Investors ended the week on a mixed note after US December jobs data showed the unemployment rate falling to 4.4%, prompting markets to push back expectations for the next Fed rate cut from March to June. As a result, 2-year Treasury yields edged higher and the US dollar strengthened. Equities nonetheless advanced to new highs.
In the euro area, sovereign bond yields were broadly stable, while equity markets closed higher. On the macroeconomic front, recent data showed eurozone retail sales rising by 0.2% and German industrial production increasing by 0.8% in November, reinforcing signs that the region closed the year with modest but positive economic growth.
In commodity markets, Brent crude prices climbed above $63 per barrel as protests and escalating political tensions in Iran heightened concerns over potential supply disruptions in the region. Looking ahead, investors will be attentive to the release of US December inflation data on Tuesday, which will be key for shaping near-term monetary policy expectations.
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.