Financial Markets Daily Report
20 November 2020

Investors turned more cautious in yesterday's session. Stocks declined across Europe (at yesterday's EU leaders' videoconference there was no progress on the veto that is paralyzing the EU budget and the NGEU package), while U.S. stocks closed moderately higher amid reports that Congress will resume negotiations on a fiscal stimulus.

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  • Investors turned more cautious in yesterday's session. Stocks declined across Europe (at yesterday's EU leaders' videoconference there was no progress on the veto that is paralyzing the EU budget and the NGEU package), while U.S. stocks closed moderately higher amid reports that Congress will resume negotiations on a fiscal stimulus.
  • U.S. and euro area sovereign yields declined, while peripheral euro area risk premiums were little changed. Today Fitch is scheduled to review Portugal's sovereign rating (no changes expected).
  • In commodity markets, mixed investor sentiment drove commodity prices moderately down and Brent oil prices fluctuated around $44.
  • In FX markets, advanced-economy currencies were little changed. In EMs, the Turkish lira strengthened after the country's central bank hiked interest rates to 15% (+475bp) and signaled its intention to tackle high inflation.
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