Daily Report

3 de Abril de 2024
Financial Markets | daily report 03.04.2024
  • In yesterday's session, stronger-than-expected macroeconomic data revived fears that the Fed might delay its first interest rate cut. In particular, the US JOLTS job report showed job openings rising by 8,000 in February and factory orders increasing by 1.4% m/m last month after falling 3.8% in January.
  • In this context, US treasuries extended the previous day's sell-off, with yields rising mostly along the long-end of the curve. Euro area sovereign bond yields mirrored their US counterparts, posting even larger gains of +10bp, despite preliminary figures showing inflation in Germany cooled to 2.2% y/y in March, down from 2.5% last month.
  • Equities fell on both sides of the Atlantic amid higher bond yields and the VIX volatility index rose above 14 points. Commodities gained, with the barrel of Brent trading close to $89/barrel and gold reaching a new record high at $2,280/ounce as tensions escalate in the Middle East and Ukraine.