- Macro: Global equities had a relatively positive day yesterday with the US and Europe both in the green. The S&P500 ended the day up +0.07% whilst the Nasdaq rose +0.18%. The market reacted positively to healthy earnings from Alphabet, the tech giant also confirming it would raise its CapEx spend by 13% to c.$85bn. The news supported a rally in chip giant Nvidia (+1.73%), as Alphabet remains a large customer to the chip manufacturer. Europe was up +0.24%. On the macro side today some of the key releases to look out for include the German IFO Business Climate index. Also, this morning will be the release of M3 Money Supply Data YoY for June in the Eurozone. Preliminary US Durable Goods Orders for June will be published today. Its estimated there will be a 10.5% contraction in orders for June. There are no central bank speakers to note today.
- Stock: We have updates on FBD, GSK and LVMH. (see pages 2, 3, & 4)
- Debt:US core bond yields rose following a positive labour market release and stronger PMI data. European yields were mixed as the ECB held deposit rates steady as expected.
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