Financial Markets Daily Report
29 July 2021

Volatility declined and global stock markets rebounded as the rout in Chinese equities eased and investors digested the outcome of the Fed's monetary policy meeting.

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  • Volatility declined and global stock markets rebounded as the rout in Chinese equities eased and investors digested the outcome of the Fed's monetary policy meeting.
  • The Fed offered little new information and deferred a tapering decision to future meetings. Officials noted that the U.S. economy has made "progress" but added that the labor market still has "some ground to cover" before qualifying for the "substantial further progress" required for tapering. The Fed reiterated that the inflation surge is transitory.
  • Sovereign yields and spreads were little changed, the USD weakened moderately and the EUR fluctuated above $1.18. In commodity markets, Brent oil prices rose after data showed a decline in U.S. crude inventories.
  • Today the focus will be on the release of U.S. Q2 GDP figures as well as on flash inflation data for July in a few euro area economies (Germany, Spain).
     
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