Financial Markets Daily Report
26 January 2021

Volatility increased in the first session of the week as investors pondered over worsening pandemic dynamics. Stocks were mixed, advancing moderately in the U.S. and in emerging Asia while retreating across euro area core and peripheral countries.

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  • Volatility increased in the first session of the week as investors pondered over worsening pandemic dynamics. Stocks were mixed, advancing moderately in the U.S. and in emerging Asia while retreating across euro area core and peripheral countries.
  • A lower risk appetite pushed down yields on sovereign German and U.S. bonds while euro area peripheral spreads remained contained. Italy's risk premium nudged down despite reports that PM Conte will resign today in the hope that President Mattarella asks him to put together a new government with a fresh mandate.
  • In commodity markets, the price of the barrel of Brent oil advanced towards $60.
  • On the data front, German business sentiment worsened in January according to the Ifo business climate index (90.1 points, down from 92.2 in December).
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