Financial Markets Daily Report27 juny 2023
Fears of a global economic slowdown continued to weigh on investor sentiment at the start of the week, following a new batch of disappointing economic survey data and concerns about recent geopolitical developments in Russia.
Contingut disponible en
- Fears of a global economic slowdown continued to weigh on investor sentiment at the start of the week, following a new batch of disappointing economic survey data and concerns about recent geopolitical developments in Russia.
- In particular, the IFO survey in Germany showed a further deterioration in the business climate in June (from 91.5 in May to 88.5), driven mainly by gloomier expectations. Separately, official data in China showed domestic travel spending during the recent holiday for the Dragon-boat festival was lower than pre-pandemic levels.
- In this context, sovereign bond yields continued to fall across the board while equity prices closed with mixed results. Oil prices remained broadly unchanged, despite fears of negative effects on oil supply from recent events in Russia.
- Elsewhere, the Japanese yen appreciated against peers after a Japanese official said recent moves are seen as rapid and excessive. By contrast, the Chinese renminbi hit at a seven-month low against the USD on economic concerns.