- Macro: Global equities moved modestly higher yesterday as investors positioned ahead of Nvidia’s earnings after the closing bell in the US. The S&P500 rose 0.24% while the Nasdaq was up 0.21% as AI stocks, which started the day sluggish, rallied to the close of business. European stocks were broadly flat on the day. In the US, eight of eleven sectors were positive with 68% of stocks trading higher on the day. Energy (+1.15%) and Information Technology (+0.48%) were the strongest performers, whilst Communication Services (-0.09%) and Health Care (-0.03%) were the weakest. Nvidia’s shares declined by 3% in after hours trading as data centre revenue came in slightly below estimates despite growing segment revenue 56% YoY and beating EPS targets ($1.05 vs Est $1.01).The scale of the beat was deemed underwhelming. In Europe six of eleven sectors were positive with 33% of companies reporting higher. Information Technology (+1.09%) and Consumer Discretionary (+0.71%) were the best sectors whilst Financials (-0.8%) and Materials (-0.49%) were the weakest. Swatch Group AG, the Swiss based luxury watch manufacturer saw its shares jump 6.4% after CEO Nick Hayek eased shareholder concerns in relation to the impact of US tariffs. In macro news yesterday, the EU is seeking to fast track legislation that will remove all tariffs on US industrial goods by the weeks end. Whilst acknowledging the deal would favour the US, the EU has argued it is necessary to give European businesses stability and certainty. French Prime Minister Francois Bayrou is looking to negotiate directly with lawmakers over the next week as he looks to avoid a new election and run the risk of having to resign. In the US president Trump already hinted that he has a replacement in mind for Federal Reserve governor Lisa Cook, however Cook still plans to fight the case in court. In macro news today initial jobless claims for the week ended August 23rd in the US are out this afternoon. Estimated claims of 230K. Also Q2 US GDP will be published and is expected to increase to 3.1%. The Core PCE Price Index for Q2 will also be updated and is expected to increase to 2.6%.Central bank speakers today include the ECB’s Olli Rehn and the Fed’s Waller who will talk about monetary policy
- Stocks: Ryanair: (Overweight: PT €29.50, Upside 18%). Details of the company’s accelerated delivery of aircraft. Rio Tinto: (Overweight PT 5590p Upside 22%). Details of operational restructure and new executive team. ICG: (Overweight PT €6.50 Upside 13%): Commentary on H1 results released this morning
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