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Investors closed the week with a cautious mood amid mixed economic data releases in the U.S. and dovish comments from ECB officials. In particular, the Finnish and Lithuanian central banks' chiefs insisted that the current inflation is transitory, although it may last longer than initially expected.

In yesterday's session, investors traded cautiously as they weighed concerns about the omicron variant with data confirming the tightness of the U.S. labor market (layoffs hit a 28-year low in November) and mounting inflation pressures (euro area producer prices rose by 21.9% y/y in October).

At the start of a key week for the central banks, investors traded cautiously as they expect a hawkish shift in tone in monetary policy, in particular from the US Federal Reserve.

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.

Yesterday’s session was dominated by the ECB’s 25bp hike, which brought the deposit facility rate to 3.5%, and by a hawkish tone from President Lagarde. She strongly hinted at a further 25bps hike in July, stating that the bank still had some ground to cover and was not considering a pause.

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.

In the last session of the week, investors weighed better-than-expected economic data releases in the US with a hawkish tone from Federal Reserve officials. In particular, Christopher Waller and Thomas Barkin highlighted that inflation remains too high and stubbornly persistent, which might prompt a 25bp rate hike at the July meeting.

Volatility declined but remained elevated, as investors continue to digest mixed information about the potential risk of the spread of the omicron variant and hawkish signals from central banks. Labour data in the US (job openings surged in October while hiring decreased) also suggested that shortages are persisting.

Investors kicked off the week with a higher risk appetite. In the euro area, the initial negative reaction to Trump's victory began to fade, with equity indices rising across the region and sovereign bond yields falling. Peripheral speads narrowed only slightly and Fitch upgraded Spain's debt outlook from "stable" to "positive", and affirmed its A- rating.

Investors traded cautiously on Wednesday, digesting the December inflation print in the US, which showed headline inflation rising to 7.0%, highest since June 1982, and core inflation increasing by 0.6 pp to 5.5% yoy. Even if in line with consensus expectations, these figures add pressure to the Fed to start hiking interest rates as soon as in March.

In yesterday's session, the economic impact of the omicron variant together with investors' expectation for central banks were the main drivers in financial markets.

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%.

In the first session of the week, investors traded with a cautious mood amid hawkish rhetoric from regional Federal Reserve presidents and an upbeat revision of the euro area forecasts done by the European Commission. 

Investors started the week in a risk-off mood, albeit with no clear trigger or catalyst, suggesting that it was mostly about locking in profits. Sovereign bond yields rose across the board on both sides of the Atlantic, with steepening curves. In the eurozone, peripheral spreads widened despite Fitch's confirmation of Italy's rating and improved outlook late on Friday.

Investors continued trading with a risk-off mood, with sentiment gloomed by the deterioration of the COVID situation across Europe and mixed signals from economic sentiment data. Investors were also taking position ahead of the bank holiday in the US later this week.

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.

Renewed appetite for risk extended across financial markets on Tuesday, as widespread fears over the health of the banking sector abated and investors instead looked ahead for the monetary policy announcements at the Federal Reserve today. ECB President Christine Lagarde is also due to make a speech this morning.

Market sentiment was dampened by weak investor confidence data in Germany (ZEW index dropped to 7.4 from 13.1 in the previous month), where also Chancellor Scholtz announced elections will be held in February after the ruling coalition collapsed last week. Sentiment was further dampened by caution ahead of today's inflation report in the US.

Risk-off session in financial markets as the conflict in the Middle East intensified with an Iranian missile attack on Israel. Global stocks closed the session with losses of around 1%, while sovereign bonds, the US dollar and gold all rose as investors turned to safe assets. Brent oil prices rose by more than 2% close to $74/barrel.

In the first session of the week, investors traded cautiously in the absence of relevant economic data releases while continuing to digest last week's Fed and ECB monetary policy meetings. With the US markets closed due to a holiday, attention centered to messages from ECB officials.