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Markets were mixed in a light-volume session with no major economic releases. A rebound in Chinese equities and rising commodity prices supported EM currencies and triggered gains across emerging-economy stock markets. In advanced-economies, U.S. equities rose moderately while European markets closed mixed.

Markets traded on a positive mood as investors wait for central-bank guidance. Volatility declined and stocks posted moderate gains across advanced and emerging economies.

Trade tensions between China and the U.S., the extension of the U.S. government shutdown and positive surprises in the earnings season determined yesterday investor's mood.

Global investors operated in a positive mood as yesterday's earnings releases surprised on the upside.

In the last session of the week, financial markets operated in a positive tone.

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.

Stock markets had a positive tone and gains in equity indices were broad-based across advanced and emerging economies.

Investors traded in a mixed mood ahead of this week's trade talks and the Fed's meeting.

Yesterday's session was once again dominated by the uncertainty around the 2019's Italian fiscal deficit. In this context, the Italian risk premium continued to rise and exceeded the maximums reached in May (above 300bp).

Ahead of the outcome of the U.S. Federal Reserve meeting, investors traded in a relatively quiet mood as they watched developments around the two-day trade talks between Chinese and U.S. negotiators.

Stock markets were mixed, with slight gains in the Eurozone (with the exception of Spain's Ibex 35), a mixed behavior of the U.S.' main indices and small losses in emerging equities (which were driven by Latin American stocks and partially counterbalanced by Asian indices).

Stock markets in advanced economies registered moderate gains in a quiet session, as exemplified by the low volatility levels in which the VIX stood.

The main stock markets in advanced and emerging economies registered gains, with the exception of the Portuguese PSI and the Shanghai Index.

In fixed-income markets, U.S. and German sovereign yields ticked up. Sovereign spreads declined in Spain and Portugal but rose in Italy.

Financial markets operated in a positive tone as the earnings season continued to show higher-than-expected results for most companies.

In the first session of the week, optimism regarding trade negotiations between the U.S. and China (as Donald Trump said that talks are "going very well") and higher-than-expected earnings of U.S. companies improved investor sentiment.

In the last session of the week, investors traded in a cautious mood as they continued to digest the Fed's more dovish and patient tone.

Investors digested the Fed's third rate hike of the year (see our detailed analysis of the meeting here) with moderate stock market gains, relatively unchanged sovereign yields, and a mixed behavior in FX markets, where the euro eased to $1.16 while some EM currencies appreciated (such as the Turkish lira the Brazilian real) and others weakened (such as Argentina's peso).
 

The last session of the week was marked by the announcement of the Italian 2019's fiscal deficit target (2.4% of GDP), which weighted on most European assets.