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COVID-19 Updates

Notes from the Trading Desk - Franklin Templeton

There has been a clear focus on central bank rhetoric at the start of the new year, with investors wary of the speed and extent to which monetary policy will begin to tighten.

Notes from the Trading Desk - Franklin Templeton

The first half of 2022 brings a couple of European political events to keep an eye on, with a new Italian President due to be appointed and French presidential elections. A return to a more combative Italian government could create tensions within the European Union - another potential headwind for equity markets.

Notes from the Trading Desk - Franklin Templeton

Last week was a busy one for markets ahead of what is expected to be a very quiet holiday period. Central bank announcements on Wednesday and Thursday from the Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of England (BoE) kept investors on their toes.

Notes from the Trading Desk - Franklin Templeton

Last week, equity markets shrugged off concerns over the new Omicron COVID-19 variant and saw a sharp rebound. Tuesday’s strong gains felt more to do with positioning rather than fundamentals, but markets held on to gains and ended the week comfortably in positive territory.

Notes from the Trading Desk - Franklin Templeton

Whilst there has been a lot of noise around the new variant, we are still waiting for full clarity on the severity of illness, vaccine efficacy and the likelihood of reinfection. Market volatility remains high.

Notes from the Trading Desk - Franklin Templeton

News of the COVID-19 variant that emerged in South Africa (named Omicron) shook sentiment on Friday, prompting sharp declines. Looking ahead, it will be important to watch how this latest COVID news feeds into central bank thinking, with money markets already repriced the timeline for potential rate hikes further out.

Notes from the Trading Desk - Franklin Templeton

We saw a clear shift in sentiment on lockdowns last week, as countries across Europe continue to hit new daily case records and death rates increase again.

Notes from the Trading Desk - Franklin Templeton

Inflation remains front and centre. Strong US inflation data raised fears that the Federal Reserve is behind the curve and would need to take more hawkish action in the future.

Notes from the Trading Desk - Franklin Templeton

A dovish tone from several central banks helped support equity markets, alongside positive news on a Pfizer COVID-19 treatment. Earnings season continues to be supportive, with more companies beating than missing on earnings metrics.

Notes from the Trading Desk - Franklin Templeton

Central Bank action continues this week, with the Reserve Bank of Australia (Tuesday), Federal Reserve (Wednesday), Norges Bank and Bank of England (Thursday) all meeting. the Fed is expected to announce the start of tapering, including key details on the pace, timing and composition of its plan to reduce asset purchases.

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