Strong sell-off in tech stocks, reacting to a disappointing quarterly report from Microsoft, with the Nasdaq falling as much as 2.5% before recovering to close down 0.75%; the Dow rose 0.11% and the S&P 500 fell 0.15%. Treasuries rose slightly, similar to European sovereigns, with yields falling 2-3bps...

In a FOMC meeting without much significance, the Fed left the benchmark rate unchanged as expected, remaining at 3.5-3.75%, where futures expect it to remain for at least the next two meetings; pointing to two 25bps cuts in 2026, one between June and July and the next at the end of the year. Equities...

Treasuries ended with a bull steepener, with short-term bonds rising and long-term bonds falling, bringing the 2-year/20-year spread back to 122bps and the 2-year/30-year spread to 126bps. In equities, there was a significant difference between indices, with the Dow falling 0.83% and the Nasdaq rising 0.91%, while in Europe and Asia there were increases of 0.5-1%. In commodities...

Stocks and the dollar fell after President Donald Trump threatened tariffs on several European countries ahead of high-level meetings in Davos amid a growing standoff over his ambitions to seize Greenland. Bitcoin plunged. Gold hit record highs... 

Rates rose in the US (+5bps) amid reports that Trump is reluctant to nominate Kevin Hassett, current head of the White House economic team, as the new Fed Chairman; in Europe, the movement was +2bps, and in Asia...

The Nasdaq fell 1% as AI trading weakened slightly, while the S&P 500 fell 0.5% and the Dow fell 0.1%. Global fixed income had a positive day, with yields falling 4-5bps in both the US and European sovereign markets. In commodities, crude oil closed higher for the fifth consecutive day, rising 10% in this...