- Market Round Up: Global equity markets rallied for a third day in a row as investors looked past geopolitical tensions and turned attention toward the Federal Reserve meeting later today. The S&P500 gained 0.3%, the Nasdaq rose 0.5% whilst the Eurostoxx 600 also moved 0.5% higher.It was a solid day for US private equity and credit firms as Apollo (+5.3%), Ares (+5.1%), Blackstone (+4.6%) and KKR (+3.3%) were all in the top 25 performers in the S&P500 as several key deals reaffirmed confidence in the overall sector. The energy sector (+2.4%) continued to outperform the wider European index as crude prices ticked higher as Iran pressed ahead with attacks on energy infrastructure across the Middle East.It was a quiet day on the macro front with the highlight being the German ZEW Current Situation (-69.2) for March, which was weaker than estimates (-68.0). The expectations were also weak at (-0.5) compared to forecasts (39.2).
- Day Ahead and Market Drivers: Asian markets have started on the front foot this morning with Japan up 2.5%, Hong Kong gaining 0.9% and China increasing by 0.4% with memory chip stocks like Samsung (+6.6%) rallying as it is seen to be less exposed to the Middle East. On the macro side the focus today will be on the Federal Reserve interest rate decision at 6:00 P.M this evening. The market is guiding for an unchanged upper bound rate of 3.75%. Final Durable Goods Orders for January and MBA Mortgage Applications for the week ended the 13th March will also be released. In Europe the key focus today will be final CPI for February with a YoY rate expected to be 1.9%, with a 0.7% MoM change. From an earnings perspective the focus today will be on Micron Technology, who will report their 2Q26 results after the market and offer further guidance on the challenge around memory chip supply shortages.
- Stocks in focus: Supermarket Income REIT (Overweight PT 90p +13.5% Upside) – JV refinancing of debt facilities.
- Bonds: Global sovereign bond markets rallied yesterday as inflation concerns eased with the German 10-year down 5bps to 2.91%, the 10-year Gilt dropped 8bps to 4.69% whilst the US 10-year fell 2bps to 4.2%. From an auction perspective Germany will issue €1bn, 2.5% 2046 bonds alongside €1.5bn 30-year 2.9% bonds. The EU will issue €2.5bn worth of short-dated bills today as well. The ECB is in a communication blackout phase however we will get an update from the Federal Reserve, as its members will host a press conference post the interest rate call.
- Commodities: WTI Crude gained 2.8% yesterday to $96.21 p/b as supply chains through the Strait of Hormuz remains challenged. However, comments from President Trump, suggesting the “war may end soon” pushed oil down 3.3% this morning. Gold traded flat yesterday and is currently up 0.1% this morning. The Bloomberg US Dollar Spot Index slipped 0.6% yesterday and is currently down 0.1% this morning
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