Market comment | Risk aversion leads the market

Summary

U.S. stock exchanges reopened after President’s Day holidays, in an environment where markets traded in a risk-off mood fashion. In this context, investors sought shelter in safe-haven assets (JPY, bonds and gold).

Key points

• Key points:
• Apple announced forecasts for 1Q20 sales are not going to fulfill expectations.
• U.S. manufacturing business activity grew sharply in February, while economic sentiment in Germany disappointed.
• Sovereign bonds remained well demanded.
• Global equities fell and the implied volatility index in the S&P 500 (VIX) increased (around 15).

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