Daily Note 28/11/2023 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • It was a modestly risk off day for markets yesterday, with European and US indices finishing the day marginally in the red, as investors took some profits following a four-week rally.
  • Prior to holding its R&D day, Novartis this morning noted that having now completed its transformation into a “pure-play” innovative medicines company, it was upgrading its mid-term revenue growth guidance to 5% CAGR between 2022 and 2027.
  • US treasury prices were broadly flat on the day following a successful auction on Monday with the 10-year yield remaining close to a two -month low.