In a session with mixed economic data, investors traded cautiously in Europe while US assets strengthened further.
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European stocks edged down on Friday, while U.S. stocks notched gains despite posting a slight loss on the week as investors faced the reality of a second coronavirus wave in Europe and the uncertainty around further stimulus in the U.S.
In a volatile session, investor sentiment swung from optimism to pessimism with news and economic sentiment data releases.
Investor sentiment improved yesterday as consumer confidence in the euro area rose to -13.9 points in September (-14.7 in the previous month), beating expectations. Nevertheless, the risk of a second wave of COVID-19 infections increases the chances of additional stimulus in the coming months.
In yesterday's session, investors traded with a risk-off mood amid concerns of growing COVID cases around the globe. Powell's speech in Congress in which he stated that the US economy is improving failed to provide much relief to investors, as he also said that there is a long way to go before a full recovery.
In the last session of the week, investors traded with a downbeat tone and stock indices declined across Europe and, following a tech sell-off, in the US. Asian equities, instead, increased mildly.
Market risk appetite declined in yesterday's session as investors continued to digest the outcome of the Fed meeting. Stock markets declined across advanced and emerging economies while the safe-haven JPY appreciated.
Markets started on a positive note but risk aversion took over as the Fed signaled that the outlook is highly uncertain.
Economic indicators favored a greater risk appetite in yesterday's session. China's industrial output rose +5.6% yoy in August while retail sales grew +0.5% and surpassed 2019 levels for the first time since the COVID-19 outbreak. Also, German investor sentiment continued to improve in September according to the ZEW index.
Investors traded on a cautious note in the first session of the week. U.S. stocks advanced across the board (including the tech-heavy Nasdaq, which had been lagging in the last sessions) while European indices were mixed. In fixed-income markets, yields on U.S. and euro area core sovereign bonds were roughly unchanged.
Markets ended the week in a mixed session as U.S. tech equities continued to decline and investors digested the outcome of Thursday's ECB monetary policy meeting. Global stocks were lackluster, U.S. and German sovereign yields declined and euro area peripheral spreads nudged up amid lower risk appetite.
Investors traded in a risk-on mood in yesterday's session as tech stocks recovered from a market rout in the U.S.
The tech sell-off in U.S. stock markets continued and spread to Asia in yesterday’s session. Risk-off market sentiment also weighed on European stocks, although they suffered relatively smaller declines.
European stocks rose in yesterday's session while U.S. stock markets were on holiday for Labor Day.
In yesterday’s session, investors’ sentiment worsened following concerns of overvaluations in some risky assets and mixed economic data releases. In particular, August Composite PMIs came out weaker-than-expected in most euro area countries (Spain, Italy and France) and surprised positively in Germany, the US and China.
In yesterday's session, investors traded with a positive mood following advances in a possible vaccine and as central banks continue to provide highly accommodative financial conditions.
Yesterday, investors in the US traded with optimism as the Federal Reserve kept its official interest rates unchanged and reiterated its intention to "act as appropriate to support the economy".
In yesterday's session, financial markets were mixed as traders digested worse-than-expected corporate earnings releases.
Financial markets started the week with a mixed session. In Europe, investors traded with a risk-off mood while in the US riskier assets benefited from progress in the negotiations for a new fiscal stimulus package and hopes for a COVID-19 vaccine.
During a busy day for economic data releases, investors digested the record-low GDP growth figures in the US and Germany and demand for safe-haven assets rose.