Markets started the week in a mixed mood as investors eye trade negotiations and the central bank meetings in Sintra.Market confidence in Fed rate cuts drove U.S. sovereign yields down, while euro area sovereign yields were little changed.The euro strengthened against the dollar and edged towards $1.18 (a 5 year high).
In this context, U.S. stocks rose and the S&P 500 reached its best quarter since end 2023 as it recovered from trade tensionslosses suffered earlier in the year. Elsewhere, stocks were mixed, with slight losses across the euro area. In commodity markets, both Brent oil and gas prices continued to decline.
The ECB released the 2025 review of its monetary strategy - confirming but fine tuning the changes made in the more meaningful 2021 review. The ECB emphasized it will respond to large, sustained deviations of inflation from target (negative and positive) and pointed that unconventional tools need to incorporate a way out that preserves flexibility of action.
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