With no major developments in the peace talks from the Middle East, Friday's session was driven by an increase in risk sentiment, with investors rotating from fixed income to the stock market in the euro area and falling volatility. In the US, markets were closed due to a bank holiday.
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Risk-off sentiment took over yesterday's session. Oil and gas surged amid escalating tensions in the Middle East (eg., the Houthis attacked two Saudi Arabian tankers in the Red Sea), sending global stocks lower and triggering higher sovereign yields across the board. In FX markets, the U.S. dollar index strengthened towards a one-month high.
In the first session of the week, investors operated with caution as they continued to digest the Fed's dovish message and the implications for the economic outlook of an inverted yield curve.
Financial markets started the week in a quiet mood as investors awaited the beginning of the earnings' season, the ECB meeting and more clues on the trade negotiations between the U.S. and China.
In yesterday session, global financial markets were driven by the dovish communication from the ECB and the developments in the negotiations between the U.S. and Mexico.
The growth in Spain's inbound tourism has been contained throughout 2019 due to the less favourable global economic environment and the strong recovery by its main rivals in the Mediterranean. However, the tourism sector's profitability looks highly resilient, supported by dynamic domestic tourism expenditure and the industry's drive towards higher quality.
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Spain's external sector
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Fiscal policy and the worldwide economic and financial crisis
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Reforming the financial system
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The currency conflict
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Health and healthcare: squaring the cercle
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The sovereign debt crisis
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.
Investor traded in a risk-on mood at the start of the week, leading to broad-based gains in stock markets. Gains were stronger in the U.S., further supported by higher hopes over a new fiscal package to stimulate the economy and amid better-than-expected sentiment indicators (the ISM nonmanufacturing rose to 57.8 points in September).