Stock markets rebounded across advanced economies and implied volatility eased as risk sentiment improved.
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Volatility rose and stocks sold off as investors focused on the outlook for supply shortages and inflation. Stock market losses were widespread across sectors and countries while commodity prices advanced, the USD weakened, and U.S. sovereign yields nudged up.
Yesterday, volatility rose amid investor inflation worries. U.S. CPI inflation jumped in April to +4.2% yoy (headline index, +1.6pp) and 3.0% (core index, +1.4pp). Fed Vice Chair Richard Clarida reiterated the central bank's view that the inflation rebound is largely transitory as it is mostly driven by base effects and short-term supply bottlenecks.
In yesterday's session, financial markets were mixed as traders digested worse-than-expected corporate earnings releases.
Investor sentiment steadied in yesterday's session and markets halted a string of volatile sessions this week. U.S. stocks rebounded and European equities continued to advance. Earlier, Asian stocks had closed lower, dragged by the previous days' jump in volatility.
Investors traded more cautiously in yesterday's session as increasing coronavirus infections weighed on risk sentiment.
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.
Markets continued to exhibit a mixed performance as investors weighed data releases and increasing COVID-19 infections. European stocks and sovereign yields declined after euro area industrial production had posted a lower-than-expected rebound in May (+12.4% mom and -20.9% yoy). Yet, in FX markets the euro rose towards $1.14.
In yesterday's session, investors traded with a risk-on mood and drew away from safe-haven assets as new weekly jobless claims in the US posted the smallest figure since the start of a pandemic (444k).
Yesterday, investors traded in a risk-off session in which stock indices declined across the board, core euro area sovereign yields ticked down and the US dollar strengthened against most currencies.
In yesterday's session, investors weighed the reopening of economies against inflationary pressures concerns. On the latter, nevertheless, ECB's Villeroy de Galhau said that the inflation spike in the euro area is likely to be temporary and that the monetary policy stance will remain very accommodative for a long time.
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.
Positive developments around a potential COVID-19 vaccine fueled a risk-on mood in yesterday's session. Stocks rose across advanced and emerging economies and, in the U.S., shares of Moderna - a company working on a vaccine - surged close to 7% after a small-scale study showed its experimental vaccine produced high levels of antibodies.
In yesterday's session investors traded cautiously as they digested political developments. On the one hand, tensions between the US and China rose as the White House gave China 72 hours to close its consulate in Houston amid accusations of spying. China has said it intends to retaliate.
Financial markets started the week with a mixed session. In Europe, investors traded with a risk-off mood while in the US riskier assets benefited from progress in the negotiations for a new fiscal stimulus package and hopes for a COVID-19 vaccine.
Investors ended the week in a cautious mood as rising U.S.-China tensions overshadowed a rebound in economic sentiment indicators.
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.
In the first session of the week, investor sentiment improved as promising trial results from a potential COVID-19 vaccine renewed investor's hopes.
In the last session of the week, investors traded cautiously as they pondered over an uncertain economic outlook. Stocks rose moderately in advanced economies while exhibiting a better performance in emerging economies. In FX markets, the USD weakened against most AE currencies.
In yesterday's session, investors traded with a positive mood following advances in a possible vaccine and as central banks continue to provide highly accommodative financial conditions.