- Macro: It was a mixed session for equities yesterday with Europe ending marginally higher whilst across the Atlantic, the Nasdaq and the S&P 500 both fell as investors positioned ahead of a raft of big tech earnings releases. From an economic perspective today. At 9:00 Eurozone PMI data is expected to come in flat MoM for July at 50.9 whilst the equivalent read in the UK at 9:30 is expected to show a modest expansion in industrial activity to 52.6. Across the Atlantic, at 14:45 PMI data will also be in focus with the composite read expected to fall modestly for July but remain firmly in expansionary territory at 54.2. Finally at 15:00 New Home Sales are expected to post a modest rebound in June relative to a sharp decline in the prior month.
- Stock: There were earnings releases from Alphabet, LVMH and Visa. (Comments Attached)
- Debt: Core Bond yields fell lower in Europe yesterday with no major catalyst to note.
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