Market comment | Equity markets extended recovery amid upbeat economic data

Summary

Risk-on mood continued to sail along on Wednesday underpinned by positive economic data, the latest developments in fighting the coronavirus and upbeat corporate earnings. Brent oil prices soared, boosting commodity-linked currencies, while market sentiment continued weighing on safe-haven currencies (JPY and CHF).

Key points

• Key points:
• Growing measures to contain the coronavirus were developed, such as potential treatments and vaccines.
• Strong macroeconomic data in the US and the Eurozone, while disappointing in China.
• Equity markets rose amid economic optimism, and better-than-expected corporate earnings.
• Sovereign yields extended yesterday’s rally.

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