In the last session of the week, global stocks remained near record highs lifted by the ongoing economic recovery from the pandemic and injections of fiscal and monetary policy stimulus.
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European equities dropped as investors looked for the next catalysts to give the market direction. In Spain, shares of utility companies dropped over a draft bill the government is preparing that could drive down electricity prices.
Wall Street's main indexes ended little changed, with gains in energy and financial shares countering declines in healthcare.
Wall Street's main indexes closed little changed as investors weighed inflation concerns and a fresh surge in so-called "meme stocks" : AMC jumped 97.44%. European equities closed at another record high amid hopes of a strong economic rebound that boosted cyclical stocks.
In the last session of the week, investors traded with a positive mood amid robust employment data in the U.S. Non-farm payrolls rose by +559k in May (consensus expected +675k on average) and the unemployment rate dropped by 0.3 p. p. to 5.8%.
In the first session of the week, investors extended the positive tone seen during last Friday. In the euro area, economic data releases came in better than expected (EZ Sentix Investor Confidence rose in June to 28.0 from 21.0 and Spain's industrial production rose by 1.2% mom in April).
In yesterday's session investors traded cautiously following the release of better-than-expected Q1 GDP growth data for the euro area (revised up by 0.3 p.p. to -0,3%) and record high job opening figures for the U.S. (up by almost 1 million to 9.3 million in April).
In yesterday's session, investors traded cautiously ahead of today's U.S. CPI data for May (Bloomberg consensus expects +4.7% yoy) and the ECB monetary policy meeting (the focus will be on the updated macro projections and on the pace of net asset purchases under the PEPP, which will probably remain unchanged at 80bn per month).
In the last session of last week, European shares and the S&P 500 scaled new peaks while yields on U.S., Japanese and euro area government debt fell as investors embraced the easy monetary policies of major central banks.
Investors traded with optimism as they awaited for clues from the Fed about the tapering of asset purchases.
Yesterday, the prevailing mood in the financial markets was calm before the end of Federal Reserve's meeting. Investors expect the central bank to keep the pace of asset purchases unchanged until at least August or September.
The Fed held its benchmark short-term interest rate and said it will continue to buy $80 billion in Treasury securities and $40 billion in mortgage-backed securities each month. Policymakers now see the first rate increase coming in 2023 instead of 2024.
Investors are now debating when the Fed is likely to start trimming its monthly bond purchases, while the Bank of Japan announced it will unveil a new tool to support efforts to address climate change.
Investors ended the week on a negative note, extending the losses after the change of tone by the Fed during the 15-16 June monetary policy meeting. In stock markets, the S&P 500 edged down by 1.3%, reaching a 4-week low. Future prices and the heavy losses during the Asian session point to further declines on Monday.
In the first session of the week after the Fed meeting, monetary policy and inflation remained the key focus for investors. Robert Kaplan and James Bullard explained that starting the tapering discussion was positive while Jerome Powell noted that the Fed will keep stimulus in place for as long as it takes to complete the recovery.
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.
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.
In the last session of the week, positive economic data releases helped to improve investors' sentiment. June's consumer confidence in Germany rose to its highest level since August 2020 while in Italy it reached a record not seen since November 2018.
In yesterday's session, investors' sentiment worsened as COVID-19 infections increased in some parts of Asia and Europe, despite the vaccination campaign, and some countries imposed new limits to travel, especially from the UK.
In yesterday's session, investors traded with an optimistic mood following positive economic sentiment data releases for June in the euro area (EC Economic confidence rose from 114.5 to 117.9) and in the US (Conference Board consumer confidence at 127.3 from 120.0).