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In yesterday's session, investors traded cautiously despite easing concerns on the omicron variant. On the data front, the euro area economic sentiment indicator eased in November from 118.6 points to 117.5 and inflation numbers continued to increase in the region. Germany's HICP inflation rose 1.4pp to 6.0% while in Spain it rose 0.2pp to 5.6%.

Yesterday's session was once again dominated by the uncertainty around the 2019's Italian fiscal deficit. In this context, the Italian risk premium continued to rise and exceeded the maximums reached in May (above 300bp).

Investors continued to trade cautiously in yesterday's session as COVID-19 cases continued rising in Europe and in the US. In this context, demand for safe assets (such as the Japanese Yen or the Swiss Franc) increased on a day in which US markets were closed due to the Thanksgiving holiday.

Yesterday, global financial markets were marked by heightened investor caution amid rising fiscal uncertainty and underwhelming macroeconomic indicators. In the US, the House of Representatives narrowly approved a sweeping tax and spending package projected to inflate the national debt by approximately $3.8 trillion over the next decade.

Friday's session was shorter in the US as markets closed at noon due to Thanksgiving's holidays. Treasury yields rose slightly and US stocks edged higher, with S&P 500 registering the largest gains in a 4-day stretch since May amid high expectations that the Fed will cut rates next week. The dollar continued to depreciate against its peers.

Investors kicked off the week on a cautious note after Moody's downgraded the US credit rating from Aaa to Aa1, citing concerns about the country's fiscal trajectory, rising debt burden and high interest costs. With this downgrade, the US lost its only remaining triple A credit rating.

The main stock markets in advanced and emerging economies registered gains, with the exception of the Portuguese PSI and the Shanghai Index.

Investors traded with caution in yesterday’s session, amid mixed economic data releases and hawkish central banks’ communication. In particular, the minutes of the last ECB meeting showed how Governing Council members agreed to further tighten monetary policy if the inflation outlook in March’s projections is confirmed.

Markets were mixed as investors continued to fully digest the US presidential election results and monetary policy decisions from various central banks. In the euro area, equities fell on fears of the negative implications of a potential trade conflict, and were further pushed lower by falling sovereign bond yields which dragged down financial sector stocks.

Investors started the week trading with no clear direction, taking on board mixed signals from the ECB and looking ahead for a new batch of corporate results and the Q1 GDP data for the world’s largest economies later this week.

Investors closed last week trading cautiously, increasing their bets that the jump in inflation is likely to force central banks across advanced economies to deliver a more aggressive withdrawal of monetary stimuli. Financial markets are pricing in by yearend more than 150 bp hikes in the US and more than 50 bp hikes in the eurozone.

Investors continued to trade with caution during the last session of the week. In the US, a stronger-than-expected rise in PPI inflation (0.3% m/m and 7.4% y/y in November) triggered a pickup in sovereign bond yields and a decline in stock indices, as investors reassessed their expectations for monetary policy ahead.

The last session of the week was marked by the announcement of the Italian 2019's fiscal deficit target (2.4% of GDP), which weighted on most European assets.

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.

Positive news on another COVID-19 vaccine sparked a rally in financial markets at the start of the week. As Moderna reported that its vaccine was 94.5% effective (data from a preliminary analysis of a large late-stage clinical trial), stocks surged across the world, led by sectors sensitive to mobility restrictions, while at-home tech equities declined. 

Stock markets suffered losses for the third time in the week, with stronger declines in the Euro Area than in the U.S.

Investors closed the week trading with more appetite for risk, taking on board another upside surprise in labour market data in the US and easing financial pressure in the country’s regional banks.

Risk aversion continued to set the tone during a volatile session on Tuesday, as a better-than-expected sentiment data in the US revived concerns among investors about the pace of monetary policy tightening by the Fed.

Financial markets continued to digest the Federal Reserve’s decision to cut interest rates. Sovereign bond yields edged lower in the euro area and were stable in the U.S., while the dollar extended its recent weakening trend, leaving EUR/USD trading near 1.175. Futures markets continued to price in two rate cuts for next year, despite a seemingly divided FOMC.