- Macro: It was a weak day for markets with the S&P 500 and the Nasdaq both moving lower, as Magnificent 7 stocks were weak ahead of Nvidia’s results on Wednesday. Whilst in Europe, the Stoxx 600 broad index was also down, but by only marginally. Later today, we have UK CBI reported sales at 11:00, then in the US at 14.00 we get house price data for June from the FHFA and S&P CoreLogic Case Shiller. At 15:00, the August Conference Board Consumer Confidence index is released, as well as the Richmond Fed Manufacturing and Business Conditions index, and finally at 15:30 the Dallas Fed releases its services activity index. The ECB’s Knot and Nagel are speaking later today. No speakers are expected from the Fed today.
- Stock: Ryanair has announced the completion of its €700m share buyback programme launched on the 21st of May.
- Debt: Core bond yields moved modestly higher yesterday in a quiet day of trading.
- Research Note: We have issued a research note on CRH reiterating our BUY recommendation, increasing our price target to $100 (£75.75), up from $93.10 (£73.10) previously.
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