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Daily Note 18/07/2025 – Market View: Day Ahead, Macro, Stocks, Debt Markets

31.07.2025



  • Macro:Equity markets had a solid day yesterday with the S&P500 +0.54% and the Nasdaq +0.75%, supported by solid macro data in the US. Europe was higher at +0.96%. Economic releases today in Europe include May’s ECB Current Account and Construction Output. Whilst later in the US we get U. of Mich. Sentiment Index for July (61.5 est.), June’s Housing Starts (+3.3% MoM est.), and Building Permits (-0.5% MoM est.). There are no central bankers speaking today and the Fed’s communication blackout begins tomorrow.
  • Stocks: We have updates on AIB, PayPal, GSK and L’Oreal. (see pages 2&3)
  • Debt: Core bond yields in the US remained unchanged despite a positive raft of economic data as Fed speaker Waller suggested a cut at this month’s FOMC meeting. European yields were mixed despite little economic data