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Daily Note 21/11/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets

21.11.2024



  • Macro: Equity markets were slightly weak yesterday, with the Eurostoxx600 and the S&P500 both ending the session broadly flat, whilst the Nasdaq posted a modest loss, as heightened geopolitical risks weighed on investor sentiment across the globe. From an economic perspective later today, out of the US, we have weekly initial jobless claims and the Philadelphia Fed Business Outlook Survey (Nov) at 13:30, whilst Existing Home Sales (Oct) and the Leading Index (Oct) are to be released at 15:00. It is a busy day from a central bank perspective which will include commentary from the ECB’s Villeroy, Cipollone and Lane, as well as Goolsbee and Barr from the Fed.
  • Stock: We have an update on Volkswagen’s latest investor roadshow and the automaker’s ongoing labour dispute. (Comment attached)
  • Debt: Core bond yields were relatively unchanged yesterday, as Central Bank commentary came with no surprises.