“No movements in a session without relevant macro references”

European stock markets begin the session with hardly any movements in a session without highly relevant macro references, beyond confirming in other countries (today the United Kingdom) the strength of the April manufacturing PMIs that we could see yesterday in the Eurozone or the US and still despite some moderation in the US manufacturing ISM.

On the inflation side, it should be noted that pressures continue in the short term, as we saw yesterday in the price component of the manufacturing ISM, which registered its highest level since 2008. Even so, the statements of Powell, president of The Fed, stating that the recovery continues to be irregular, served to moderate the US 10-year IRR again below 1.60%.

It is foreseeable that investors will continue to be aware in the coming days / weeks of the values ​​most linked to the progressive recovery of mobility, after various news in this regard, such as the intention of the EU to open its borders after a year of isolation. The European Commission proposes allowing the entry of travelers fully vaccinated against Covid-19 (with the vaccines of Pfizer, Moderna, AstraZeneca and Johnson & Johnson), as well as those from countries with low infection rates. These proposals must be approved by a majority of the 27, something that could happen at the end of May. They are also trying to recover flights between the US and the UK (Boris Johnson confident of meeting his opening schedule).

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