Daily Note 25/08/2023 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • It was a risk off day for equities yesterday with all major indices apart for the UK ending the day in the red. Yesterday before the US markets opened, CRH issued better than expected H123 results and upgraded guidance.
  • We are issuing a post-results research note on Volkswagen today. Our new price target for the preference shares is €165, offering over 40% upside.
  • In the US, with unease starting to increase over the budget deficit, the assumption that politicians are happy to boost the economy with government cash and projected sustained budget shortfalls, treasury yields are continuing to rise, trading at their highest levels since 2007