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Economic data releases on Friday boosted investors' sentiment and allowed sovereign yields to edge down and equities to advance. Price pressures continue to moderate but remain elevated, according to the ISM prices paid index in the US (which fell from 67.8 to 65.6) and the PPI in the euro area (which declined from 24.5% to 15.0% y/y).

Concerns about the health of the banking sector and the potential implications for the trajectory of monetary policy remained the key themes during a volatile session on Monday. Money markets showed a notable correction in expectations for terminal policy rates in both the US (5% in May) and the eurozone (3% in September).

Risk aversion extended across financial markets during a volatile session on Wednesday, fueled by concerns about the health of the banking sector in Europe, in the aftermath of the collapse of some regional banks in the US and renewed concerns about the financial position of Swiss lender Credit Suisse.

On Monday, volatility continued to dominate financial markets. While the session started with losses in stock indices and sharp declines in sovereign yields, sentiment improved throughout the day following the communication by some ECB officials. Equities closed higher and yields on sovereign bonds rose in the US and were mixed in the euro area.

On Friday, the release of HICP inflation data in the euro area centered the stage in financial markets. Headline inflation fell sharply from 8.5% to 6.9% y/y in March, but core inflation ticked up to 7.5% in a sign that price pressures are persisting. In this context, ECB member Villeroy de Galhau said there are still some more rate hikes to do.

Investors started the week trading with a cautious approach, in a session characterized by low volumes due to Easter holidays (financial markets were closed in most European countries as well as in Australia and Hong Kong).

Hawkish comments by officials from the ECB and the US Federal Reserve were the main drivers for investor sentiment in the last session of the week. In the euro area, Pierre Wunsch urged the ECB to speed up the reduction of its balance sheet and to stop reinvesting the maturing bonds while Joachim Nagel called for further interest rate hikes.

Investors continued to err on the side of caution on Wednesday, taking position ahead of the release of the Q1 GDP flash estimates for the US today and across the eurozone tomorrow.

Investors closed the week trading more cautiously than in previous days. Negotiations on the US debt ceiling, which had seemingly advanced since Monday, were halted on Friday, causing US stocks to slide after a generally positive session in Europe. Negotiations are set to resume today.

Signs of disinflationary pressures and a worsening of household and firm’s economic confidence in the euro area were yesterday’s main drivers in financial markets. Investors’ expectation of the official ECB interest rates was revised downwards between 10 and 15bp for 2023 and 2024.

Last week ended on a subdued note. Equity indexes were mixed, mostly lower in Europe but with some gains in the US, especially in the interest rate sensitive Nasdaq. Long-dated government bond yields were broadly lower, while shorter-dated yields rose, particularly in the US. Oil and commodities were lower following weak Chinese economic data.

In the first session of the week, investors traded cautiously ahead of today's key inflation data release in the US and the upcoming central bank meetings in the US (where we expect the Fed to pause its aggressive rate hike cycle) and the euro area (where the ECB will most likely hike rates by 0.25pp).

Investors ended the week on a brighter note than on Thursday. Market sentiment was boosted by encouraging data on inflation dynamics in the US and in the eurozone (despite a modest tick up in core inflation).

Investors continued to trade with a cautious tone on Thursday, taking on board a new bath of data pointing to moderating inflationary pressures in Europe and a tight labour market in the US.

The global economic outlook centered the stage in yesterday’s session as investors focused on July’s flash PMIs. In the euro area, the soft growth momentum was visible in the fall of the services (51.1) and manufacturing (42.7) indices. In the US, the manufacturing PMI rose and got closer to the 50-point threshold, but the services PMI lost steam.

Greetings back to work in a week beginning with the downbeat echoes of Friday, when investors traded in a risk-averse mood. Sovereign bond yields ended the week sliding across the board, especially in Europe, and so did stocks, with the biggest falls in China. The USD was broadly flat, while commodities rose slightly.

As investors await the Jackson Hole conference for some guidance on monetary policy, European sovereign bond yields fell across the board in Tuesday's session. Meanwhile US short-term references posted gains, boosted by Fed's Barkin hawkish remarks on how the current strong economy would allow for higher rates should inflation pick up.

Eurozone sovereign bond yields remained broadly flat In Thursday's session as investors awaited the Jackson Hole meeting, which started last night with mixed comments from ECB officials. Centeno advised caution on further hikes, as downside risks for the economy are materializing, while Nagel said it's 'much too early' for a pause.

Investors started the week trading cautiously in a relatively quiet session, as they awaited for key economic data due to be released this week (e.g.: August euro area inflation and US labor market report).