Broad rebound in risky assets

Nothing particular to explain this change of trend except the fact that pessimism was likely excessive and, above all, the fall in bond yields difficult to justify. This being said, it looks like these erratic market moves could continue, as no good news on the spread of the delta variant can be expected in the foreseeable future.

On the agenda today, the ECB meeting with changes expected in its guidance to reflect its strategic moves, but we doubt it can really surprise markets. US jobless claims and the leading index in the US as well as the CBI survey in the UK.