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The Fed held its benchmark short-term interest rate and said it will continue to buy $80 billion in Treasury securities and $40 billion in mortgage-backed securities each month. Policymakers now see the first rate increase coming in 2023 instead of 2024.

Financial markets behaved differently on both sides of the Atlantic, reacting to different drivers.

Global markets rallied at the end of last week, fuelled by a preliminary deal between the U.S. and China.

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.

Volatility rose and stock indices declined across the board as investors turned pessimistic on this week’s trade talks.

In the first session of the week, investors awaited for clues on the trade negotiations between the U.S. and China.

Financial markets breathed as investors' fears of a U.S. recession cooled down.

Investor expectations of easier U.S. monetary policy pushed down sovereign yields and fueled an across-the-board advance in stock markets.

Financial markets ended the day with negative results, following the release of disappointing survey sentiment data in both the US (the services ISM fell to 60.1 in June from 64.0 in May) and in Germany (the ZEW sentiment indicator dropped from 79.8 to 63.3). In addition, industrial orders in Germany plummeted in May (-4% m/m).

Volatility rose again and stock markets took another hit across advanced and emerging economies.

Investors traded with a positive mood on Wednesday, easing concerns about a rapid withdrawal of monetary accommodation by the major central banks.

In a volatile session, investors’ sentiment was clouded by disappointing labour data in the US (new jobless claims unexpectedly rose to 373k during the first week of July) and uncertainty about the evolution of the pandemic. In Europe, the ECB confirmed a decision to modify its inflation target to a symmetric 2%.

In the last session of the week, investors' sentiment improved and markets ended the day with positive results.

Volatility rose and stocks tumbled across advanced and emerging economies as the release of disappointing economic indicators led to a risk-averse mood among investors.

Markets started the week with modest gains on the back of conciliatory statements from U.S. and Chinese officials (a White House trade adviser dismissed the idea of delisting Chinese companies as "fake news"; a Chinese official asked for a "constructive attitude" towards resolving differences).

Markets ended the week in a mixed session.

The long awaited ECB monetary policy meeting came with few surprises and Mario Draghi, its President, announced a package of stimulus measures which caused back-and-force movements in financial valuations.

Investor sentiment continued to improve in yesterday's session as trade tensions between China and the U.S. moderated.

Financial markets started the week with a positive tone as investors perceived that trade tensions between China and the U.S. moderated.