Daily Note 27/03/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: Yesterday, again, we had European and US equities moving in different directions. European equities rose by 24bps, whilst the US S&P 500 and Nasdaq fell -28bps and -42bps respectively, on possible continued profit taking and quarter-end rebalancing out of equities with the S&P500 up almost 10% in three months. Today in Europe we have Confidence indicators for France (March @7.45, 90 exp.) and the EU (Mar @10.00, 96.2 exp.) The Bank of England releases minutes from their recent meeting. Two ECB council members (Cipollone, Kazaks) and one Fed member (Waller) will give speeches. Plus, in the US we get the weekly Mortgage Application numbers.
  • Stock: We are issuing a research note on Smurfit Kappa, reiterating out Buy rating on the stock, increasing our price target to €47.50, up from 45.20 previously, implying 13% upside for investors.
  • Debt: Core bond yields were little changed ahead of Friday’s US Income and Inflation data and the Easter break.