Investors are now debating when the Fed is likely to start trimming its monthly bond purchases, while the Bank of Japan announced it will unveil a new tool to support efforts to address climate change.
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Investors ended the week on a negative note, extending the losses after the change of tone by the Fed during the 15-16 June monetary policy meeting. In stock markets, the S&P 500 edged down by 1.3%, reaching a 4-week low. Future prices and the heavy losses during the Asian session point to further declines on Monday.
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.
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.
Investors ended the day with positive results, after strong sentiment data in Europe (Germany’s Ifo business climate index rose to the highest level in two years) and labour statistics in the US (new jobless claims fell to 411,000 weekly). In addition, President Biden announced a deal in the Senate on an infrastructure package worth USD 1.2 trillion.
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.
Markets displayed a lower risk appetite in yesterday's session – as investors pondered the impact of rising interest rates on equity markets. Volatility rose and stocks dropped across advanced and emerging economies.
Yesterday's session was driven by the last ECB meeting chaired by Mario Draghi and October's flash PMIs
Greater expectations on a brexit deal led to broad gains across financial markets.
Markets moderated their gains in yesterday's session as investors focused on geopolitical developments and a few economic data releases.
Markets were mixed in a session in which the EU and the U.K. agreed on a new exit deal.
In the last session of the week, investors traded cautiously as they awaited for what was expected to be a key vote in the U.K. on Saturday.
Investors started the week trading with optimism due to positive signs on the trade talks between the U.S. and China.
Yesterday, investors were cautious in a session with mixed signs around trade tensions and brexit.
In yesterday's session investors traded with a positive tone while awaiting for today's ECB monetary policy decision.
Concerns over the evolution of the pandemic and, especially, the Delta variant worsened investors' sentiment in the last session of June. In addition, IMF chief economist Gita Gopinath said that the access to vaccines is unequal across countries and is causing a "diverging recovery".
Investors traded in a mixed mood on Friday as they became more confident in the economic recovery but also pondered the possibility of rising inflation.
The sell-off in the US bond market continued on Monday as worries about inflation erode expected bond returns. The yield on 10-year Treasury notes rose 3 basis points to 1.37%. These worries also hit Asian markets, where Japan's 10-year yields rose to 0.13% and Australia's rose to its highest level since June 2019 (1.61%).