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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.

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

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%.

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

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

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).

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

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

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

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

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.

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

Financial markets extended the gains on Tuesday, with investors' sentiment boosted by dovish comments on inflation and monetary policy from some key Fed officials. As a result, stocks in the US fluctuated around record highs while the decline in US treasury yields stabilized. In Asia, equity indexes advanced further on Wednesday.

In the first session of the week after the Fed meeting, monetary policy and inflation remained the key focus for investors. Robert Kaplan and James Bullard explained that starting the tapering discussion was positive while Jerome Powell noted that the Fed will keep stimulus in place for as long as it takes to complete the recovery.

Investors traded in a more cautious mood in yesterday's session. Optimism about the medium-term economic outlook and recovering inflation expectations led to steeper sovereign yield curves. Yet, stock markets were mixed and closed moderately lower.

Investors turned more cautious in yesterday's session. Stocks declined moderately in most advanced economies and a lower risk appetite led to USD appreciation against the major currencies.

In the last session of the week, positive economic data releases helped to improve investors' sentiment. June's consumer confidence in Germany rose to its highest level since August 2020 while in Italy it reached a record not seen since November 2018.