For the second consecutive day, markets traded without a clear direction. Government yields ended flat on both sides of the Atlantic while stocks mostly fell, with some exceptions in the euro area, amid reports that the Trump administration is considering to curb exports to China made with US software.
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Investors ended the week on an upbeat note. Euro area PMIs suggested activity expanded during October (the composite index rose from 51.2 to 52.2), leading to higher sovereign yields and gains in the main equity indices. Cooler-than-expected U.S. inflation reinforced expectations of a Fed interest rate cut and boosted stock markets. The EURUSD held close to 1.16.
Markets had a relatively calm session ahead of the Federal Reserve meeting today, where it is widely expected to lower interest rates by 25bp. Sovereign yields were mostly flat on both sides of the Atlantic, while the EURUSD cross held steady around 1.16. Equities advanced in the US on the back of a strong earnings season and were mixed in the euro area.
Markets ended the week mixed. Sovereign yields were broadly stable on both sides of the Atlantic, with curves steepening slightly. In the US, short-term yields declined despite hawkish Fed commentary opposing further rate cuts. In the eurozone, October CPI came broadly in line with expectations (although core inflation surprised slightly to the upside). Very long-term yields rose following the French parliament’s rejection of a wealth tax proposal, which also widened the French spread.
The week started on a risk-off tone. Equities fell across the board, particularly in the US, as several Wall Street CEOs and major banks warned of potential drawdowns and concerns over overstretched valuations. European and Asian indices also declined, albeit more modestly, with Spain’s Ibex closing flat.
In yesterday’s session, euro area sovereign yields edged lower with little news to trade on, while US treasuries did not trade as bond markets were closed due to Veterans Day holiday. The dollar weakened as investors continued to digest the generalized cautious tone of Fed officials on a rate cut on December, while the Japanese yen hit a nine month low.
As it has happened 4 times in the past, near the ending of a US government shutdown, equity markets rallied in Europe. In the US, however, main indices were mixed, with the Nasdaq registering losses as investors remained cautious about too-high valuations of tech companies. Last night, Trump signed into law the spending bill, allowing the US government to reopen.
Risk-off session to end the week, as concerns about high valuations in the technology sector and doubts on whether the Federal Reserve will lower rates in December, weighed on investor sentiment. Stocks sold off in the euro area and ended flat in the US, albeit having started the session with losses.
The sour mood in equity markets extended for another session amid continued worries about high valuations in the tech sector. Global stock indices fell, with losses led by euro area equities, and accumulated losses of over 3% in a week. The VIX volatility index is up 42% week-over-week and trading above 24 points. Amid risk-averse sentiment, the dollar rose.
Markets ended Friday mixed as Fed guidance revived rate-cut bets, tempering weak sentiment in Asia and Europe. Comments from Fed Williams suggesting December interest rate cuts could align with inflation goals boosted markets' expectations for such event and drove US Treasury yields slightly down.
Financial markets had a subdued session on Thursday, with U.S. markets closed for Thanksgiving. In the euro area, sovereign yields edged slightly higher. Minutes from the latest ECB meeting confirmed a cautious stance on rates, though diverging views on inflation risks keep the door open for future cuts.
The Spanish economy is undergoing a period of solid, cross-cutting expansion, with balanced growth across sectors and remarkable resilience in the face of a complex international context. Furthermore, the reduction in temporary employment and the strong performance of the manufacturing industry, partly thanks to Spain's competitive energy advantage over Europe, are contributing to the current sectoral dynamism.
Financial markets started the week with a subdued risk appetite. Sovereign bond yields rose across the board in developed markets. The sold off started in Japan, where it seems increasingly likely that the BoJ could rise rates in December. In both Europe and the US, November ISM and PMI data showed protracted weakness in manufacturing.
Financial markets continued to digest the Federal Reserve’s decision to cut interest rates. Sovereign bond yields edged lower in the euro area and were stable in the U.S., while the dollar extended its recent weakening trend, leaving EUR/USD trading near 1.175. Futures markets continued to price in two rate cuts for next year, despite a seemingly divided FOMC.
Financial markets had a mixed session on Wednesday. Eurozone sovereign yields edged higher, with curves steepening and peripheral spreads widening, even as the Ifo index surprised to the downside, signaling weaker business sentiment in Germany. Final CPI figures for November came in a tenth lower in the general year-on-year rate.
Friday’s session had a risk-on tone, with global bond yields rising after the Bank of Japan raised rates to 0.75% and signaled further tightening. European yields were additionally supported by higher ECB inflation forecasts for 2026 and plans to fund new aid to Ukraine through increased debt issuance.
Yesterday's session ended on a mixed tone with relatively small movements, as investors traded cautiously ahead of today's important data releases in the US, particularly Q3 GDP, which will be released today. Sovereign yields barely changed, with a small flattening of the US curve, while European stock indices receded and the US ones ticked higher, pushed by tech firms.
On Thursday, German Bund yields rebounded by +5bp, partially reversing the broad decline seen earlier this week, following a positive surprise in the country’s industrial orders data in November (+5.6% mom). Other euro area sovereign yields were broadly stable, leading to a further narrowing of peripheral spreads.
Financial markets ended Friday on a mixed note ahead of a long weekend in the US, where markets are closed today for Martin Luther King Day. US Treasury yields moved higher following mixed macro data: industrial production rose, while the NAHB Index signaled continued weakness in housing construction. European sovereign yields also edged up, with the French spread widening after PM Lecornu announced it will amend again the budget draft to secure parliamentary approval.
Markets turned risk-off on Tuesday as Trump renewed tariff threats against Europe linked to his controversial Greenland acquisition proposal. Equity indices fell on both sides of the Atlantic, with the tech-heavy Nasdaq leading losses. Implied volatility rose, pushing the VIX higher.