- Cautious mood continued on financial markets as geopolitical tensions around the world remained in the spotlight. Apart from the ongoing tense trade relations between China and the US, idiosyncratic issues in Turkey and recently in Russia weighed on the domestic financial markets, without a clear contagion to other EM areas, so far.
- In this context, core yields declined slightly: the 10Y US Treasury yield positioned below 2.95% despite the release of US producer price index, in line with the market expectations. In the same line, 10Y Bund returned to levels below 0.40% while peripheral European risk premia remained almost unchanged.
- In equity markets, US and European stocks were trading flat. On another front, Asian equity markets were mixed, with the Chinese stock index recovering somewhat, as well as the CNY, which appreciated slightly against the USD, amid market expectations of potential pro-growth measures.
- The USD appreciated against its main peers, while idiosyncratic factors hampered some EM currencies. Turkish assets continued under high pressure: the Turkish lira renewed its lowest level, as yesterday’s meeting between US and Turkish officials did not seem to lead to a successful deal.The announcement of a new economic plan by Turkish authorities. in order to curb the poor performance of Turkey’s assets had a muted effect on markets
- The RUB continued to depreciate sharply against the USD after yesterday´s fresh sanctions from the US. Other EM currencies also depreciated, while oil prices remained steady.
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