Financial Markets Daily Report

Financial Markets Daily Report
01 July 2022

In yesterday's session, investors traded with a risk-off mood as recessionary concerns spread across financial markets,  following the release of the decrease in US real personal spending (from a downward revised +0.3% to -0.4% in May).

FMDR
  • In yesterday's session, investors traded with a risk-off mood as recessionary concerns spread across financial markets,  following the release of the decrease in US real personal spending (from a downward revised +0.3% to -0.4% in May).  
  • Sovereign yields declined sharply, particularly so in the euro area, and peripheral spreads widened modestly. Losses in equities were broad-based across sectors and regions, except for China where the easing of lockdown measures led to an advance in the Shanghai Index. 
  • Oil prices edged modestly down as OPEC+ members will be allowed to produce as many oil as before the pandemic. 
  • June's inflation increased in France (from 5.8% to 6.5%) and in Portugal (from 8.1% to 9.0%). Today the focus will be on the aggregate figure for the euro area. On monetary policy, today the ECB will end its net asset purchases under the APP and start reinvesting flexibly the maturing assets under PEPP.
     
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