Financial Markets Daily Report09 marzo 2021
Optimism about the economic recovery favored a rotation into cyclical equities as investors digested the U.S. Senate's approval of Biden's $1.9tn fiscal package. European stocks rose across the board while tech-related stocks sold off and weighed on the U.S.' Nasdaq and S&P 500 benchmarks.
- Optimism about the economic recovery favored a rotation into cyclical equities as investors digested the U.S. Senate's approval of Biden's $1.9tn fiscal package. European stocks rose across the board while tech-related stocks sold off and weighed on the U.S.' Nasdaq and S&P 500 benchmarks.
- In the U.S., expectations of strong growth and rising inflation led to a stronger USD and the 10-year Treasury yield reached a more than one-year high.
- In Europe, sovereign yields nudged up and peripheral spreads narrowed. Data released yesterday showed that the ECB had kept a low pace of asset purchases under the PEPP last week (€11.9bn, slightly less than in the previous week).
- German industrial production declined -2.5% mom in January and was down by 3.9% on a yoy basis.