Financial Markets Daily Report

Financial Markets Daily Report
07 desembre 2021

Financial markets started the week with a risk-on session, as fears about the risk that the spread of the omicron variant could lead to more severe restrictions eased. In addition, China's central bank said it would cut the amount of cash that banks must hold in reserve, releasing 1.2 trillion yuan in long-term liquidity.

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  • Financial markets started the week with a risk-on session, as fears about the risk that the spread of the omicron variant could lead to more severe restrictions eased. In addition, China's central bank said it would cut the amount of cash that banks must hold in reserve, releasing 1.2 trillion yuan in long-term liquidity.
  • On Sunday the top US health official, Anthony Fauci, called early signals about the severity of omicron “encouraging”, noting that “there will be some degree and maybe a considerable degree of protection” with booster jabs.
  • In this context, volatility eased, and stocks rose in both sides of the Atlantic, led by shares from cyclical sectors, such as travel and transportation. In addition, sovereign yields rose notably, with the benchmark 10-year US bond rising by 9 bp to 1.45%. Commodity prices also rebounded.
  • On the economic calendar today the focus will be on German industrial production data for October.
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