- Macro: It was a positive day for markets with the S&P 500 and the Nasdaq finishing higher as markets continued a broad-based 8 day winning streak. Whilst in Europe the Stoxx 600 broad index finished the day marginally higher. Later today, EU construction output data will be released at 10:00, along with finalised CPI data for July in the EU with estimates for the Core CPI at 2.9% YoY. In the US the Philadelphia Fed Non-Manufacturing activity index out at 13:30. The Fed’s Barr and Bostic are speaking today on Cybersecurity and Innovating for Inclusion respectively. More importantly all eyes are on the Jackson Hole central banker and economist symposium which starts on Thursday.
- Stock: Following on from the EU’s antitrust push to open up the Apple Pay NFC technology function to third parties, last week Apple (Hold TP $200) announced that it would be opening up the technology to other payment companies outside the EU as well. We take this as a positive for PayPal (Buy TP $89).
- Debt: Core Bond yields were flat on a quiet day for markets.
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