Daily Note 01/05/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: Markets trended lower yesterday with European equities down, whilst in the US, the S&P 500 and the Nasdaq both finished in the red. From an economic perspective in the Eurozone, GDP for Q1 came modestly ahead of expectations at 0.4% YoY buoyed by positive numbers out of Germany and confirmed the currency bloc has exited a technical recession over the quarter. Eurozone CPI data for April was inline with expectations on a YoY basis at 2.4%, and despite a slightly hotter than expected core read, it leaves the ECB on track for a June rate cut. In the US, consumer confidence for April fell by more than expected to 97 vs 104 estimated, as sentiment was weighed down by elevated prices.
  • Stock: There were earnings releases from Amazon, PayPal, Glanbia and GSK. (Comments Attached)
  • Debt: Bond yields moved higher across the board yesterday after a hotter than expected US Employment Cost Index release.