Recession fears appeared to ease, despite no major news for markets to digest. The S&P500 is up 1.5%, bond yields and commodities are higher, and commodity currencies outperformed.

US bond yields rose sharply, partly helped by data which soothed recession concerns as well as hawkish Fed minutes. The US dollar also rose, and the S&P500 is up 0.4%.

US markets returned from the long weekend and continued to price in recession risks. Commodities are sharply lower, the defensive US dollar is higher, and bond yields are lower.

Markets were subdued during the US holiday. The Eurostoxx50 closed up 0.1%, S&P500 futures are down 0.3%. Bond yields rose slightly, while currencies were mixed.

Recession fears remained the main driver on Friday, US bond yields falling sharply after a disappointing US manufacturing survey. That also caused the US dollar to pare earlier gains. US equities curiously closed higher, the S&P500 up 1.1%.

Risk aversion continued, the S&P500 down 0.9% and bond yields lower. The US dollar did not benefit, though, weighed down by lacklustre economic data.

The risk averse mood persisted in Europe and the US, the S&P500 down 0.2%. The defensive US dollar rose, and bond yields fell. US GDP and German inflation undershot expectations.

Sentiment flipped to a downbeat stance, the S&P500 down 2.0% and the defensive US dollar higher. Bond yields retraced initial gains. US consumer confidence fell.

There were mixed performances among asset classes amid quarter end portfolio rebalancing. The S&P500 is down 0.5% and bond yields are higher, while currencies were mixed.

Risk sentiment improved further on Friday amid receding recession fears, the S&P500 closing up 3.1%. The defensive US dollar fell, while bond yields rose slightly. US inflation expectations were revised slightly lower.