Daily Note 07/06/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: It was a mixed session for equity markets yesterday as the EuroStoxx600 climbed higher, whilst the Nasdaq and S&P500 both ended the day marginally down, as investors reacted to the ECB’s first rate cut in five years as well as looked ahead to today’s key US nonfarm payrolls report. Later today, the main release of note comes from the US, where US Nonfarm payrolls (May) are due to be released at 13:30. This will tell us the change in the number of people employed in the US economy last month, excluding the farming industry. Closer to home, the Irish Unemployment rate for April is released at 11:00.
  • Stock: We have issued a comment on LVMH’s succession plan and on the FTC announcement that it was opening an investigation into Microsoft’s ties with Open AI.
  • Debt: Core bond yields moved marginally higher on the back of Hawkish commentary out of the ECB.