Financial Markets Daily Report 16 November 2020
Last Friday, markets ended one of their best weeks since summer as economically-sensitive assets regained momentum on the back of positive COVID-19 vaccine developments.
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- Last Friday, markets ended one of their best weeks since summer as economically-sensitive assets regained momentum on the back of positive COVID-19 vaccine developments.
- Friday's session was relatively quieter as investors consolidated their positions. Volatility declined and stocks rose across advanced and emerging economies. Most commodity prices were little changed.
- In fixed-income markets, U.S. sovereign yields nudged up while euro area yields ticked down both in core and peripheral countries. Once markets had closed, Fitch affirmed France's rating at AA (negative outlook). In FX markets, the GBP strengthened modestly as investors eye EU-UK brexit negotiations, which will continue this week.
- On the data front, Eurostat marginally revised the euro area's Q3 GDP figure to +12.6% qoq (preliminary estimate: +12.7%), confirming the strength of the rebound throughout the summer (year-on-year GDP growth stood at -4.3%).