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Volatility spiked and global stocks declined across the board amid concerns about the strength of the U.S.-China trade truce.

Moderate risk-off sentiment prevailed across markets following the upside surprise in U.S. inflation, while oil prices remained elevated amid ongoing tensions in the Middle East. The CPI data came in slightly higher than expected, standing at 3.7% YoY, driven primarily by energy prices, particularly gasoline.

World stocks fell, led by chipmakers and concerns over AI spending. Wall Street closed lower (the Nasdaq 100 dragged by semiconductors) and Asian shares hit a two-month low before steadying as the selloff eased. In Europe, the STOXX 600 touched a one-week high on softer oil and yields. US big-bank earnings (JPMorgan, Goldman Sachs, Wells Fargo) kicked off to mixed reviews.

Geopolitical tensions in the Middle East remained at the center of investors’ attention on Monday. Oil prices moved higher following attacks on Saudi Arabia, offsetting earlier optimism around Russian diesel exports and a potential Russia-Ukraine energy ceasefire announced by Trump over the weekend. Brent crude rose 1.8% to USD 106.7/bbl.

Investors closed the week trading cautiously, taking on board data confirming a slowdown in the pace of job creation in the US but at a reduced pace relative to expectations.

Investors traded with a risk-on mood on Monday after Joe Biden signalled he would reconsider tariffs imposed to China by the Trump administration and Christine Lagarde offered a clear guidance on the next steps for the ECB.

New lockdowns in Europe shook investor sentiment yesterday. Volatility jumped to levels not seen since early June and stock markets tumbled across the world (the main U.S. and European indices dropped by close to 4%). Euro area core sovereign yields declined while peripheral spreads rose, and the EUR weakened below $1.18.

In the last session of the week, investors traded cautiously amid growing COVID-19 cases and better-than-expected Q3 GDP releases in the euro area (euro area aggregate +12.7 vs Consensus +9.6; Spain +16.7 vs Consensus +13.5%). 

Thursday's session carried a sharply divergent tone between the two sides of the Atlantic. France's risk premium reached 140 bps as investors intensified their fiscal concerns and continued to lead a widening in sovereign spreads, with yields on German Bunds dropping amid safe-haven flows. European stocks fell markedly, with France leading losses.

Wednesday's session carried a cautious tone. U.S. stocks were mixed and European equities fell broadly, while crude oil edged higher and TTF natural gas surged sharply, reversing recent declines. In FX markets, the dollar strengthened moderately, weighing on the euro.

Investors ended the week on a brighter note than on Thursday. Market sentiment was boosted by encouraging data on inflation dynamics in the US and in the eurozone (despite a modest tick up in core inflation).

Global markets traded on a risk-on note in yesterday's session. Stocks rallied across advanced and emerging economies, supported by a recovery in semiconductor shares. The improvement in investor sentiment defied higher energy prices in commodity markets, as the price of Brent crude rose above $90 per barrel amid ongoing tensions in the Middle East.

Investors started the week with no clear direction, as traders digested mixed signals from the GDP data in China and corporate results in the US. Financial markets were closed across Europe, Australia and Hong Kong.

Financial markets started the week with mixed results, as investors weighted out positive corporate earnings results with downward revisions in the growth economic outlook and a new round of hawkish commentary by some Fed officials (Charles Evans from the Chicago Fed and James Bullard from St. Louis).

Investors started the week trading with optimism due to positive signs on the trade talks between the U.S. and China.

Eurozone sovereign bond yields remained broadly flat In Thursday's session as investors awaited the Jackson Hole meeting, which started last night with mixed comments from ECB officials. Centeno advised caution on further hikes, as downside risks for the economy are materializing, while Nagel said it's 'much too early' for a pause.

Markets started the week on a cautious mood as concerns that the U.S. and China are struggling to close the first phase of a trade deal weighed on sentiment.

Brent oil and TTF gas whipsawed and stock markets were mixed as hostilities in the Middle East continued to weigh on investor sentiment. Tech equities steadied after last week's rout, but both the S&P 500 and the Eurostoxx closed moderately lower.

Yesterday's trading session was dominated by news that Pfizer had halved the amount of Covid-19 vaccines that it hoped to distribute in 2021 due to supply chain issues, which provoked a late-afternoon sell-off in the S&P 500 which closed 0.1% lower on the day.