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Yesterday, investors traded in a low volatility environment as the Fed's last meeting minutes reiterated its intention to keep the monetary policy stance unchanged for some time. Nevertheless, as it was anticipated in the dot plot, several members argued that they would favor raising rates earlier than the FOMC’s median view.

Investors ended the week on a positive mood, supported by upbeat corporate earnings and favourable economic data. Markit's composite PMIs showed that July economic activity remained solid in the U.S. (59.7 points) and accelerated in Europe (EA: 60.6 points, a 21-year high; Germany: 62.5; France: 56.8).

Markets started the week on a moderately positive note. In a session with no major economic releases, volatility declined, stocks rose moderately across advanced economies, and EM equities were mixed.

Investors traded in a cautious mood in the first session of the week. Volatility rose, U.S. equities declined moderately and European and EM stocks nudged up.

Yesterday markets steadied after a few mixed sessions. Volatility nudged down and European stocks rebounded, while U.S. equities posted moderate gains.

Markets started the first two sessions of the week with mixed results, with fears about rising inflation and slowing growth remaining the key themes among investors, and ahead of the start of the Q3 corporate earnings season.

Financial markets ended the day with positive results, as better-than-expected Q3 corporate earnings and economic data (new jobless claims in the U.S. fell to 293k last week) outweighed worries about inflationary pressures.

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).

In yesterday's session, financial markets traded with an optimistic tone amid positive corporate earnings releases in the U.S. and across Europe. Investors remain concerned, though, about inflationary pressures as the Fed's Beige Book reported significant increases in prices and wages in a decelerating economy.

In yesterday's session, investors traded cautiously as they weighed signs of building inflationary pressures with positive corporate results and better-than-expected economic data releases.

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.

Investors traded with a risk-on mood on Tuesday, extending recent gains across equity markets following the release of positive economic data and solid corporate results.

Investors traded with a risk-on mood yesterday, after the confirmation that the Fed will begin this month to taper its net asset purchases, but that it will keep its policy interest rates unchanged for the foreseeable future, at least until the economy reaches full employment.

In yesterday's session, investors traded with an optimistic mood as they digested the Fed's decision to initiate the tapering of net asset purchases this month and the dovish confirmation that it will keep its policy interest rates unchanged for the foreseeable future.

Financial markets ended the week on a positive note, supported by stronger-than-expected employment data in the US (non-farm payrolls rose by 531k in October while the jobless rate edged down by 0.2 p.p. to 4.6%) and the approval by lawmakers in Washington of the $1.2tn infrastructure spending bill.

Markets ended the week with a risk-off sentiment, driven by hawkish commentary by some Fed officials about the potential need to readjust policy to deal with the rebound in inflation. In contrast, ECB president Christine Lagarde reiterated prices will stabilize in the euro area in line with the central bank's target.

In the last session of the week, investors weighed concerns on rising COVID cases with another pickup in CPI inflation in the US (headline at 6.8%, highest since 1982, and core at 4.9%). Despite these high figures, the release was broadly in line with the consensus and it did not change investors' expectations for the Fed's first interest rate hike.