- Macro: Equity markets were mixed yesterday, with the Eurostoxx600 climbing modestly, whilst the US-based indices struggled for any positive momentum, with the Nasdaq and the S&P500 both ending in the red, as traders tentatively awaited commentary from Fed Chair Powell today. Later today, economic data is light. At 9:00, we have Eurozone one- and three-year CPI expectations and out of the US, New Home Sales are expected to have risen moderately during July. Out of Jackson Hole, in addition to Powel, investor attention will also be drawn to BOE Governor Bailey and any commentary around the expected path of interest rates in the UK. Markets will also digest commentary from Goolsbee and Bostic from the Fed.
- Stock: Yesterday we met with the investor relations team of DCC (BUY PT: £72.50) and came away with confidence in the business strategy which targets both topline and margin growth from its diverse portfolio companies, careful cost management in legacy businesses, focuses on generating return on capital and value realisation when appropriate. Last night CEO of Nestle (Hold PT:CHF95) resigned and will be replaced by an insider.
- Debt: Bond yields moved higher yesterday on Eurozone PMI and soft wage data.
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