Financial Markets Daily Report 29 April 2021
Markets ended yesterday's session with no major movements. Risk assets gained, with commodity prices and most stock markets advancing moderately, but U.S. equities nudged down as investors eyed Biden's presentation of the $1.8trn American Families Plan – to be financed with higher taxes on the wealthy.
- Markets ended yesterday's session with no major movements. Risk assets gained, with commodity prices and most stock markets advancing moderately, but U.S. equities nudged down as investors eyed Biden's presentation of the $1.8trn American Families Plan – to be financed with higher taxes on the wealthy.
- The USD weakened and U.S. sovereign yields nudged down as the Fed said that "it is not time yet" to talk about tapering. FOMC officials acknowledged an improvement in economic conditions but reiterated that the recovery remains "uneven" and that "it is likely to take some time for substantial further progress to be achieved".
- Euro area sovereign yields nudged up and the EUR rose above €1.21. Italy's 10-year sovereign yield increased 5bp due to a change in the Bloomberg benchmark, from a bond maturing in April 2031 to one maturing in August 2031.
- Today the focus will be on the release of U.S. Q1 2021 GDP figures.