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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.

Markets suffered a risk-off session amid concerns over the debt ceiling in the U.S. Volatility jumped and stocks were lower across advanced and emerging economies as Republicans blocked a Democratic move to raise the debt limit. U.S. Treasury Secretary Janet Yellen warned that her department will run out of cash around October 18.

During the last session of the quarter, financial markets traded cautiously amid concerns on inflation, fiscal uncertainty in the U.S. and ahead of relevant economic data releases today.

Yesterday investors traded with optimism amid better than expected economic sentiment data in advanced economies. In particular, the U.S. non-manufacturing ISM index for September increased by 0.2 points to 61.9 while the final Composite PMI in the euro area remained at elevated levels (56.2) despite falling by 2.8 points.

Investors traded yesterday with a risk on mood as U.S. Democrats and Republicans agreed on a truce in the debt-ceiling standoff, easing concerns of a possible near-term government debt default. On the data front, industrial production in Germany fell by -4.0% mom in August while the U.S. weekly jobless claims fell to 326k last week.

Financial markets started the week with mixed results, amid feeble economic data releases. In the U.S., industrial production fell in September by 1.3% (-0.1% in August), the largest decline since February.

During a volatile session, financial markets ended with negative results, taking a breath from the recent rally and refocusing on the risks around the growth outlook, lingering inflationary pressures and changes in monetary policy.

In yesterday’s session, central bankers’ comments centered the stage again, as investors positioned for today’s release of the key CPI October data in the U.S.

Equity markets recorded a modest pickup on Thursday, recovering from the selloff in the previous session, after the stronger-than-expected U.S. CPI October data reinforced fears about intensifying inflationary pressures.

In yesterday's session investors traded cautiously amid concerns on the new coronavirus variant and mixed economic sentiment data releases. November manufacturing PMIs ticked up in the euro area (58.4) but decreased in Spain (57.1 vs 57.4 in October), China (49.9 vs 50.6) and the U.S. (58.3 vs 58.4).

Risk-aversion dominated financial markets on Thursday, as fears about the potential impact of the omicron variant regained investors’ attention, which were also taking position for the key US November CPI inflation report, to be released today (consensus: 6.8% y/y, after 6.2% in October).

During a volatile session, investors continued to trade with a risk-on mood, digesting the recent announcements by the world’s major central banks, which are showing a more vigilant approach to the risk of inflation.

In yesterday's session, investors sentiment continued to improve amid some easing concerns about the impact of the Omicron variant and robust US labor market data. In particular, new unemployment claims were unchanged last week while the number of people of people receiving benefits declined by 8k to 1.859k.

Financial markets extended gains on Tuesday as investors continued to bet that the ongoing economic recovery could sustain the spike in COVID infections across the world.

Financial markets recorded a positive start of the week, supported by the better-than-expected Q4 GDP print in China (4% y/y) and positive expectations for the corporate earnings season later this week.