Investors traded cautiously in a session without any major macroeconomic data releases. Attention shifted to the NATOmeeting where members agreed to increase defense spending to 5% of GDP ——, ongoing trade uncertainty, the so farupheld ceasefire between Israel and Iran, and evolving monetary policy expectations.
In this context, euro area sovereign bond yields edged higher on expectations of higher defense spending. US 2year Treasury yields fell on the back of increased expectations of more than two interest rate cuts from the Fed this year. The euro roseagainst the dollar to 1.167, the highest level since 2022.
Stock markets were mixed. The main indices in the euro area pared small losses, while US stocks edged higher, boosted bygains in large cap tech stocks. In commodities, Brent crude prices held around $67 per barrel as the risk of further escalationof the conflict in the Middle East remains contained for now.
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.