In the last session of the week, investors weighed better-than-expected economic data in the euro area with mixed signals from central banks about the pace of rate hikes in the coming meetings, including from ECB member Schnabel.
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Investors continued to trade with a positive mood ahead of the Thanksgiving holiday in the US (markets will remain closed today). Hopes that central banks could allow less tightening were reinforced by feeble sentiment data and the minutes of the last Fed meeting, where a “substantial majority” of officials backed reducing the pace of rate hikes.
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.
In yesterday's session, investors' sentiment deteriorated amid the expectation of a tighter monetary policy from the Federal Reserve and the ECB and disappointing corporate results. Concerns about the Covid-19 situation in China added to the somber sentiment.
Precaution continued to set the tone during the first session of the week, with investor sentiment negatively affected by the ongoing deterioration of COVID infections across China and the likely imposition of more restrictions.
In the last session of the week, stock indices rose in the US and core euro area following positive corporate results and the better-than-expected GDP growth figures in the US.
In the first session of the week, investors traded cautiously as they await for the Federal Reserve monetary policy decision on Wednesday and for news on the trade talks.
After the risk-off session of Monday, triggered by the depreciation of the Chinese yuan above the 7 yuans per US dollar threshold, financial markets' volatility moderated and stock indices edged down in Europe and rose in the US.
In yesterday’s session, the ECB announcements centered the stage, with a 50bp hike that pushed interest rates off the negative territory and the unveiling of the Transmission Protection Instrument (TPI).
In yesterday's session, the pause in a vaccine trial after a patient fell ill weighed on sentiment. Stock indices declined across the globe (in the US, Q3 earnings season started disappointing investors) and yields on sovereign bonds edged slightly down. In FX markets, the US dollar strengthened against advanced and emerging economies' currencies.
Volatility declined and markets favored risk assets in a light economic calendar day. Stocks rose across advanced and emerging economies as investors focused on the prospects of a new fiscal package in the U.S. and the release of the accounts of the ECB's September meeting.
In the last session of the week, renewed concern over the coronavirus overshadowed positive economic data releases and markets retreated, reversing the gains recorded earlier in the week.
Markets ended the month in a mixed session, as European stocks fell and the S&P 500 recovered from the previous day's losses. Safe haven bond yields rose and the dollar appreciated against the euro.
The upside surprise in the US CPI figure for May led to a sell-off session on Friday as investors reinforced their bets for additional 50bp interest rate hikes from the Federal Reserve beyond the June and July meetings. Headline inflation accelerated to 8.6% y/y while core inflation ticked down to 6.0%.
Financial markets extended their slide as the World Health Organization declared the coronavirus outbreak a pandemic, while political assurances to cushion its impact failed to raise investors' sentiment (Angela Merkel pledged to do "whatever is necessary" to bolster the economy while the Trump administration promised a "major" stimulus).
Monday's stock market rally went into reverse in yesterday's session, as investors weighed the prospects for the coronavirus pandemic and the possibility of further fiscal stimulus in the U.S.
In the last session of the week, investors traded cautiously in Europe amid dramatic economic sentiment data in Germany (Ifo sentiment fell to the lowest recorded level) and the absence of a clear EU-wide proposal to fund the recovery in Thursday’s European Council meeting.
European stocks edged down on Friday, while U.S. stocks notched gains despite posting a slight loss on the week as investors faced the reality of a second coronavirus wave in Europe and the uncertainty around further stimulus in the U.S.
Investors traded on a cautious note in the first session of the week. U.S. stocks advanced across the board (including the tech-heavy Nasdaq, which had been lagging in the last sessions) while European indices were mixed. In fixed-income markets, yields on U.S. and euro area core sovereign bonds were roughly unchanged.
In yesterday's session investors traded cautiously as they digested political developments. On the one hand, tensions between the US and China rose as the White House gave China 72 hours to close its consulate in Houston amid accusations of spying. China has said it intends to retaliate.