- Equity Markets: Global equities pushed higher yesterday. The S&P500 rose +0.2%, the Nasdaq increased +0.5% and European equities jumped +0.1%.In the US, five of eleven sectors were positive with 37% of companies moving higher on the day. Consumer Discretionary (+2.1%) and Information Technology (+1.7%) were strongest. Materials (-0.6%) and Consumer Staples (-0.5%) were weakest. Microsoft (-0.2%) confirmed a $9.7bn deal to purchase AI cloud capacity from IREN (+11.5%) Ltd over a 5-year period which is estimated to generate annual revenue of $1.94bn for IREN. Amazon (+4.0%) followed suit after the company agreed a $38bn deal to supply OpenAI with computing power and access to Nvidia (+2.2%) chips for an initial 7-year period. In Europe, seven of eleven sectors were positive with 44% of companies moving higher on the day. Information Technology (+1.1%) and Consumer Staples (+0.4%) were the strongest. Communication Services (-1.3%) and Materials (-1.1%) were the weakest. It was a strong day for Gaztransport Et Technigaz (GTT) (+8.7%) after the engineering and LNG containment company updated its guidance post results after the closing bell on Friday. Other energy players such as A2A (7.2%) rallied as momentum carried the sector.
- Macro: In macro news yesterday final French Manufacturing PMI for October came in at 48.8 (est 48.3), stronger than expected but still in contraction as output and new orders saw further marked decreases. UK Manufacturing PMI for October was also slightly better than estimates, coming in at 49.7 (est 49.6). German Manufacturing PMI for October was in line at 49.6. US ISM Manufacturing data for October was 48.7, weaker than estimates of 49.5. This morning the RBA held its base interest rate steady at 3.6%, which was widely priced in by the market as lingering inflation challenges persist. In macro news today, the focus is on the US. September final Durable Goods and Factory Orders are due to be issued alongside JOLTS Job Openings (est 7163k). Trade balances for September are also due (est -$64.1bn)
- Stock: Dalata Hotel Group: (Delisting): Details relating to the delisting of Dalata Group on 6th November. AIB Group: (Overweight. PT: €8.30 c.3.4% Upside): Update following release of Q3 results this morning
- Debt: Bond markets satrted the week on the back foot with mor large US corporate deals hitting the screens
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