Investors traded in a risk-on mood in yesterday's session as tech stocks recovered from a market rout in the U.S.
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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 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.
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.
Markets started on a positive note but risk aversion took over as the Fed signaled that the outlook is highly uncertain.
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.
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.
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.
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 a volatile session, investor sentiment swung from optimism to pessimism with news and economic sentiment data releases.
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 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%).
Yesterday's trading session was mixed and investor sentiment was dominated by news of Brexit negotiations resuming and the prospects of further fiscal stimulus in the U.S.
In yesterday's mixed trading session, the Eurostoxx50 posted a 0.3% loss and European sovereign bond yields edged up as data showed a deterioration of consumer confidence in the euro area.
Investor risk appetite was mixed in the last session of the week. Advanced-economy stocks gained but EM equities nudged down, while the USD weakened and commodity prices declined.
Investors started the week on a risk-off mood. Amid rising coronavirus cases, tighter mobility restrictions in Europe and little progress in U.S. fiscal stimulus talks, volatility spiked and stock markets slumped across the board.
Rising coronavirus infections continued to weigh on investor sentiment and markets exhibited a lower risk appetite in yesterday's session.
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.
Volatility declined and stock markets steadied as market sentiment was encouraged by strong Q3 U.S. GDP data (+7.3% qoq and -2.9% yoy) and investors weighed the prospect of renewed ECB stimulus against a worsening euro area economic outlook.
Stock markets soared across the world on Monday as Pfizer and BioNTech announced a breakthrough in their development of a Covid-19 vaccine.