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In yesterday's session, investors traded cautiously as they awaited for today's key US employment report for the month of August. Also, in the euro area a mixed inflation HICP was released, with all components except energy exhibiting a disinflationary path in August.

Yesterday’s session saw thin trading volumes in the market due to a holiday in the US. Chinese stocks ended higher, as authorities stepped up efforts to support a struggling property sector. The Shanghai CSI 300 index was up 1.4%, led by strong gains in developer companies, and drove stocks up all across Asia.

Risk-off appetite prevailed among investors yesterday. In the eurozone, a raft of negative data releases weighed on stocks, as both retail trade across the region and German factory orders surprised on the downside.

Investors traded yesterday with most eyes on today’s US CPI report. Oil prices rose again after OPEC released its monthly report and kept its global oil demand forecast for the rest of the year and 2024 unchanged, despite Saudi and Russian cuts. Benchmark Brent ended the session at an annual high, fuelling concerns about inflation.

Today’s FOMC meeting remained the focus of investor attention in yesterday’s session, with markets currently pricing in the Fed to keep rates unchanged. On the data front, US new home construction fell to its lowest level since 2020 as higher mortgage rates in August appear to have cooled demand.

Investors traded with a slightly higher risk appetite on Friday as several key inflation data points on both sides of the Atlantic fell and despite the risk of a US government shutdown, which was eventually averted over the weekend, rose. Eurozone inflation fell to a 2-year low, with core CPI showing positive momentum and US core PCE also moderating.

In yesterday’s session, economic sentiment data releases were the focus of investors’ attention. In both Europe and the US, better-than-expected, but still weak economic data, pushed sovereign yields down on both sides of the Atlantic amid an upward trend in previous sessions.

In yesterday's session, a mixed release of the flash October PMIs pushed 10-year sovereign yields modestly down on both sides of the Atlantic while stock indices edged up backed on mixed Q3 earnings releases. Some companies beat analysts' profits expectations, some announced a higher profit guidance or other disappointed in both dimensions.

In yesterday’s session, investors focused their attention to the ECB monetary policy meeting, where interest rates were left unchanged (depo and refi at 4.0% and 4.5%, respectively), and to Q3 GDP figures for the US, which grew at a  solid 4.9% SAAR rate with dynamic rates of growth of private and public consumption and residential investment.

In yesterday’s session markets were mixed across the globe in a day without major economic news. Sovereign bond yields rose on both sides of the Atlantic after days of declines, with euro periphery countries’ yields posting the largest increases and risk premia widening.

Financial markets rallied globally following lower-than-expected US consumer prices. October CPI was unchanged m/m from September (vs. 0.1% expected) and rose 3.2% y/y (vs. 3.3% expected), down from September’s 3.7%. The market now expects the Fed to cut rates in May, ahead of June as was priced before the release of inflation data.

Yesterday markets took a pause following Tuesday’s strong rally. Investors continue to price in the end of the interest rate hiking cycle while still digesting new economic data. US October retail sales slowed in October by less than expected (-0.1% m/m vs. -0.3%), suggesting some resiliency in consumption and reinforcing the idea of a soft-landing.

The week started in a subdued mood in financial markets, with investors still assessing the implications of the patient approach of central banks on monetary policy. Yesterday, ECB member de Cos followed previous comments from Wunsch and Holzmann and said that it is premature to talk about interest rate cuts.

In yesterday’s session, which was closed in the US due to Thanksgiving holiday, investors traded cautiously amid signs of weak economic growth in the euro area in Q4. Although the Composite euro area flash PMI rose modestly from 46.5 points to 47.1, it remained in contractionary territory.

Financial markets ended the week with subdued trading volumes, as the US trading session was shortened for the Thanksgiving holiday, which reduced participants and hence liquidity. 

Government bond yields extended their losses across the board on Wednesday as investors continued to focus on future interest rate cuts by major central banks. These expectations were boosted by upwardly revised Q3 US GDP growth figures and better-than-expected November inflation figures in Germany and Spain.

The ECB's caution regarding a pivot in its hiking cycle weighed on investors in yesterday's session. Lagarde's press conference appeared hawkish in contrast to Powell's and the Fed's dot plot on Wednesday, which cooled market expectations for rate cuts in 2024 in both sides of the Atlantic.

In yesterday's session, investors traded without major economic references, beyond the Germany IFO which confirmed weakness in business sentiment, and amid continuing comments from central bank officials trying to push back against the expectation of the first interest rate hike (e.g.: ECB's Stournaras and Fed's Mester). 

Yesterday’s session saw investors in a wait-and-see mode ahead of today’s key US inflation report, which is expected to shed some light on the Fed’s next interest rate decisions. Sovereign bond yields rose slightly across the board as Fed’s Williams cooled expectations of imminent rate cuts, saying the Fed still has room to cover to reach inflation’s 2% target.

Stronger-than-expected economic data in the US and hawkish comments by ECB officials were the main drivers of a session where sovereign yields rose and equities declined across the board.