Financial Markets Daily Report

Financial Markets Daily Report
07 July 2020

Investors started the week with optimism and a risk-on mood. Despite the increase in COVID-19 cases around the globe, optimism surged on the back of better-than-expected business sentiment indicators.

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  • Investors started the week with optimism and a risk-on mood. Despite the increase in COVID-19 cases around the globe, optimism surged on the back of better-than-expected business sentiment indicators. June's ISM non-manufacturing index in the US rose from 45.4 in May to 57.1, a level not seen since February.
  • In this context, stock indices rose across the board, particularly in China, and the Nasdaq index (where technology has a signifficant weight) reached a new record high. In fixed-income markets, yields on euro area sovereign bonds edged down in the periphery and remained stable in Germany.
  • In FX-markets, the US dollar weakened against most advanced and emerging economies' currencies and the euro fluctuated above $1.13. In oil markets, sentiment pushed the price of the barrel of Brent up towards $43.
  • Today, the European Commission will release its Summer economic forecasts.

 

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