- Market Round Up: Equities moved higher yesterday following a report that reinforced confidence in the economy’s durability and showed inflation continuing to ease. The S&P500 climbed 0.8%, the Nasdaq rose 1.3%, whilst the Eurostoxx 600 gained 1.4%. Amazon climbed 3.9% as it reduced headcount in its robotics unit, extending its ongoing cost-cutting drive. Rolls-Royce jumped 4.6% as a broker raised its price target and earnings forecasts for the British aerospace and defence group following the company’s release of full-year 2026 guidance and upgraded medium-term targets.In other developments, Treasury Secretary Bessent noted that the global tariff rate is expected to rise from the current 10% to 15% later this week. The announcement comes ahead of his reported meeting in Paris with China’s Vice Premier He Lifeng for trade discussions. On the macro side, the latest data shows the U.S. services economy accelerating at its fastest rate since mid-2022, as the price index eased to its lowest level in roughly a year, signalling moderating inflation pressures
- Day Ahead and Market Drivers: Equities: Asian equities are trading higher this morning with Japan up 1.9%, Hong Kong up 0.1% and China up 0.7%. On the macro front today, in the Eurozone, France’s industrial production is expected to show an improvement.In the UK, the Construction PMI is anticipated to indicate a modest increase. In the US, the latest Initial Jobless Claims data for the week ending 27 February will be released.On the earnings side today we have FY25 results from Greencoat Renewables, Grafton Group, Aviva, Permanent TSB and Irish Continental Group, In the wider European market, we have names like Deutsche Post AG, Merck and Reckitt Benckiser. In the US, Costco Wholesale Corp and Marvell Technology Inc will have earnings releases.
- Stocks in focus: ICG (Overweight €7.50 +15.5% Upside) – Solid FY25 results and increased PT from €6.90 to €7.50. PTSB Holdings (Overweight PT €3.47 c. 10% upside) – FY earnings commentary. Grafton Group (Overweight PT £12.05 +31% Upside) – Update post FY25 results. Greencoat Renewables (Overweight PT €0.99 c. 44% upside) – FY results commentary and new capital allocation plan. Aviva (Neutral, PT 665p -0.3% downside) – Full Year 2025 results commentary.
- Bonds: Global bond markets were mixed as the yield on 10-year U.S. Treasuries rose four basis points to 4.10%. Germany’s 10-year yield was little changed at 2.75%. Britain’s 10-year yield declined three basis points to 4.44%. From central bank speakers we have the ECB’s: Guindos, Rehn and Nagel.
- Commodities: Gold is up 0.7% this morning amid geopolitical tensions and tariff uncertainty. In energy markets, energy supply fears persist as Iranian strikes on Middle Eastern energy sites and reduced traffic through the Strait of Hormuz continue to disrupt regional flows. Brent is up 2.7% this morning, trading at $83.6.
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