Risk sentiment improved on Tuesday as Treasury yields retreated from multi-decade highs and energy-related inflation concerns continued to ease. Technology stocks led gains, with the S&P 500 hitting a fresh record while the Eurostoxx50 rose 0.5%.
Sovereign bond yields declined on both sides of the Atlantic, with French and Italian debt outperforming and narrowing their 10-year spreads versus Germany by around 10bps. In the U.S., Treasury yields fell across the curve, with the 10-year Treasuring yield closing at 5.28%. The dollar weakened against its main peers, with the euro rising 0.3% to 1.126.
On commodity markets, oil prices stabilized as concerns over supply disruptions eased, supported by recovering Middle Eastern crude exports and increased flows through Saudi Arabia’s East-West Pipeline. Brent crude rose 0.3% to USD 100.6/bbl while TTF Natural gas closed at EUR 75.7/MWh.
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.