Financial Markets Daily Report 02 December 2020
Investors traded in a risk-on mood on Tuesday as the Caixin/Markit Manufacturing PMI survey showed that Chinese industrial activity was accelerating at its fastest pace in a decade in November (54.9 vs 53.6 in October), raising hopes for the global recovery.
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- Investors traded in a risk-on mood on Tuesday as the Caixin/Markit Manufacturing PMI survey showed that Chinese industrial activity was accelerating at its fastest pace in a decade in November (54.9 vs 53.6 in October), raising hopes for the global recovery.
- The S&P 500 rose 1.1% while US Treasury yields steepened (up 9bp on 10-year) and the dollar weakened, as market confidence reduced the demand for safe havens.
- In Europe, yields on sovereign bonds also rose in all major countries after Isabel Schnabel, member of the ECB's Executive Board, said that the ECB should focus on keeping financial conditions at current levels through the crisis rather than announcing a blockbuster stimulus package that beats market expectations.
- Commodity prices rose, and the price of copper reached its highest point since March 2013, $7,719 a tonne.