Financial Markets Daily Report 16 April 2021
Global stock markets advanced across the board in yesterday's session. U.S. stocks reached new record highs on the back of robust retail sales data (+9.8% mom in March), but gains were more modest elsewhere.
- Global stock markets advanced across the board in yesterday's session. U.S. stocks reached new record highs on the back of robust retail sales data (+9.8% mom in March), but gains were more modest elsewhere.
- In fixed-income markets, sovereign yields declined both in the U.S. and the euro area. Italy's sovereign spread narrowed even as the government raised its 2021 deficit and debt forecasts to 11.8% and 159.8%, respectively.
- The USD and the EUR were little changed, while the Russian ruble weakened after the U.S. announced sanctions against Russia (incl. a ban on American financial institutions participating in the primary market for Russian bonds).
- Data released this morning showed that China's GDP continued to expand in Q1 2021. The +18.3% yoy rebound was driven by pandemic-related base effects, while on a quarter-on-quarter basis activity decelerated to +0.6% in Q1 2021 from +2.6% in Q4 2020.