Financial markets were mixed yesterday. US Treasury yields were flat after the OECD lowered its global growth outlook from 3.1% to 2.9% in 2025, citing concerns over Trump's trade war and its impact on the US economy. JOLTS data showed the resilience of the US labour market in April, while new orders from businesses fell, possibly due to frontloading in Q1.
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Markets rebounded on Monday as geopolitical fears eased amid signs that Iran was seeking to end hostilities with Israel. Sovereign yields fell modestly across the eurozone with peripheral spreads narrowing slightly, as news that the EU would be willing to accept a broad 10% tariff on EU goods from the US were dismissed by the European Commission.
Yesterday, global markets ended the session on a cautious footing as mounting tensions in the Middle East and renewed trade uncertainty weighed on investor sentiment. European equities edged lower amid broad risk-off flows, while U.S. markets remained shut in observance of Juneteenth. In fixed income, eurozone sovereign yields rose, particularly at the long end of the curve, while peripheral spreads widened.
Investors traded in an apparent risk-on mood in yesterday's session, with both stocks and sovereign yields rising across the board. Commodity prices also increased across energy, metals and agriculture products. In FX markets the USD wavered and the EUR traded close to $1.18. Market sentiment benefited from the announcement of a U.S.-Vietnam trade deal.
US headline inflation rose to 2.7% (2.4% in May) and core inflation rose 0.1pp to 2.9%. A detailed breakdown showed prices have begun to rise in some goods categories, suggesting tariffs are beginning to impact. Investors pushed expectations of the first rate cut from September to October, and Treasury yields rose along the curve. The dollar slightly strengthened.
Investors ended the day with positive results, after strong sentiment data in Europe (Germany’s Ifo business climate index rose to the highest level in two years) and labour statistics in the US (new jobless claims fell to 411,000 weekly). In addition, President Biden announced a deal in the Senate on an infrastructure package worth USD 1.2 trillion.
Financial markets extended the gains on Tuesday, with investors' sentiment boosted by dovish comments on inflation and monetary policy from some key Fed officials. As a result, stocks in the US fluctuated around record highs while the decline in US treasury yields stabilized. In Asia, equity indexes advanced further on Wednesday.
Markets had a mixed session yesterday. Sovereign yields continued to decline across the U.S. and euro area, while the EUR crawled back above $1.17 and touched a 10-day high. European stock markets were mixed while the U.S.' S&P 500 wavered. This morning Japan's Nikkei rallied on the back of a U.S.-Japan trade deal that would set tariffs on Japan at 15% (incl. cars).
A week-long losing streak in global stock markets ceased on Friday as better than expected earnings results outweighed a worsening of coronavirus cases in the US and Europe. In Europe, the Eurostoxx50 ended the session 1.7% higher despite new coronavirus retrictions in some cities, while the S&P 500 edged up very slightly.
The ECB announced the phasing out of quantitative easing with net purchases diminishing from 30 to 15 billion euros in the last quarter of the year and ceasing in December.
Global stock markets performed positively yesterday with modest increases in the S&P 500 and in the main European indices, except for the Portuguese and the French indices that closed with moderate losses.
European stock markets ended the week on a positive note while the main U.S. indices were mixed, with a slight decrease for the Nasdaq and a small gain for the S&P 500.
Global stock markets continued with the positive mood and, despite the trade tensions, the main stock indices of China and the U.S. registered solid gains.
Global stock markets performed positively and the main indices registered moderate gains, with the exception of the IBEX 35 and the Turkish BIST 100, which lost 0.4% and 3.0% respectively.
Stock markets in advanced economies registered losses in the last session of the week, as investors' concerns on trade tensions increased following the comments of the U.S. President, Donald Trump.
Global stock markets were mixed yesterday with the main European indices edging down (except for the Portuguese PSI 20 and the Ibex 35) and the S&P gaining 0.2%.
The main stock markets in advanced and emerging economies registered gains, with the exception of the Portuguese PSI and the Shanghai Index.
Trade tensions between China and the U.S., the extension of the U.S. government shutdown and positive surprises in the earnings season determined yesterday investor's mood.
Financial markets were less volatile in the first session of the week as investors digested the latest Jerome Powell's comments on the upcoming official interest rate moves (more flexible and aware to risks).
Yesterday, the UK and the EU reached a provisional agreement on the Brexit Withdrawal deal, which still needs to be approved by the legislative powers in both regions.