- Macro: Markets in the US were very weak yesterday as the S&P 500 index fell 2.8% and the Nasdaq 4.2%, following President Trump’s ambiguous comments about the impact of tariffs on the economy over the weekend and market concerns about the related economic slowdown risks. Europe fared slightly better, but the Stoxx 600 broad index still fell -1.3%. Later today, from the US we have NFIB Small Business Optimism reading and JOLTS’ job openings data. In Europe, the ECB’s Nagel gives a lecture in Berlin.
- Stock: We have updates on FY24 results from Volkswagen and Supermarket Income REIT along with our recent meeting with the CFO and IR of Uniphar. (Comment attached)
- Debt: Core bond yields moved lower in the US yesterday as equity markets weakened
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