Investors traded in a risk-on mood in yesterday's session as tech stocks recovered from a market rout in the U.S.
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Markets ended the week in a mixed session as U.S. tech equities continued to decline and investors digested the outcome of Thursday's ECB monetary policy meeting. Global stocks were lackluster, U.S. and German sovereign yields declined and euro area peripheral spreads nudged up amid lower risk appetite.
Investors traded on a cautious note in the first session of the week. U.S. stocks advanced across the board (including the tech-heavy Nasdaq, which had been lagging in the last sessions) while European indices were mixed. In fixed-income markets, yields on U.S. and euro area core sovereign bonds were roughly unchanged.
Economic indicators favored a greater risk appetite in yesterday's session. China's industrial output rose +5.6% yoy in August while retail sales grew +0.5% and surpassed 2019 levels for the first time since the COVID-19 outbreak. Also, German investor sentiment continued to improve in September according to the ZEW index.
Markets started on a positive note but risk aversion took over as the Fed signaled that the outlook is highly uncertain.
Market risk appetite declined in yesterday's session as investors continued to digest the outcome of the Fed meeting. Stock markets declined across advanced and emerging economies while the safe-haven JPY appreciated.
In the last session of the week, investors traded with a downbeat tone and stock indices declined across Europe and, following a tech sell-off, in the US. Asian equities, instead, increased mildly.
In yesterday's session, investors traded with a risk-off mood amid concerns of growing COVID cases around the globe. Powell's speech in Congress in which he stated that the US economy is improving failed to provide much relief to investors, as he also said that there is a long way to go before a full recovery.
Investor sentiment improved yesterday as consumer confidence in the euro area rose to -13.9 points in September (-14.7 in the previous month), beating expectations. Nevertheless, the risk of a second wave of COVID-19 infections increases the chances of additional stimulus in the coming months.
In a volatile session, investor sentiment swung from optimism to pessimism with news and economic sentiment data releases.
European stocks edged down on Friday, while U.S. stocks notched gains despite posting a slight loss on the week as investors faced the reality of a second coronavirus wave in Europe and the uncertainty around further stimulus in the U.S.
Investors traded in a risk-on mood in yesterday's session as European and U.S. stock markets regained some of their recent losses in a rally led by the financial sector.
Monday's stock market rally went into reverse in yesterday's session, as investors weighed the prospects for the coronavirus pandemic and the possibility of further fiscal stimulus in the U.S.
Markets ended the month in a mixed session, as European stocks fell and the S&P 500 recovered from the previous day's losses. Safe haven bond yields rose and the dollar appreciated against the euro.
Investors traded in a mixed mood yesterday, as the S&P 500 gained 0.5%, the Eurostoxx50 edged up 0.02%.
Investors traded on a cautious note in the last session of the week. Amid lower risk appetite, volatility rose, stocks declined across the board (particularly so in the U.S.), safe-haven currencies (such as the JPY and the USD) strengthened and commodity prices fell (the barrel of Brent dipped below $40).
Investor traded in a risk-on mood at the start of the week, leading to broad-based gains in stock markets. Gains were stronger in the U.S., further supported by higher hopes over a new fiscal package to stimulate the economy and amid better-than-expected sentiment indicators (the ISM nonmanufacturing rose to 57.8 points in September).
Markets were mixed in yesterday's session. Stocks in Asia, Europe and emerging economies recovered some of the lost ground in previous days.
Investors searched for direction in yesterday's session. Asian stocks advanced, European indices were mixed, and U.S. equities jumped as markets regained optimism that a partial deal on more fiscal stimulus could still happen.
Volatility declined and markets favored risk assets in a light economic calendar day. Stocks rose across advanced and emerging economies as investors focused on the prospects of a new fiscal package in the U.S. and the release of the accounts of the ECB's September meeting.