Financial Markets Daily Report06 July 2021
During a session with low trading volumes (markets were closed in the US), investors recorded modest gains, fuelled by positive sentiment data across Europe (the service PMI was revised up by 0.3 points to 58.3 in June, the highest level since July 2007).
- During a session with low trading volumes (markets were closed in the US), investors recorded modest gains, fuelled by positive sentiment data across Europe (the service PMI was revised up by 0.3 points to 58.3 in June, the highest level since July 2007).
- In commodities, the oil prices went up (the Brent is trading above 77 $ per barrel) after the OPEC+ group cancelled a meeting over disagreements on production increases.
- In this context, stocks rose modestly in Europe and Asia, while sovereign yields increased on the prospects of higher energy-driven inflation. In addition, the USD weakened against major advanced economies and emerging markets.
- On the calendar, the focus is on the ISM services survey for June in the US and retail sales for May in the eurozone. Data released this morning showed industrial orders in Germany fell by 3.7% m/m in May, well below expectations.