- Macro: Equity markets had a moderately positive day yesterday with the S&P500 up 58bps and the Nasdaq up slightly more at +1.07%, after the US president announced a trade framework with the UK and hinted at tariff reductions with China, if talks go well. Europe performed similarly with a +40bps performance. There are no major releases out today in Europe or the US, though it is busy on the central banker front, with the ECB’s Rehn and Simkus talking as well as Bailey and Pill from the BoE. Five Fed members will also be speaking post the FOMC’s latest no-change decision.
- Stock: Reuters reported yesterday that Nestle had contracted Rothchild to advise on the sale of its water business. (Comment Attached)
- Debt: Core bond yields moved aggressively higher yesterday, led by UK Gilts following the BOE’s May interest rate decision.
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