Daily Note 05/06/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: It was a weak day for equities yesterday with the US up slightly and Europe down. The EuroStoxx600 finished modestly down, whilst the Nasdaq and S&P500 both closed marginally up respectively, as the market digested weaker labour market data.
  • Later today, in Europe we have PMI survey data out of France, Germany, the EU and UK from 8:50 to 9:30 which will give us an insight to the services side of the economy. Then in the US, weekly MBA mortgage applications at 12:00 followed by US PMI and ISM services data which will give us a similar view on the US economy.
  • Stock: This morning Ryanair issued its monthly passenger update for May, reporting a load factor of 95%, up from 94% in May 2023. We have also upgraded our price target on GSK after Delaware Superior Court Judge Vivian Medinilla ruled that the evidence supporting the Zantac allegations can be heard by juries, despite a federal judge in Florida previously rejecting similar claims. (Comments Attached)
  • Debt: Core bond yields moved lower on weaker labour data out of the US.