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.
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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.
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.
Investors' mood worsened yesterday amid increasing COVID-19 cases around the globe and worse-than-expected employment data in the US. In particular, initial jobless claims increased last week by 898k (+53k compared with the previous week), the highest level since August.
A week-long losing streak in global stock markets ceased on Friday as better than expected earnings results outweighed a worsening of coronavirus cases in the US and Europe. In Europe, the Eurostoxx50 ended the session 1.7% higher despite new coronavirus retrictions in some cities, while the S&P 500 edged up very slightly.
EU stocks fell slightly and periphery yields widened as the number of new Covid-19 cases grew and new restrictions were rolled out in a number of countries and regions.
Investors traded in a mixed mood yesterday as Europe's second wave of coronavirus advances and forces new restrictions in some countries and regions, and prospects for further fiscal stimulus in the U.S. are uncertain.
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.
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%).
In the US, the race for the White House is still very tied. Joe Biden won Wisconsin’s and Michigan’s electoral votes as the last ballots in those states were counted, but the outcome of the election might not be decided for days.
In yesterday's session, investor sentiment continued to improve as US citizens started casting their vote for the Presidential elections. The Democratic candidate, Joe Biden, was leading most national polls but the race for the White House was too close to call as of this morning.
Investors traded with an optimistic tone ahead of the US Presidential elections as October's manufacturing sentiment data surprised to the upside in most regions. In particular, Spain's manufacturing PMI rose from 50.8 in the previous month to 52.8, the euro area's to 54.8 from 54.4 and the manufacturing ISM for the US rose to 59.3 from 55.4.
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.
Rising coronavirus infections continued to weigh on investor sentiment and markets exhibited a lower risk appetite in yesterday's session.
In yesterday's session, investors traded cautiously amid mixed corporate earnings releases in the US and economic data releases broadly in line with consensus expectations.
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.