yoy in March after +2.8% in February) led to a steepening of global sovereign yield curves and a mixed performance in most stock markets (with the exception of the U.S., where equities posted a third-straight weekly rally).
Markets started the week in a cautious mood as investors pondered over pandemic dynamics and the economic outlook. Stock markets declined moderately across most advanced and emerging economies while commodities were mixed and FX markets were little changed.
In yesterday's session, investors traded with a risk-on mood and drew away from safe-haven assets as new weekly jobless claims in the US posted the smallest figure since the start of a pandemic (444k).
In the first session of the week, investors traded in a cautious mood amid an increase in market-based measures of inflation expectations (the U.S.' 5Y5Y inflation breakeven rate reached 2.36%, a level not seen since 2014).
Volatility rose and stocks sold off as investors focused on the outlook for supply shortages and inflation. Stock market losses were widespread across sectors and countries while commodity prices advanced, the USD weakened, and U.S. sovereign yields nudged up.
Yesterday, volatility rose amid investor inflation worries. U.S. CPI inflation jumped in April to +4.2% yoy (headline index, +1.6pp) and 3.0% (core index, +1.4pp). Fed Vice Chair Richard Clarida reiterated the central bank's view that the inflation rebound is largely transitory as it is mostly driven by base effects and short-term supply bottlenecks.
Investor sentiment steadied in yesterday's session and markets halted a string of volatile sessions this week. U.S. stocks rebounded and European equities continued to advance. Earlier, Asian stocks had closed lower, dragged by the previous days' jump in volatility.
Investors ended the week on a positive mood. In stock markets, volatility declined and equities surged across advanced and emerging economies on Friday, partially reversing the losses suffered in previous sessions. In FX markets, most advanced and emerging currencies also recovered some ground against the USD.
In yesterday's session, investors weighed the reopening of economies against inflationary pressures concerns. On the latter, nevertheless, ECB's Villeroy de Galhau said that the inflation spike in the euro area is likely to be temporary and that the monetary policy stance will remain very accommodative for a long time.
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.
European equities dropped as investors looked for the next catalysts to give the market direction. In Spain, shares of utility companies dropped over a draft bill the government is preparing that could drive down electricity prices.