Daily Note 16/05/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: It was a positive day for equities yesterday as the EuroStoxx600 finished higher, whilst in the US the Nasdaq finished in the green and the S&P500 closed at all-time highs, as CPI data drove optimism about rate cuts thus supporting market sentiment. Later today in the US, we have Initial Jobless Claims (May 11th 220k exp @ 13.30), Housing Starts (Apr 1420K exp @ 13.30), Philadelphia Fed Business Outlook (May 8.0 exp @ 13.30), Import Prices index (Apr 0.3% MoM exp @13.30), Industrial Production (Apr 0.1% MoM @14.15) and Capacity Utilisation (Apr 78.4% @ 14.15). There are no releases in Europe. Central Bankers featuring today include Barr, Barkin, Harker, Mester and Bostic from the Fed, Guindos, Panetta, De Cos, Centeno, Magel and Villeroy from the ECB, and Greene from the BoE.
  • Stock: According to a report in the Irish Times yesterday, Bank of Ireland has decided to wind down its British corporate and commercial loan book. (Comments Attached)
  • Debt: Core bonds rallied yesterday off the back of lower than expected CPI and Retail Sales out of the US.