The tech sell-off in U.S. stock markets continued and spread to Asia in yesterday’s session. Risk-off market sentiment also weighed on European stocks, although they suffered relatively smaller declines.
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Markets ended the week in a mixed session as U.S. tech equities continued to decline and investors digested the outcome of Thursday's ECB monetary policy meeting. Global stocks were lackluster, U.S. and German sovereign yields declined and euro area peripheral spreads nudged up amid lower risk appetite.
In the last session of the week, investors traded with a downbeat tone and stock indices declined across Europe and, following a tech sell-off, in the US. Asian equities, instead, increased mildly.
Investor sentiment improved yesterday as consumer confidence in the euro area rose to -13.9 points in September (-14.7 in the previous month), beating expectations. Nevertheless, the risk of a second wave of COVID-19 infections increases the chances of additional stimulus in the coming months.
Investors traded in a risk-on mood in yesterday's session as European and U.S. stock markets regained some of their recent losses in a rally led by the financial sector.
Investors traded in a mixed mood yesterday, as the S&P 500 gained 0.5%, the Eurostoxx50 edged up 0.02%.
Markets were mixed in yesterday's session. Stocks in Asia, Europe and emerging economies recovered some of the lost ground in previous days.
Investors searched for direction in yesterday's session. Asian stocks advanced, European indices were mixed, and U.S. equities jumped as markets regained optimism that a partial deal on more fiscal stimulus could still happen.
Investors traded in a mixed mood yesterday as Europe's second wave of coronavirus advances and forces new restrictions in some countries and regions, and prospects for further fiscal stimulus in the U.S. are uncertain.
Investors started the week on a risk-off mood. Amid rising coronavirus cases, tighter mobility restrictions in Europe and little progress in U.S. fiscal stimulus talks, volatility spiked and stock markets slumped across the board.
Volatility declined and stock markets steadied as market sentiment was encouraged by strong Q3 U.S. GDP data (+7.3% qoq and -2.9% yoy) and investors weighed the prospect of renewed ECB stimulus against a worsening euro area economic outlook.
Investors traded with an optimistic tone ahead of the US Presidential elections as October's manufacturing sentiment data surprised to the upside in most regions. In particular, Spain's manufacturing PMI rose from 50.8 in the previous month to 52.8, the euro area's to 54.8 from 54.4 and the manufacturing ISM for the US rose to 59.3 from 55.4.
European sovereign yields edged lower in yesterday's trading session following a speech by ECB chief Christine Lagarde in which she signalled further monetary easing. In her speech, Lagarde emphasised the importance of the duration, and not only the size, of monetary accomodation, and identified PEPP and TLTROs as the main crisis tools.
Investors exhibited a mixed mood in yesterday's session as they pondered on increasing infections and tighter restrictions. Volatility edged up and stocks advanced moderately across Europe and EM, while U.S. equities declined in spite of Pfizer's announcement that it will apply for the FDA emergency authorization of its vaccine within days.
Investors turned more cautious in yesterday's session. Stocks declined across Europe (at yesterday's EU leaders' videoconference there was no progress on the veto that is paralyzing the EU budget and the NGEU package), while U.S. stocks closed moderately higher amid reports that Congress will resume negotiations on a fiscal stimulus.
Investors continued to trade cautiously in yesterday's session as COVID-19 cases continued rising in Europe and in the US. In this context, demand for safe assets (such as the Japanese Yen or the Swiss Franc) increased on a day in which US markets were closed due to the Thanksgiving holiday.
Investors traded in a mixed mood in the first two sessions of the week. EM stocks were mixed and European equities nudged down, while U.S. stocks continued to advance on the back of health equities (the FDA signaled it will give the go-ahead to the Pfizer-BioNTech vaccine soon) and on greater hopes for a new fiscal package.
Markets ended mixed after a more cautious session. Volatility nudged up and European and EM stocks were mixed, while weakness in some technology shares dragged down U.S. stocks.
Investors continued to trade cautiously in yesterday's session as EU policymakers relaunched Europe's economic stimulus and amid signals that U.S. activity is losing steam (initial unemployment claims jumped to a 3-month high). Stock markets were mixed, the USD weakened and sovereign yields were little changed.
The accommodative monetary policy stance confirmed in yesterday's Federal Reserve's meeting and the better-than-expected December flash PMIs in the euro area kept optimism among investors. In particular, the manufacturing indices were expected to fall but managed to increase, and the services indices rose but remained below 50.