- Macro: Equity markets had a weak day yesterday with the S&P500 down -1.61% and the Nasdaq down -1.41%, as a $16bn 20-year Treasury auction saw weak demand as fears regarding the US deficit grow. Europe also declined but much less with a -0.04% decline. Later today we get French Business and Manufacturing Confidence. Manufacturing, Services and Composite PMIs are released for France, Germany, UK and Eurozone for May. The German IFO Business Climate survey for May is also expected to tick up. Then later in the afternoon from the US, we have the Chicago Fed Nat Activity Index, Jobless Claims, the various US PMIs, the Kansas City Fed Manufacturing Activity Index, and finally Existing Home Sales.
- Stock: Glenveagh issued a brief trading update this morning ahead of its AGM later today. (Comment attached)
- Debt: Bond markets saw long-end yields continuing to rise following weak demand for a US 20-year auction last night and ongoing passage of Trump’s tax bill.