In yesterday's session, investors traded cautiously amid signs of a slow economic recovery. In the US, initial claims for unemployment benefits rose by 30k in the previous week and minutes from the Fed's November meeting showed how its members discussed how to provide more guidance on QE.
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Investors traded with a risk-on mood in yesterday's session amid the formal start of Joe Biden's transition into the White House.
Economic sentiment data and new advances in a vaccine treatment for COVID-19 were the main drivers of a mixed session in financial markets. On the one hand, the University of Oxford and AstraZeneca Plc said that their vaccine prevented 70% of the participants from falling ill. This effectiveness rises to 90% with an alternative treatment.
Financial markets were mixed in the last session of the week amid hopes for a COVID-19 vaccine, the advance of the second wave and growing tensions between the US Treasury and the Federal Reserve.
Investors exhibited a mixed mood in yesterday's session as they pondered on increasing infections and tighter restrictions. Volatility edged up and stocks advanced moderately across Europe and EM, while U.S. equities declined in spite of Pfizer's announcement that it will apply for the FDA emergency authorization of its vaccine within days.
As investors weighed positive vaccine developments against rising COVID-19 infections, yesterday markets took a pause after having rallied in the last few days.
Last Friday, markets ended one of their best weeks since summer as economically-sensitive assets regained momentum on the back of positive COVID-19 vaccine developments.
This past week's stock market vaccine rally went into reverse on Thursday as Covid-19 cases and deaths climbed across the world.
European sovereign yields edged lower in yesterday's trading session following a speech by ECB chief Christine Lagarde in which she signalled further monetary easing. In her speech, Lagarde emphasised the importance of the duration, and not only the size, of monetary accomodation, and identified PEPP and TLTROs as the main crisis tools.
Investors traded in a risk-on mood in yesterday's session as markets still digested this week's announcement of a breakthrough in the search for a Covid-19 vaccine.
Stock markets soared across the world on Monday as Pfizer and BioNTech announced a breakthrough in their development of a Covid-19 vaccine.
Markets ended last week on a high note on Friday as it became apparent that the US elections were nearing a result. The S&P 500 gained 7.3% over the week and US sovereign yields rose sharply. The election result was finally called on Saturday, in favor of Joe Biden, but Donald Trump announced that he would contest the results.
In a session with mixed economic data, investors traded cautiously in Europe while US assets strengthened further.
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.
In the last session of the week, investors continued to digest the Federal Reserve's new inflation approach, in which it will be more tolerant to inflation increases.
Markets were mixed in yesterday's session as the Fed and its Chairman Jerome Powell announced a change to the longer-run goals and monetary policy strategy. Volatility rose and stocks declined moderately across AEs and EMs.
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.
The spread of new COVID-19 cases weakened investor's sentiment in the last session of August. Stock indices declined in most advanced and emerging economies except for the heavy technology-weighted Nasdaq index, in the US, and the Japanese Nikkei.