Financial Markets Daily Report12 November 2020
European sovereign yields edged lower in yesterday's trading session following a speech by ECB chief Christine Lagarde in which she signalled further monetary easing. In her speech, Lagarde emphasised the importance of the duration, and not only the size, of monetary accomodation, and identified PEPP and TLTROs as the main crisis tools.
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- European sovereign yields edged lower in yesterday's trading session following a speech by ECB chief Christine Lagarde in which she signalled further monetary easing. In her speech, Lagarde emphasised the importance of the duration, and not only the size, of monetary accomodation, and identified PEPP and TLTROs as the main crisis tools.
- In stockmarkets, technology stocks gained ground after two trading sessions in which they had suffered a sell-off due to the exuberance about a possible vaccine. Eurostoxx50 was up 0.7% and the S&P 500 gained 0.8%. The Nasdaq Composite index, which is technology-focused, closed 2% higher.
- In the United States, the sovereign yield curve continued steepening, with 10-year bond yields edging up 2bp.
- Meanwhile, oil markets continued to benefit from the renewed optimism about the recovery, and the barrell of Brent rose 0.4% to reach $43.8.