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Daily Note 22/07/2025 – Market View: Day Ahead, Macro, Stocks, Debt Markets

25.07.2025



  • Macro: Equity markets had a quiet but mixed day yesterday with the S&P500 +0.14% and the Nasdaq +0.37%, whilst Europe was slightly down -0.08%, as markets took a pause ahead of the next wave of earnings results. Economic releases today include Irish PPI for June, as well as the ECB’s Bank Lending Survey. Over in the US, we get the Philadelphia Fed Non-Manufacturing Activity survey, and the Richmond Fed Manufacturing Index. From the central bankers, the BOE’s Bailey is speaking. The Fed is in its communications blackout period.
  • Stock: There was no major corporate news for our coverage.
  • Debt: Core bond yields declined in the absence of major economic data, as markets shift focus to the looming August 1st trade tariff deadline and the risk of a “no deal” scenario for the EU/US increases.