Financial Markets Daily Report25 March 2021
Investors traded with a positive tone in yesterday's session as March PMI data surprised on the upside in most regions, particularly in the euro area (Composite Index 52.5 vs 48.8 in February). The advance was more robust in the manufacturing sector, although the services index also increased.
- Investors traded with a positive tone in yesterday's session as March PMI data surprised on the upside in most regions, particularly in the euro area (Composite Index 52.5 vs 48.8 in February). The advance was more robust in the manufacturing sector, although the services index also increased.
- In addition, German Chancellor Angela Merkel dropped the proposal of a 5-day strict lockdown during Easter.
- In this context, euro area stock indices rose modestly while US indices declined as investors rotated away from sectors which were most benefited during the pandemic. Elsewhere, yields on sovereign bonds edged down on both sides of the Atlantic and the euro weakened slightly towards $1.18.
- In oil markets, the price of the barrel of Brent rose by 6% after a vessel ran aground in the Suez Canal and blocked the maritime traffic in a busy trade route.