Markets traded on an upbeat tone on Wednesday. Sovereign yields rose on both sides of the Atlantic on positive macro news. US Treasuries rose as the ISM index showed services sector activity increased in October to 52.4, an eight-month high.The ADP survey showed job creation remained subdued in October, but surprised positively too (42k vs 30k expected).
Eurozone sovereign bond yields were supported by stronger-than-expected French industrial output and German factory orders, both for September. Final October PMIs were revised slightly upwards across major eurozone economies, with the eurozone Composite PMI index sitting at 52.5, its higher reading since May 2023.
US and European equities rebounded from Tuesday’s losses, supported by resilient macro data. The dollar was broadly stable, even though macro data tempered investors' expectations of further Fed cuts this year. In commodities, oil fell on Saudi price cuts to its Asian grade crude oil, partially offset by rising US inventories.
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.