Daily Report

24 de Junho de 2022
Financial Markets | daily report 24.06.2022
  • Investors continued to trade with a cautious mood, taking on board disappointing economic sentiment data, a new round of hawkish comments from the Fed and news around potential restrictions in energy supply in Europe.
  • On the data front, the composite PMI slowed down in both the eurozone (from 54.8 in May to 51.9 in June, a 16-month low) and in the US (from 53.6 to 51.2), due to a deterioration in both services and the manufacturing sector.
  • Testifying in Congress, Fed chair Powell echoed a recent message that the central bank is committed unconditionally to fight inflation. Meanwhile, Fed Governor Michelle Bowman said she supports rising policy rates by 75 bp in July.
  • In this context, sovereign bond yields continued to march lower, while shares fell in Europe but closed with gains in the US. In commodity markets, natural gas prices rose further in Europe, after the German government elevated the risk level in the three-stage national emergency plan to the second step, following steep cuts in supplies from Russia.