Financial Markets Daily Report

Financial Markets Daily Report
28 April 2023

A more risk-on session was recorded across global markets on Thursday, as investors balanced out positive signals from corporate earnings results in the tech sector with mixed US economic data.

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  • A more risk-on session was recorded across global markets on Thursday, as investors balanced out positive signals from corporate earnings results in the tech sector with mixed US economic data.
  • US real GDP surprised on the downside with a 1.1% annualized quarterly expansion, dragged down, however, by a negative contribution from inventories while consumer spending remined solid. The report also showed core PCE inflation accelerated in Q1 while, separately, new jobless claims surprised by falling in the previous week. 
  • In this context, sovereign bond yields moved up across the board, reflecting a modest revision in investors’ expectations for policy interest rates. Equity indices rose notably in the US and across Asia but less so in Europe.
  • The focus today turns to the Q1 GDP across the eurozone. In Spain, GDP went up by 0.5% q/q while headline HICP inflation rose to 3.8% y/y in April. Earlier today, the Bank of Japan announced no changes in its monetary policy.
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