Daily Note 12/04/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: It was a mixed day globally for equities as the EuroStoxx600 finished down 62bps, whilst in the US the Nasdaq climbed by 1.68% and the S&P500 by 0.74%. The market seems to be getting more optimistic about earnings season, despite rate-cut timelines being pushed out in the US. Later today in the US, we will have the University of Michigan Sentiment index (April, 79 exp @15.00) and import price data (March, 0.3% MoM exp @13.30).
  • Stock: We initiate on FBD Holdings with a Buy rating and price target of €16.00, which implies 20% upside.
  • Debt: Core bond yields were little changed as PPI data provided a cooler inflation picture compared to the recent CPI data.