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Most of the developed stock markets kept registering small gains yesterday while yields on sovereign bonds picked up. In the U.S., the yield on the 10-year Treasury increased by 7 basis points and reached 2.55% for the first time in more than 9 months.

Global stock markets were mixed as investors gauge the implications of the latest changes in the Trump administration, especially after the declarations of the new White House economic adviser Larry Kudlow that signaled support for a strong dollar and took a tough line on China.

Stock markets posted gains in the last session of the week. In the U.S., the S&P 500 advanced by +0.1 percent after swinging back from early-trading losses, while in Europe the main indices registered more solid gains.

Pessimism about a breakthrough in trade tensions drove global stocks down in the first session of the week. In the U.S., losses were exacerbated by weakness in the technology sector and the major indices were down by more than 1.5%.

Implied volatility declined and stock markets rose across the board in the first session of the week as investors digested the truce agreed by Presidents Trump and Xi in the G20's meeting.

In the last session of the week, financial markets' sentiment was dominated by optimism as investors read positively the latest U.S. labour market data and the comments of Fed President, Jerome Powell, suggesting a more flexible pace of the upcoming interest rate hikes.

Ahead of the outcome of the U.S. Federal Reserve meeting, investors traded in a relatively quiet mood as they watched developments around the two-day trade talks between Chinese and U.S. negotiators.

Stock indices were mixed as financial markets digested the downward revision of global growth forecasts from the OECD and the downbeat economic releases in the US (2018's trade deficit, the largest since 2008, and ADP employment report slightly below consensus).

Stocks declined across the board on Friday as downbeat activity figures in the U.S. (nonfarm payroll employment +20,000 in February after +311,000 in January) and China (export growth dropped from 9.1% yoy in January to -20.7% in February) added to the OECD and the ECB's downgraded macroeconomic projections earlier in the week.

Investor's remained cautious yesterday as they await for more clues on the upcoming macroeconomic and political outlook. In the U.S., results from technological companies surprised to the upside, while the industrial sector suffered from concerns about economic growth.

With U.S. markets closed for the Memorial Day holiday, European stocks advanced moderately at the start of the week as investors digested the results of the weekend's European Parliament election.

Financial markets' tone improved for the second day in a row on the back of previous Fed comments saying that it would support the economy in case the scenario worsens, mixed economic data releases and brighter investor expectations on trade tensions between Mexico and the U.S.

Investors started the week in a cautious mood as they eye the upcoming G20 summit at the end of this week, in which Presidents Trump and Xi Jinping are expected to meet and discuss the possibility of resuming trade talks.

In the last session of the week, stock indices rose in the US and core euro area following positive corporate results and the better-than-expected GDP growth figures in the US.

In the first session of the week, investors traded cautiously as they await for the Federal Reserve monetary policy decision on Wednesday and for news on the trade talks.

After the risk-off session of Monday, triggered by the depreciation of the Chinese yuan above the 7 yuans per US dollar threshold, financial markets' volatility moderated and stock indices edged down in Europe and rose in the US.

Financial markets ended the week on a positive tone, on the back of better-than-expected Q3 corporate results and economic data releases in the U.S. In particular, retail sales rose by 0.7% mom in September, well above the Bloomberg consensus (0.2% decline).

Financial markets ended the week with mixed results, balancing the positive tone from the corporate results for the Q3 earning season with disappointing survey economic data in Europe.

In an eventful session, investors traded with a risk-on mood and stock indices rose in the U.S. and in most euro area trading floors. In fixed-income markets, sovereign yields edged up in both sides of the Atlantic, specially so in Italy, where Mario Draghi presented the 2022 fiscal budget with some tax cuts and an increase in the retirement age.

In yesterday's session, investors traded cautiously as they positioned for today's conclusion of the Federal Reserve meeting (where we expect Jerome Powell to announce the beginning of a reduction in the pace of net asset purchases) and tomorrow's Bank of England monetary policy meeting.