- Macro: In Europe, the Stoxx 600 broad index was flat, while US markets fell yesterday with the S&P 500 and the Nasdaq down modestly. Companies linked to semiconductors came under pressure as the SOX Index fell by more than 9%. This comes as a Chinese startup ‘Deepseek’ managed to produce an AI model at a fraction of the cost and with less advanced chips compared to its US rivals, thereby putting pressure on valuations in the sector. Later today from the US we have Durable Goods Orders at 13:30, and FHFA House Price Index MoM for November at 14:00. At 15:00, we get the Conf. Board Consumer Confidence and the Richmont Fed Manufacturing Index. Today’s central bank speakers from Europe include the ECB’s Villeroy and Cipollone.
- Stock: We held a post-results meeting with Ryanair in our offices yesterday. We also have updates on AIB, Uniphar, and Roche. (Comment attached)
- Debt: Core Bond yields moved lower yesterday as investors looked towards safe haven assets amid volatile equity markets
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