Financial Markets Daily Report 03 novembre 2020
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.
- 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.
- In this context, volatility declined and stock indices surged across advanced and emerging economies. Yields on sovereign bonds edged slightly lower in the euro area and in the US while the euro fluctuated above $1.16.
- In oil markets, the price of the barrel of Brent rose towards $39 as Russia might be willing to delay the OPEC+ output increase planned for January.
- Today, the focus will be on the US Presidential elections in which the Democratic candidate, Joe Biden, is leading the polls. Turnout is expected to be historically high.