Financial Markets Daily Report
08 October 2020

Investors searched for direction in yesterday's session. Asian stocks advanced, European indices were mixed, and U.S. equities jumped as markets regained optimism that a partial deal on more fiscal stimulus could still happen.

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  • Investors searched for direction in yesterday's session. Asian stocks advanced, European indices were mixed, and U.S. equities jumped as markets regained optimism that a partial deal on more fiscal stimulus could still happen.
  • In fixed-income markets, U.S. 10-year sovereign yields rose. Yields on euro area sovereign bonds were mostly stable despite a dip in German industrial production (-0.2% mom in August vs a consensus expectation of a ~1.5% rebound). 
  • The minutes of the Fed's September meeting provided little news –but showed that there were opposing views about how much "clarity" regarding future policy steps should be provided under the new framework. Also, some officials argued that the Fed should be more specific about its asset purchase plans in future meetings.
  • Brent oil prices nudged down and fluctuated around $42 as the weekly release of the Department of Energy showed a +0.5 million barrels increase in U.S. crude oil inventories last week (they are about 12% above the 5-year average).
     
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