Financial Markets Daily Report 19 octubre 2020
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.
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- 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.
- In this context, fixed income markets traded in a risk on mood as sovereign yields fell across the board, with Spain, Italy's 10-year bond yields falling 3 and 5 basis points respectively.
- The Sterling pound fluctuated during the day and ended the day flat after UK prime minister Boris Johnson expressed his frustration with negotiations with the EU and said it was necessary to start preparing for a no-deal Brexit.
- Data released this morning showed that Chinese GDP grew 4.9% year-on-year in the third quarter of 2020, missing expectations but nevertheless a strong rebound as the economy is nearly back to pre-Covid-19 growth rates.