- Market Round Up: Yesterday equity markets had a moderately positive day with the S&P500 +0.5%, Nasdaq +0.4% and Europe +0.2%, in a relatively quiet day ahead of the FOMC’s rate decision tomorrow. Intel fell -5.7% giving back some of its recent gains after its results showed supply constraints hampered its ability to meet demand, whilst Arista Networks rose 5.4% as Cloud networking stocks had a strong day. In Germany the IFO survey was the main driver of markets with the result flat on previous month but below expectations. US data was mixed with stronger than expected Durable Goods orders, and much better Dallas Fed Manufacturing Activity data, as well as better Chicago Fed National Activity index results for November. Big movers in the US aftermarket yesterday were CVS Health (-9.1%) and United Healthcare (-8.6%) as US health insurers declined on a US government plan to maintain Medicare payment rates at current levels. Asian markets this morning are relatively unchanged (Tokyo +0.3%, China -0.03%) except for Hong Kong that is up 1.3%, as HK listed tech stocks outperformed.
- Day Ahead and Market Drivers: Equities: Today the market will be focused on results from Boeing, UPS and Northrup Grumman on the industrial side, Kimberly-Clark, LVMH, Packaging Corp and PPG on the consumer exposed sectors alongside Seagate, and Texas Instruments on the technology front. On the macro front we get house price data, and the Richmond Fed Manufacturing index as well as the Conference Board’s Consumer Confidence Index, where a small improvement to 90.9 from 89.1 is expected
- Stocks in focus: Uniphar (Overweight €4.90, 36.5% Upside) Commentary on FY25 trading statement and increase in price target from €4.75 to €4.90.
- Bonds: US and UK bonds were little changed, but German yields fell 4bps on the weaker than expected IFO survey result. The market continues to expect no rate change at tomorrow’s FOMC meeting and continues to expect a rate cut June or July, before a second cut later in the year. It is another busy day in terms of Government bond auctions, with the UK selling 2033s, Germany 2028s, and Italy 2028s, 2031s and 2056s. We have Kocher, and Nagel from the ECB speaking today.
- Commodities: This morning oil futures are down for a second day, -0.36% and -0.5% for WTI and Brent respectively, as supply worries hit the market despite extreme cold weather in the US, boosting energy demand for heating. Precious metal futures are weaker than spot prices this morning with silver futures down 2.2% whilst gold futures are roughly flat +0.01% so far today.
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