Evolución de los mercados financieros internacionales y de los principales acontecimientos e indicadores económicos de la sesión del día anterior. Disponible en inglés.
Economic sentiment data and new advances in a vaccine treatment for COVID-19 were the main drivers of a mixed session in financial markets. On the one hand, the University of Oxford and AstraZeneca Plc said that their vaccine prevented 70% of the participants from falling ill. This effectiveness rises to 90% with an alternative treatment.
Investors turned more cautious in yesterday's session. Stocks declined across Europe (at yesterday's EU leaders' videoconference there was no progress on the veto that is paralyzing the EU budget and the NGEU package), while U.S. stocks closed moderately higher amid reports that Congress will resume negotiations on a fiscal stimulus.
Investors exhibited a mixed mood in yesterday's session as they pondered on increasing infections and tighter restrictions. Volatility edged up and stocks advanced moderately across Europe and EM, while U.S. equities declined in spite of Pfizer's announcement that it will apply for the FDA emergency authorization of its vaccine within days.
Positive news on another COVID-19 vaccine sparked a rally in financial markets at the start of the week. As Moderna reported that its vaccine was 94.5% effective (data from a preliminary analysis of a large late-stage clinical trial), stocks surged across the world, led by sectors sensitive to mobility restrictions, while at-home tech equities declined.
European sovereign yields edged lower in yesterday's trading session following a speech by ECB chief Christine Lagarde in which she signalled further monetary easing. In her speech, Lagarde emphasised the importance of the duration, and not only the size, of monetary accomodation, and identified PEPP and TLTROs as the main crisis tools.
Markets ended last week on a high note on Friday as it became apparent that the US elections were nearing a result. The S&P 500 gained 7.3% over the week and US sovereign yields rose sharply. The election result was finally called on Saturday, in favor of Joe Biden, but Donald Trump announced that he would contest the results.