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.
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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.
This past week's stock market vaccine rally went into reverse on Thursday as Covid-19 cases and deaths climbed across the world.
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.
As investors weighed positive vaccine developments against rising COVID-19 infections, yesterday markets took a pause after having rallied in the last few days.
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.
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.
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.
Investors traded with a risk-on mood in yesterday's session amid the formal start of Joe Biden's transition into the White House.
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.
Investors continued to trade cautiously in yesterday's session as COVID-19 cases continued rising in Europe and in the US. In this context, demand for safe assets (such as the Japanese Yen or the Swiss Franc) increased on a day in which US markets were closed due to the Thanksgiving holiday.
Global stocks are set to have their best month on record as optimism about a Covid-19 vaccine and Joe Biden's victory in the US elections caused a market rally in November.
Investors on Monday traded in their gains after one of the best months in decades for stock markets, during which breakthroughs in Covid-19 vaccines boosted stock valuations in sectors affected by the pandemic.
Investors traded in a risk-on mood on Tuesday as the Caixin/Markit Manufacturing PMI survey showed that Chinese industrial activity was accelerating at its fastest pace in a decade in November (54.9 vs 53.6 in October), raising hopes for the global recovery.
Yesterday's trading session was dominated by news that Democratic congressional leaders in the US expressed support for a $908bn additional stimulus plan proposed by a bipartisan group of US senators. The US Treasury yield curve steepened, with the difference between yields on 10-year bonds and 2-year bonds reaching a 3-year high.
Yesterday's trading session was dominated by news that Pfizer had halved the amount of Covid-19 vaccines that it hoped to distribute in 2021 due to supply chain issues, which provoked a late-afternoon sell-off in the S&P 500 which closed 0.1% lower on the day.
Investors ended the week in a favorable mood and stocks rose across the board on Friday. U.S. stocks also closed higher despite signals that the labor market is losing steam (non-farm payrolls increased by 245k in November vs 610k in October) as investors focused on prospects of a new fiscal package.
Investors traded in a mixed mood in the first two sessions of the week. EM stocks were mixed and European equities nudged down, while U.S. stocks continued to advance on the back of health equities (the FDA signaled it will give the go-ahead to the Pfizer-BioNTech vaccine soon) and on greater hopes for a new fiscal package.
Markets ended mixed after a more cautious session. Volatility nudged up and European and EM stocks were mixed, while weakness in some technology shares dragged down U.S. stocks.
Investors continued to trade cautiously in yesterday's session as EU policymakers relaunched Europe's economic stimulus and amid signals that U.S. activity is losing steam (initial unemployment claims jumped to a 3-month high). Stock markets were mixed, the USD weakened and sovereign yields were little changed.