During a volatile session, financial markets closed the day with no clear direction, with investors taking position ahead of the crucial ECB meeting on Thursday and the release of the US CPI inflation on Friday.
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Financial markets recorded yet another session with high volatility, with the key drivers remaining the direction of monetary policy, the escalation in tensions with Russia and the strength of the USD.
In yesterday's session, investors maintained their appetite for riskier assets, after a drop in the number of job vacancies in the US fueled expectations of a monetary policy pivot from the Fed. In this direction, the central bank of Australia decided to hike rates by 25bp, slowing down the pace of its tightening.
Investors started the week trading with a cautious approach. On the positive side, sentiment continued to be supported by expectations that the Chinese government could relax some of its COVID zero policy. On the opposite direction, data showed further weakness in China’s economic recovery.
Financial markets started the week trading with no clear direction, swinging between modest gains and losses across equity markets in Europe and Asia, during a session characterized by low volumes due to a national holiday in the US.
Investors started the week with no clear direction, with all eyes focusing on the release of the January CPI inflation print in the US today, where the consensus (according to Bloomberg) expects headline inflation to ease to 6.2% y/y (from 6.5% in December). The second release of Q4 GDP in the eurozone is also published today.
Speaking in the second day in Congress, Fed President Powell clarified that no decision had yet been made about the pace of monetary policy tightening, noting that the FOMC would consider higher rate hikes only if the totality of the data pointed in that direction. Before the next meeting, February inflation and employment data will be released.
Investors started the week with no clear direction, focused on the US negotiations over the debt ceiling, which were due to start after markets closed. The opposition leader, McCarthy, said his Monday meeting with President Biden set the talks “on the right path” while Biden called the meeting “productive”, but no agreement was reached yet.
The week ended with markets trading without a clear direction as investors continued to monitor central bank officials' speeches to adjust their expectations of the timing of the first interest rate cuts, and as they awaited key economic data to be released this week.
In yesterday's session, new data supported investors' expectations that interest rate cuts could begin this summer, which sent euro area and US sovereign bond yields down. Specifically, weekly unemployment benefit claims rose in the US, and the minutes from the ECB's March meeting confirmed officials are confident inflation is moving in the right direction.
The Federal Reserve left interest rates unchanged at 5.25-5.50%, as expected, and hinted that if inflation readings continue in the right direction, a September rate cut "could be on the table." Markets reaffirmed their expectation of three 25bp interest rate cuts for the remainder of 2024. Treasury yields fell by +10bp, and US equities rallied.
The Spanish economy remains buoyant in a more challenging global context and a growing number of its sectors are in expansion. In this context, the sectors most exposed to the new protectionist shift in the US have the potential to redirect their exports to other global markets, while renewable energies can play a strategic role in the economy’s industrial competitiveness.
Without any significant drivers, markets traded without a clear direction during yesterday’s session, pausing the previous’ days strong risk-on sentiment. Treasury yields edged lower in the US ahead of the Fed’s meeting next week (expected to lower interest rates by 25bp). European government yields fell across the region, keeping peripheral risk premia constant.
For the second consecutive day, markets traded without a clear direction. Government yields ended flat on both sides of the Atlantic while stocks mostly fell, with some exceptions in the euro area, amid reports that the Trump administration is considering to curb exports to China made with US software.
The first few months of 2019 seem to confirm the positive tone of the sector in Spain, consolidating the excellent inbound tourism figures of recent years. While growth in the number of tourists visiting Spain is slowing down, their expenditure is still increasing significantly. The challenge is how to sustain these trends, redirecting tourism supply towards higher quality segments.
Stock markets posted gains across Europe and the US, while sovereign yields moved in opposite directions as they recorded mild declines in the eurozone and moderate increases in the US.
Financial markets exhibited a mixed mood as European stocks nudged down and U.S. indices struggled for direction but closed with small gains.
Financial markets performed in opposite directions in both sides of the Atlantic.
After the extraordinary gains in U.S. equities registered on December 26th, financial markets remained volatile and performed in opposite directions across advanced economies.
As markets continue to struggle for direction, yesterday volatility declined and European and U.S. stock markets rose on the back of some positive earnings reports and as investors looked past weak economic releases.