Financial Markets Daily Report 04 marzo 2021
Investors traded with a cautious mood in yesterday's session amid improving economic sentiment indicators. In particular, services PMIs improved in the euro area but remain in contraction territory (below 50).
- Investors traded with a cautious mood in yesterday's session amid improving economic sentiment indicators. In particular, services PMIs improved in the euro area but remain in contraction territory (below 50).
- In the US, instead, services activity continued to expand according to both the PMI (revised up from 58.9 to 59.8) and the ISM (55.3 points in February, down from 58.7 in the previous month).
- In this context, yields on long term sovereign bonds increased on both sides of the Atlantic and peripheral spreads ticked up. In stock markets, euro area indices were mixed while US shares extended Tuesday's decline. In FX markets, the USD strengthened against most advanced economies currencies and the euro fluctuated above $1.20.
- In oil markets, the price of the barrel of Brent rose above $64 the day we knew that US gasoline inventories fell by 13,624k barrels last week. Today OPEC+ will hold its meeting to decide whether to ease current production limits.