Yesterday, investors traded with a risk-off mood amid media reports that suggested that the phase-one trade deal between China and the U.S. might not be reached this year.

Markets traded in a cautious mood as concerns about global growth (some companies blamed slowing global growth for disappointing results) and trade tensions (U.S. prosecutors filed criminal charges against Huawei and its CFO while China asked the WTO to rule on its complain about U.S. tariffs) came back to the fore.

Las bolsas internacionales han cerrado con signo mixto una jornada en la que China aportó un buen dato de crecimiento trimestral, pero no tan bueno de producción industrial.

Global stocks strengthened and core sovereign yields advanced on the back of improving sentiment indicators in the U.S. and China's manufacturing sectors.

Investors started the week trading with a more subdued tone, with sentiment soured by data showing a slowdown in China in Q2 and by lingering inflationary concerns on the back of upside tensions in some agricultural prices.

Concerns about the spread and the economic impact of the coronavirus rattled markets for a second day in a row (following a rapid increase in cases in countries other than China).

Escasos movimientos en los mercados con las principales referencias macroeconómicas de un dato de PIB en China ligeramente por encima de lo esperado, y un dato de inflación en la eurozona según lo previsto.

In yesterday's session, investors exhibited an upbeat tone as both China and the U.S. showed cautious optimism after the top-level trade talks.

Risk aversion returned to the fore during a volatile session on Tuesday, as investors reassessed the risk of a global recession amid ongoing disruptions in gas supply in Europe and reports of new COVID cases in some regions in China.

Yesterday, investors continued to trade in a cautious mood. Asian stocks dropped after weak retail sales and industrial production data in China. In advanced economies, European equities declined while U.S. stocks rose on the back of greater optimism on the U.S. economic outlook.

Sesión bastante plana en las bolsas europeas después de varias jornadas con subidas, en sintonía con un PMI del sector servicios en Europa, EE. UU. y China, que descendió en febrero, pero menos de lo esperado.

Escalating tensions between the U.S. and China led to higher financial volatility and a shift from risky assets to safe bonds in yesterday's session.

Financial markets performed poorly in yesterday's session amid worse-than-expected US labor market data (initial unemployment claims rose last week for the first time since late March) and rising tensions between the US and China.

Sentiment recovered during yesterday’s session, as investors digested the announcement that US tariffs on Mexico and Canada will be delayed for at least one month. Trade war uncertainty, however, concentrated in Asia, as China announced retaliatory tariffs on targeted products coming from the US, to take effect next Monday.

Markets continued to reduce their risk appetite after yesterday's release of Chinese indicators and as investors reassess the prospects of closing a U.S.-China deal soon.

Risk aversion continued to dominate in yesterday's session, with the key themes remaining the COVID situation in China and hawkish comments by central bank officials. In the euro area, both Christine Lagarde and Joachim Nagel said that inflation will remain elevated and might not have peaked yet, justifying a tighter monetary policy stance.

La abrupta caída de las importaciones en China (-17,7% interanual) frente al dato esperado por el consenso reavivó las dudas sobre el crecimiento del país asiático.

In the last session of the week, stocks rose across the board sparked by news from China.

Investors ended the week with a risk-off session, triggered by concerns about the economic impact of the coronavirus (i.e. a spike in infections outside China) and a negative surprise in U.S. sentiment indicators.

La agencia de calificación Moody's ha rebajado el rating de China un escalón, desde Aa3 hasta A1, y le ha asignado una perspectiva "estable".