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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.

Investors traded cautiously on Wednesday, on the back of mixed results from the Q4 corporate earnings season and with the focus still on expectations about higher interest rates across financial markets.

Investors started the week with a pronounced risk-off mood and demand for safe assets rose amid rising geopolitical tensions between Russia and Ukraine. In stock markets, volatility went up and losses were broad-based across the board, although dip buyers pushed US indices back to positive territory late in the session.

In yesterday's session, financial markets remained volatile amid rising geopolitical tensions around Ukraine. In addition, the new IMF macroeconomic forecasts did not have a positive impact on investors' sentiment as they showed a lower growth of global GDP for 2022 (from 4.9% to 4.4%), with a broad-based revision across the main economies.

In yesterday’s session investors continued to digest the outcome of the Fed’s meeting and received positively the US 4Q GDP data (up by 1.7% qoq).

Financial markets closed last week with mixed results, with equity prices falling across Europe and EMs but recording a late-session rally in the US, as investors weighed the prospect of a more aggressive withdrawal of monetary policy stimulus by the Fed with upbeat earnings reports from some key US tech firms (e.g. Apple).

In yesterday's session investors' sentiment continued to improve moderately amid mixed comments by Federal Reserve and ECB members. In the US, Cleveland Fed President Loretta Mester said that she expects inflation to ease during the course of 2022, as the Fed tightens credit conditions.

Financial markets recorded yesterday another session dominated by risk-off sentiment, fueled by uncertainty around geopolitical tensions involving Ukraine, hawkish comments by central bank officials and disappointing labour market data in the US (new jobless claims rose to 248.000 for the week ending Feb 12).

In yesterday’s session, the spotlight remained at the Russia-Ukraine conflict after Ukraine declared the state of emergency. Early this morning, Russia attacked some targets across Ukraine after Vladimir Putin ordered strikes.

In the last session of the week, investors traded with a risk-off mood and increased their demand for safe-haven assets.

Financial markets started the week with a risk-off session, as traders digested another round of inconclusive peace talks between Russia and Ukraine as well as new hawkish signals from the Federal Reserve.

In the last session of Q1, investors traded with a pessimistic tone amid rising inflationary concerns and mixed signals coming from the war in Ukraine. In addition, economic sentiment data in China worsened (manufacturing and services PMI declined in March below the 50 threshold).