Markets shrugged off a jump in U.S. inflation and the halt in Johnson & Johnson's COVID-19 vaccine rollout, and investors continued to favor risk assets in yesterday's session. Stocks and commodity prices advanced while the USD weakened moderately against the major currencies.
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Investors traded in a mixed mood as the U.S. earnings season kicked off. Global stocks were mixed, the USD weakened moderately and sovereign yields nudged up across the U.S. and Europe.
Investors ended the week in a mixed mood as they weighed increasing coronavirus cases, vaccination progress and plans for higher taxes. On Friday, global stocks were mixed, the USD weakened, and sovereign yields nudged up. Italy's peripheral spread widened modestly ahead of S&P's rating review (unchanged at BBB and a 'stable' outlook).
In the last session of the week investors traded with optimism after April's US employment report came in lower than expected and eased concerns of higher inflation and monetary policy tightening from the Fed.
In the first session of the week, investors traded in a cautious mood amid an increase in market-based measures of inflation expectations (the U.S.' 5Y5Y inflation breakeven rate reached 2.36%, a level not seen since 2014).
Investors ended the week on a positive mood. In stock markets, volatility declined and equities surged across advanced and emerging economies on Friday, partially reversing the losses suffered in previous sessions. In FX markets, most advanced and emerging currencies also recovered some ground against the USD.
Yesterday, investors traded in a risk-off session in which stock indices declined across the board, core euro area sovereign yields ticked down and the US dollar strengthened against most currencies.
In yesterday's session, investors traded with a risk-on mood and drew away from safe-haven assets as new weekly jobless claims in the US posted the smallest figure since the start of a pandemic (444k).
European equities dropped as investors looked for the next catalysts to give the market direction. In Spain, shares of utility companies dropped over a draft bill the government is preparing that could drive down electricity prices.
In yesterday's session investors traded cautiously following the release of better-than-expected Q1 GDP growth data for the euro area (revised up by 0.3 p.p. to -0,3%) and record high job opening figures for the U.S. (up by almost 1 million to 9.3 million in April).
In the last session of last week, European shares and the S&P 500 scaled new peaks while yields on U.S., Japanese and euro area government debt fell as investors embraced the easy monetary policies of major central banks.
Investors traded with optimism as they awaited for clues from the Fed about the tapering of asset purchases.
During a session with low trading volumes (markets were closed in the US), investors recorded modest gains, fuelled by positive sentiment data across Europe (the service PMI was revised up by 0.3 points to 58.3 in June, the highest level since July 2007).
In the last session of the week, investors' sentiment improved and markets ended the day with positive results.
The new forward guidance of the ECB, a tilt more dovish, was received smoothly by financial markets in a session where investor sentiment continued to improve on the back of positive corporate results.
Volatility declined and global stock markets rebounded as the rout in Chinese equities eased and investors digested the outcome of the Fed's monetary policy meeting.
Financial markets started the week without major turbulences and still digesting Powell's dovish comments from last week. In this sense, Cleveland Federal Reserve President Loretta Mester said yesterday that the inflation spike will be transitory and that the U.S. labor market is not yet at full employment.
In the last session of August, investors weighed the slowdown of some economic sentiment indicators (e.g.: U.S. Conference Board's consumer confidence at 113.8 from 125.1 in July and China's Composite PMI down to 48.9 in August from 52.4) against an upside surprise in the euro area inflation.
Markets traded on a positive mood in yesterday's session. Optimism on the economic recovery sent commodities and advanced-economy stocks higher, and in FX markets the USD eased against the major currencies. Yet, EM equities and currencies were mixed.
Markets traded in a cautious mood in yesterday's session. Stocks were mixed across advanced and emerging economies while in FX markets the USD strengthened against the major currencies. In commodity markets, prices were little changed.