Risk appetite surged on Monday as US strikes on Iran remained paused for a second consecutive night. Energy prices declined sharply, with Brent dropping below $90 per barrel. This lowered inflation expectations, with euro area 1Y inflation swaps falling by around 0.2 p.p. to 2.4%. Sovereign yields also declined across the board, particularly in the euro area.
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Risk appetite improved on Thursday amid supportive macro data and lower energy prices, as war tensions around Hormuz did not escalate. Eurozone sovereign yields fell, with steeper curves and tighter peripheral spreads, after GDP growth surprised to the upside across the euro area and its main economies. ECB expectations were little changed ahead of today’s June CPI print, though markets pared odds of a third rate hike.
Wednesday's session had a more mixed tone compared to Tuesday's broad selloff, with U.S. equities staging a partial recovery. European equities, however, remained under pressure, weighed down by higher sovereign yields. In FX markets, the yen strengthened against the dollar amid hawkish BoJ speak, while the euro remained roughly stable.
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Las bolsas europeas marcaron subidas en torno al 1% con el buen dato de la balanza comercial en Alemania, el PIB de la eurozona (del 1,5% interanual frente al 1,2% previsto y anterior), y el rebote de Wall Street.
Esta vez el Ibex 35 (+1,74%) lidera las subidas de las bolsas europeas (Eurostoxx 50: +1,13%), impulsado por el fuerte repunte de los colectivos asiáticos, Nikkei (+7,7%) y Shanghái (+2,3%), tras los anuncios de medidas para impulsar el crecimiento.
La publicación el viernes de un dato de creación de empleo en EE. UU. peor de lo esperado (y la revisión a la baja del dato de agosto) puso freno a una semana en positivo en la que las bolsas europeas terminaron cerrando con signos mixtos (Ibex: 35 +0,9%, Eurostoxx: -0,8%).
Tono relativamente firme ayer en los activos de riesgo internacionales al calor de unos sólidos datos del sector manufacturero en Europa que propiciaron, a su vez, repuntes moderados en las rentabilidades de la deuda pública europea.
Jornada estable en las bolsas europeas a pesar de la publicación de un índice PMI para la Eurozona en su mayor nivel en cuatro años y medio