Daily Note 22/05/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets

22.05.2024



  • Macro: It was a mixed session for equites yesterday as the EuroStoxx600 fell, whilst in the US the Nasdaq and the S&P 500 both finished the day higher, as investors awaited Nvidia’s after-hours Q1 earnings release tonight. Later today, MBA mortgage applications are to be released out of the US at noon following a 0.5% increase last week. Then, at 3pm also out of the US, we have the Existing Home Sales release, which are expected to show a marginal MoM increase in April. Central Bankers speaking today include Bostic and Goolsbee from the Fed, Lagarde from the ECB, and Breeden from the BoE.
  • Stock: Yesterday, Nestle announced that it is launching a new range of frozen foods specifically targeting users of GLP-1 drugs and AstraZeneca held an investor day where management announced a 2030 revenue ambition of $80bn. (Comment attached)
  • Debt: Core bond yields moved modestly lower following a day of central bank speakers.