Financial Markets Daily Report
04 juliol 2022

Fears of an economic recession with persistent inflationary pressures continued to weight on investors’ sentiment on Friday, following somewhat feeble economic survey data in the US (the ISM manufacturing slowed down from 56.1 to 53.0 in June) and another increase in eurozone HICP inflation (from 8.1% y/y to 8.6% y/y in June).

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  • Fears of an economic recession with persistent inflationary pressures continued to weight on investors’ sentiment on Friday, following somewhat feeble economic survey data in the US (the ISM manufacturing slowed down from 56.1 to 53.0 in June) and another increase in eurozone HICP inflation (from 8.1% y/y to 8.6% y/y in June).
  • Sovereign bond yields continued to edge lower, down by 13 bp to 2.9% for the US 10-year bond and by 10 bp to 1.2% for the German bund. Spreads across the eurozone periphery also narrowed. In addition, equity prices rose in the US but were mixed across Europe. The USD strengthened against the EUR.
  • This week, both the Fed (Wednesday) and the ECB (Thursday) will release the minutes of their June meetings. On the data front, the US employment report for June will be published on Friday. Today markets are closed in the US due to a public holiday.
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