Monday's trading session was divided into two parts, with a morning of heavy trading and a late afternoon of brighter trading, despite (or thanks to) a complete absence of market movers on Monday.

Easing is finally taking shape in Europe, with the Bund at 2.49% versus 2.5300% (+2.5pts) this morning, and our OATs, which reached 3.05%, easing by -2.5pts to 2.985%.
As for France, the suspense will last until Friday, when Fitch and Moody's will announce their ratings for our debt.

Italian BTPs are a surprise, shedding up to -8.5pts at 3.8180%.
Across the Channel, Gilts shed -2.3pts to 4.2400 after peaking at 4.3050% this morning.
US T-Bonds remain virtually unchanged, with yields easing slightly to 4.625% from 4.618% on Friday, after peaking below 4.6700% this morning.

The easing of tensions between Israel and Iran is distracting investors from risk-off assets such as T-Bonds, but even more so from precious metals: Gold is down -2.5% to $2,330 and Silver -5% to $27.1/Oz).

Investors will continue to keep an eye on durable goods orders (this Wednesday) and inflation, with the release of the first US gross domestic product (GDP) figures for the 1st quarter (the consensus forecasts a slight slowdown in growth, to 2.9%, after the 3.4% recorded in the fourth quarter, with Goldman Sachs expecting +3.1%).
But the highlight of the week will be the US PCE index, the Fed's preferred indicator of price dynamics.





Copyright (c) 2024 CercleFinance.com. All rights reserved.