- Macro: It was a broadly positive day for equity markets yesterday with Europe finishing in the green whilst in the US, the S&P 500 and the Nasdaq both finished the day higher, continuing a seven-day positive run, on dovish comments from Powell. From an economic standpoint today, the main items are US CPI @13:30 which will give us another insight into the rate of inflation out of the US, and Jobless Claims (Jul 6, 235k est. @ 13:30). From the Fed we will have Cook, Bostic and Musalem communicating.
- Stock: We have provided updates on Volkswagen and DCC following the issuance of sales data and a trading update, respectively.
- Debt: Core bond yields moved modestly lower yesterday as investors positioned themselves ahead of US CPI released this afternoon.
- Research Note Issued: We have initiated coverage on L’Oreal with a BUY recommendation and a price target of €450, providing 12% upside for investors.
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