Daily Note 29/08/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets

29.08.2024



  • Macro: It was a mixed session in markets yesterday, as Europe made gains, whilst the S&P 500 and the Nasdaq both ended in the red as investors took profits particularly in technology exposed names. From an economic perspective in the day ahead, at 10.00, investors are likely to receive confirmation that economic confidence in the Eurozone picked up modestly in August. At 13.00, German inflation is likely to have decelerated to 2.2% YoY in August. Across the Atlantic at 13.30 investors will be watching closely for any revisions to second quarter US GDP that currently stands at 2.8% YoY. Initial Jobless Claims are released at the same time and will take on added significance as the strength or otherwise of the labour market will likely dictate the quantum of cuts the Fed is likely to implement in September.
  • Stock: We have updates in relation to earnings from Grafton Group and Irish Continental Group, in addition to Datalex’s recent rights issue announcement.
  • Debt: Core bond yields were little changed yesterday ahead of the key inflation data over the next couple of days.