EU stocks fell slightly and periphery yields widened as the number of new Covid-19 cases grew and new restrictions were rolled out in a number of countries and regions.
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Investors traded in a mixed mood yesterday as Europe's second wave of coronavirus advances and forces new restrictions in some countries and regions, and prospects for further fiscal stimulus in the U.S. are uncertain.
Yesterday's trading session was mixed and investor sentiment was dominated by news of Brexit negotiations resuming and the prospects of further fiscal stimulus in the U.S.
In yesterday's mixed trading session, the Eurostoxx50 posted a 0.3% loss and European sovereign bond yields edged up as data showed a deterioration of consumer confidence in the euro area.
Investor risk appetite was mixed in the last session of the week. Advanced-economy stocks gained but EM equities nudged down, while the USD weakened and commodity prices declined.
Investors started the week on a risk-off mood. Amid rising coronavirus cases, tighter mobility restrictions in Europe and little progress in U.S. fiscal stimulus talks, volatility spiked and stock markets slumped across the board.
Rising coronavirus infections continued to weigh on investor sentiment and markets exhibited a lower risk appetite in yesterday's session.
New lockdowns in Europe shook investor sentiment yesterday. Volatility jumped to levels not seen since early June and stock markets tumbled across the world (the main U.S. and European indices dropped by close to 4%). Euro area core sovereign yields declined while peripheral spreads rose, and the EUR weakened below $1.18.
Volatility declined and stock markets steadied as market sentiment was encouraged by strong Q3 U.S. GDP data (+7.3% qoq and -2.9% yoy) and investors weighed the prospect of renewed ECB stimulus against a worsening euro area economic outlook.
In the last session of the week, investors traded cautiously amid growing COVID-19 cases and better-than-expected Q3 GDP releases in the euro area (euro area aggregate +12.7 vs Consensus +9.6; Spain +16.7 vs Consensus +13.5%).
Investors traded with an optimistic tone ahead of the US Presidential elections as October's manufacturing sentiment data surprised to the upside in most regions. In particular, Spain's manufacturing PMI rose from 50.8 in the previous month to 52.8, the euro area's to 54.8 from 54.4 and the manufacturing ISM for the US rose to 59.3 from 55.4.
In yesterday's session, investor sentiment continued to improve as US citizens started casting their vote for the Presidential elections. The Democratic candidate, Joe Biden, was leading most national polls but the race for the White House was too close to call as of this morning.
In the US, the race for the White House is still very tied. Joe Biden won Wisconsin’s and Michigan’s electoral votes as the last ballots in those states were counted, but the outcome of the election might not be decided for days.
In yesterday's session, investors traded with a positive tone as the Federal Reserve kept its monetary policy unchanged and vote counting continued in the US. The Democrat candidate, Joe Biden, has taken the lead and potentially winning one more state would be sufficient for him to become the US President.
Markets ended last week on a high note on Friday as it became apparent that the US elections were nearing a result. The S&P 500 gained 7.3% over the week and US sovereign yields rose sharply. The election result was finally called on Saturday, in favor of Joe Biden, but Donald Trump announced that he would contest the results.
Stock markets soared across the world on Monday as Pfizer and BioNTech announced a breakthrough in their development of a Covid-19 vaccine.
Investors traded in a risk-on mood in yesterday's session as markets still digested this week's announcement of a breakthrough in the search for a Covid-19 vaccine.
European sovereign yields edged lower in yesterday's trading session following a speech by ECB chief Christine Lagarde in which she signalled further monetary easing. In her speech, Lagarde emphasised the importance of the duration, and not only the size, of monetary accomodation, and identified PEPP and TLTROs as the main crisis tools.
This past week's stock market vaccine rally went into reverse on Thursday as Covid-19 cases and deaths climbed across the world.
Last Friday, markets ended one of their best weeks since summer as economically-sensitive assets regained momentum on the back of positive COVID-19 vaccine developments.