Daily Note 21/06/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: It was a mixed day for equities yesterday with the EuroStoxx600 finishing up, whilst the Nasdaq and S&P500 both closed lower, as investors took some profits after a seven-day advance in the Nasdaq. Later today in Europe we have French, German and Eurozone PMI figures which are all expected to show improvement. Then later in the US, we have S&P Global PMI expectations and existing home sales data, both are expected to decrease from their previous read. Finally, we have the “triple witching” quarterly event, where indexes, single stocks and ETF options are set to mature. It is estimated that options worth $5.5 trillion are set to expire and this might cause some short-term volatility in the markets and especially into the close.
  • Stock: European car sales data for May signalled a modest increase in Volkswagen’s market share. (Comments Attached)
  • Debt: Core bond yields moved modestly higher in both the US and Europe.