Financial Markets Daily Report
17 febrero 2021

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.

FMDR
  • 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.
  • In the U.S., 10-year sovereign yields reached their highest level since February 2020. In Europe, sovereign yields rose across the board while peripheral spreads were little changed.
  • On the data front, euro area GDP contracted marginally less in Q4, as Eurostat  revised its estimates to -0.6% qoq and -5.0% yoy, +0.1pp with respect to the first figures released. In Germany, investor economic sentiment improved in February according to the ZEW index (71.2 points, its highest level since September 2020).
  • Today the focus will be on the release of the minutes from the Fed's January monetary policy meeting.
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