Financial markets remained mixed yesterday. US Treasury yields fell as data releases pointed to a higher risk of stagflation.The May's ADP survey showed job creation was much lower than expected; while May's ISM services survey showed thesector contracted slightly and prices paid by businesses rose. Attention will now turn to Friday's non farm payrolls report.
In the eurozone, however, sovereign bond yields were mostly unchanged. Final PMI data for May showed that businessactivity had barely expanded, having been dragged down by a marginal contraction in services activity, although final PMIreadings for the eurozone were better than preliminary estimates.
In this context, the dollar depreciated against its major peers, especially the JPY. Equity indices made some gains in most ofEurope, while US blue chip indices also rose slightly. In commodities, oil prices fell after data showed that US inventories hadbuilt up considerably at a time when supply is already growing due to recent OPEC+ decisions.
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.