Financial Markets Daily Report
25 abril 2023

Investors started the week trading with no clear direction, taking on board mixed signals from the ECB and looking ahead for a new batch of corporate results and the Q1 GDP data for the world’s largest economies later this week.

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  • Investors started the week trading with no clear direction, taking on board mixed signals from the ECB and looking ahead for a new batch of corporate results and the Q1 GDP data for the world’s largest economies later this week.
  • Belgian central bank governor said the ECB should continue hiking rates until wage growth slows, noting that rates could well go up to 4%. Board member Schnabel said a 50 bp rate hike is not off the table for next week’s meeting. By contrast, Bank of France Villeroy de Galhau argued the ECB has already gone "most of the way" in raising rates.
  • On the data front, Germany’s IFO business climate improved modestly in April, on the back of better expectations.
  • In this context, sovereign bond yields ticked higher across Europe while edging down in the US. Stocks were little changed in both sides of the Atlantic. In FX markets, the USD depreciated modestly against peers, trading above 1.10 against the EUR.
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