- Macro: Equity markets had a positive day yesterday with the S&P500 nearing a record close, and the Nasdaq also positive, amidst increased optimism for earlier rate cuts and easing geopolitical tensions in the Middle East. Europe was more muted, with the STOXX 600 closing only slightly higher, buoyed by defence and mining stocks. Economic releases today for Europe include June’s Confidence Indexes (Consumer, Industrial and Services) at 10:00, then in the US May PCE, Personal Income and Spending, at 13:30, followed by the U. of Michigan’s Sentiment Index at 15:00. From the central bankers, we will hear from the ECB’s Villeroy, Rehn and Cipollone, as well as the Fed’s Hammack and Cook.
- Debt: Core bond yields in the US were lower following the negative GDP revision and rising continuing unemployment claims.
