Markets closed Friday on a mixed note as attention remained on the risk of disruptions in the Strait of Hormuz, although Trump signalled openness to a deal with Iran. Oil prices ended little changed after a choppy session and TTF gas prices fell.
Interest rate expectations moved higher on both sides of the Atlantic, with markets pricing two ECB and Fed hikes over the next 12 months. Sovereign yields fell in the euro area but rose in the US, flattening the Treasury curve ahead of this week's June CPI report and Congressional testimony from Kevin Warsh.
Euro area equities were mixed, with the EuroStoxx50 and DAX underperforming amid concerns over Chinese demand and higher energy costs. Asian indices advanced, led by the Japanese Nikkei, alongside a stronger yen and lower long-term yields after the Finance Minister encouraged pension funds to allocate more capital domestically. US indices also advanced and volatility eased, helped by strength in semiconductor stocks following SK Hynix's Nasdaq debut.
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.