Financial Markets Daily Report
15 January 2021

Investors traded in a mixed mood in yesterday's session, amid higher expectations of a fiscal push in the U.S., tighter mobility restrictions and political uncertainty in Italy.

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  • Investors traded in a mixed mood in yesterday's session, amid higher expectations of a fiscal push in the U.S., tighter mobility restrictions and political uncertainty in Italy.
  • Volatility nudged up and stock markets were mixed, posting small losses in the U.S. but advancing moderately in Europe and emerging markets.
  • The U.S. sovereign yield curve steepened amid news that President-elect Joe Biden is working on a $1.9 trillion stimulus package. Euro area sovereign yields declined across core and peripheral countries (but not in Italy) as the accounts of the last ECB meeting showed a consensus in favor of maintaining favorable financial conditions.
  • Italy's sovereign spread widened as investors assessed the implications of the ongoing crisis in the coalition government ─and whether the government can regain a parliamentary majority or if it could trigger a snap election.
     
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