Financial Markets Daily Report

Financial Markets Daily Report
15 March 2021

The U.S. bond sell-off continued last Friday after President Joe Biden said every U.S. adult would be eligible for a Covid-19 vaccination by May 1st and set July 4th Independence Day as a new target for a return to normality.

FMDR
  • The U.S. bond sell-off continued last Friday after President Joe Biden said every U.S. adult would be eligible for a Covid-19 vaccination by May 1st and set July 4th Independence Day as a new target for a return to normality.
  • The yield on 10-year Treasuries rose 8 basis points on the back of higher growth and inflation expectations, and the S&P 500 rose 0.1%, although the tech-heavy Nasdaq index was down 0.6%.
  • In Europe, long term sovereign yields nudged up despite a pledge by the ECB on Thursday to step up the pace of its purchases under the PEPP programme and maintain easy financial conditions. Data released by Eurostat showed that industrial production rose 0.8% mom in the euro area in January.
  • In oil markets, the barrel of Brent was down 0.6% on Friday, although it is still up 33.6% YTD.
  • This week, investors will be focused on the Fed's monetary policy decisions on Wednesday.
     
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