The ECB hiked by 50bp – more than expected, but bond yields in Europe and the US fell on recession concerns. The USD is only slightly lower, while the S&P500 is up 1.0%.

Sentiment was mixed. Italian political woes and Russian gas curtailment threats initially weighed, but upbeat US earnings reports helped a rebound. The S&&P500 is up 0.8%, bond yields are slightly higher, while the USD is slightly higher.

Sentiment was upbeat, buyers emerging to push the S&P500 up 2.6%, despite little fresh news of note. Bond yields rose and the US dollar fell, both following the risk-seeking theme on the day. Speculation the ECB could hike by 50bp tomorrow increased.

US equities fell slightly, the S&P500 down 0.9%. Bond yields, though, rose, and the US dollar is lower. There was little new of note.

US equities were helped by mostly supportive economic data, the S&P500 closing up 1.9%. The defensive US dollar fell, while bond yields were little changed.

US Fedspeak cooled market expectations of a 100bp rate hike later this month. The US dollar pared earlier gains. The S&P500 is down 0.3%, dented by company earnings reports.

US inflation data was stronger than expected, raising concerns the Fed will hike faster and thereby increase the risk of a recession. The Bank of Canada hiked by 100bp, exceeding expectations. Currencies were volatile but are little changed, while short bond yields are higher and long yields are lower. The S&P500 is down 0.5%.

Bond yields and the US dollar were contained ahead of today’s important US inflation data, but the S&P500 is down 0.9%, and major commodities are lower.

Risk aversion permeated markets. The S&P500 is down 1.2%, bond yields are lower, and the defensive US dollar is higher.

There were mixed reactions to the solid US jobs data. Bond yields rose as recession risks receded, but the US dollar fell slightly. Equities gyrated between initial losses and then gains, the S&P500 closing down 0.1%.