Yesterday's trading session was dominated by news that Democratic congressional leaders in the US expressed support for a $908bn additional stimulus plan proposed by a bipartisan group of US senators. The US Treasury yield curve steepened, with the difference between yields on 10-year bonds and 2-year bonds reaching a 3-year high.
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Yesterday's trading session was dominated by news that Pfizer had halved the amount of Covid-19 vaccines that it hoped to distribute in 2021 due to supply chain issues, which provoked a late-afternoon sell-off in the S&P 500 which closed 0.1% lower on the day.
Investors ended the week in a favorable mood and stocks rose across the board on Friday. U.S. stocks also closed higher despite signals that the labor market is losing steam (non-farm payrolls increased by 245k in November vs 610k in October) as investors focused on prospects of a new fiscal package.
Investors traded in a mixed mood in the first two sessions of the week. EM stocks were mixed and European equities nudged down, while U.S. stocks continued to advance on the back of health equities (the FDA signaled it will give the go-ahead to the Pfizer-BioNTech vaccine soon) and on greater hopes for a new fiscal package.
Markets ended mixed after a more cautious session. Volatility nudged up and European and EM stocks were mixed, while weakness in some technology shares dragged down U.S. stocks.
Investors continued to trade cautiously in yesterday's session as EU policymakers relaunched Europe's economic stimulus and amid signals that U.S. activity is losing steam (initial unemployment claims jumped to a 3-month high). Stock markets were mixed, the USD weakened and sovereign yields were little changed.
In the last session of the week, investor sentiment worsened as uncertainty over the fiscal stimulus in the US rose and the EU-UK trade negotiations seemed to be heading towards a no-deal brexit.
Investors traded in a risk-on mood yesterday amid better-than-expected GDP data in the eurozone (-0.7% qoq in Q4) and a continuation of stimulus negotiations in the US.
In yesterday's session, investors traded with optimism as they expect US federal spending to raise economic growth in the coming quarters.
Markets ended the week on a cautious note as investors worried over deteriorating pandemic dynamics (compounded by news suggesting that the British strain of the coronavirus could be deadlier) and euro area indicators pointed at a decline in activity in January (the area-wide flash composite PMI nudged down to 47.5 points).
Volatility increased in the first session of the week as investors pondered over worsening pandemic dynamics. Stocks were mixed, advancing moderately in the U.S. and in emerging Asia while retreating across euro area core and peripheral countries.
Investors traded cautiously in yesterday's session. The IMF updated its global economic forecasts – raising world GDP growth in 2021 to 5.5% but lowering the euro area's 2021 projections to 4.2% (-1.0pp). Spain's 2021 GDP growth forecast was lowered to 5.9% (-1.3pp).
Markets suffered a risk-off session yesterday. Volatility jumped to levels not seen since autumn and stocks sold off across advanced and emerging economies, while the USD strengthened and commodity prices declined.
Stock markets rebounded across advanced economies and implied volatility eased as risk sentiment improved.
Stocks slid in Europe amid rising concerns over delays to the vaccine rollout in the continent and the economic impact of a new strain of COVID-19. A vaccine produced by AstraZeneca and Oxford University was approved by the EU's regulator on Friday but difficulties in delivering shipments to the bloc are leading to rising tensions.
An improving health situation in the US combined with the prospect of a bipartisan stimulus package have led to a 1.6% jump in the S&P 500 on Monday, its largest daily gain in two months.
In yesterday's session, investor sentiment improved on the back of positive corporate earnings releases and the expectation of continuing support from the fiscal and monetary policies.
In yesterday's session, investor sentiment remained cautious amid volatile inflation data in the US (core CPI inflation +1.4% in January vs +1.6% in December).
In yesterday's session investors traded amid few relevant economic news or data releases. Stock indices edged down in most advanced economies after a rally that lasted a week but remain positive in the MTD.
Markets ended the week on a positive note as investors continued to eye negotiations on a new fiscal package in the U.S. Volatility declined and stocks rose across advanced and emerging economies. Commodity prices also benefited from positive sentiment and ended the session higher.