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Investors started the year trading with a risk-on mode, taking on board data showing receding inflationary pressures in Europe, a slowdown in economic growth in the US and a further decline in energy prices across the globe. As a result, investors revised down modestly their expectations for future policy interest rate hikes. 

Investor's remained cautious yesterday as they await for more clues on the upcoming macroeconomic and political outlook. In the U.S., results from technological companies surprised to the upside, while the industrial sector suffered from concerns about economic growth.

In yesterday's session, investors continued to trade with a risk-on mood, taking position ahead of potential surprises in the crucial CPI inflation report in the US due to be released today. The headline index is expected to decline m/m, increasing the odds for a 25bp hike in the next Federal Reserve meeting, instead of a 50bp hike.

In yesterday’s session, the US CPI data for December centered the stage and confirmed the downward trend kicked off last summer. In particular, the headline index fell by 0.1% m/m and the core measure rose by 0.3%. On year-on-year terms, inflation eased to 6.5% (headline) and 5.7% (core), both in line with consensus expectations.

Stocks declined across the board on Friday as downbeat activity figures in the U.S. (nonfarm payroll employment +20,000 in February after +311,000 in January) and China (export growth dropped from 9.1% yoy in January to -20.7% in February) added to the OECD and the ECB's downgraded macroeconomic projections earlier in the week.

Stock indices were mixed as financial markets digested the downward revision of global growth forecasts from the OECD and the downbeat economic releases in the US (2018's trade deficit, the largest since 2008, and ADP employment report slightly below consensus).

The hawkish tone set by central bank officials continued to center the stage in financial markets at the start of the week. In particular, ECB chief economist Phillip Lane signaled that further interest rate hikes beyond next week's meeting will be appropriate to ease inflationary pressures.

The military operations of Russia in Ukraine centered the stage in yesterday’s session and investors traded on a risk-off mood. Stock indices declined in the euro area, Asia and Latin America, while US equities rose, as they already declined in the previous session. Russian equities fell by almost 50%.

Investors continued to err on the side of caution on Wednesday, balancing out data showing US inflation cooled slightly more than expected in March with warnings set out in the minutes of the last Fed meeting of the risk of a mild recession in the US later this year.

A session with mixed results across markets on Tuesday, as investors returned from the Easter holiday and took position ahead of the March inflation report in the US today. The Fed also releases the account of its March meeting.

Equity markets extended a rally across the globe on Thursday, as investors continued to switch their focus away from the stress in the banking sector and instead pondered about the likely path of monetary policy decisions ahead.

In yesterday's volatile session, investors remained concerned about the implications the Russian-Ukrainian conflict can have on economic activity and inflation. Nevertheless, rumors that the EU is discussing a plan to increase the joint issuance of bonds benefited risk perception in Europe.

Precaution remained the key theme during a session with mixed results on Tuesday. Positive survey data in the US (the Conference Board’s consumer confidence index surprised by rising to 104.2 in March) suggested limited spillovers so far from the banking sector turmoil on consumer confidence.

Investors started the week trading with more appetite for risk, as concerns about the banking sector receded following the announcement that SVB is to be acquired by another institution (First Citizens Bank & Trust) and news reporting additional support from the US authorities for regional banks.

In the last session of the week, investors traded cautiously amid ongoing talks between Russian and Ukrainian authorities, although during the weekend Russia intensified aerial attacks on the western part of Ukraine. This week talks are expected to continue between both countries and officials from China and the US will also hold a meeting.

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.

Investors continued to trade with caution, taking position ahead of the publication today of the crucial US payrolls report for February. Data released on Thursday showed an unexpected increase in new jobless claims last week (to 211,000), which contrasted with signals from other surveys pointing to further tightening in the labour market.

In the last session of the week, financial markets' sentiment was dominated by optimism as investors read positively the latest U.S. labour market data and the comments of Fed President, Jerome Powell, suggesting a more flexible pace of the upcoming interest rate hikes.

Implied volatility declined and stock markets rose across the board in the first session of the week as investors digested the truce agreed by Presidents Trump and Xi in the G20's meeting.