Financial Markets Daily Report
19 July 2021

Last Friday, investors' sentiment worsened amid rising COVID-19 cases, now more contagious with the Delta variant.

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  • Last Friday, investors' sentiment worsened amid rising COVID-19 cases, now more contagious with the Delta variant.
  • Stock indices declined across the board and yields on sovereign bond declined on both sides of the Atlantic. In FX markets, the US dollar strengthened against most G10 currencies and the euro fluctuated around $1.18.
  • In oil markets, the price of the barrel of Brent edged down towards $73 as UAE and Saudi Arabia agreed  to increase UAE's baseline production (used to calculate its supply curbs). With this agreement, OPEC+ announced on Sunday a broader agreement to increase oil supply by 400k barrels a day until September 2022.
  • This week the focus will be on the ECB governing council meeting (Thursday), which is expected to deliver a change in the forward guidance on interest rates in line with the new strategy, and on July's preliminary Markit PMIs for the main advanced economies (Friday).
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