Global markets traded on a risk-on note in yesterday's session. Stocks rallied across advanced and emerging economies, supported by a recovery in semiconductor shares. The improvement in investor sentiment defied higher energy prices in commodity markets, as the price of Brent crude rose above $90 per barrel amid ongoing tensions in the Middle East.
Sovereign yields ticked up in both the U.S. and the euro area on the back of greater risk appetite and higher energy prices. Euro area peripheral spreads were little changed. In FX markets the USD strengthened moderately, while the euro continued to fluctuate around $1.14.
On the data front, the ECB's Bank Lending Survey showed a tightening of credit standards and sluggish loan demand in Q2 2026, driven by perceived risks to the economic outlook, lower risk tolerance, and deteriorating consumer confidence. Credit to firms was more resilient (loan demand recorded a small increase) while housing loans experienced a greater drag.
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.