Financial Markets Daily Report 16 octubre 2020

Investors' mood worsened yesterday amid increasing COVID-19 cases around the globe and worse-than-expected employment data in the US. In particular, initial jobless claims increased last week by 898k (+53k compared with the previous week), the highest level since August.

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  • Investors' mood worsened yesterday amid increasing COVID-19 cases around the globe and worse-than-expected employment data in the US. In particular, initial jobless claims increased last week by 898k (+53k compared with the previous week), the highest level since August.
  • In this context, volatility rose, stock indices declined across advanced and emerging economies and yields on core euro area sovereign bonds edged down. In the periphery, risk premiums widened, especially in Italy. In FX markets, the US dollar strengthened against most of its peers and the euro fluctuated above $1.17.
  • On Brexit, UK negotiators expressed their disappointment after EU leaders did not provide sufficient commitment to work intensively to reach an agreement in the coming weeks. Today, Boris Johnson is expected to decide whether to continue negotiating or abandon trade talks.
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