- Equity Markets: US equity markets moved higher as the world’s biggest technology firms pushed stocks to record highs, fuelled by speculation that artificial intelligence will continue to boost profits for companies. The S&P500 increased +0.23% and the Nasdaq rose +0.80%. Europe fell -0.22%. In the US, three sectors were in positive territory with 21% of stocks ending higher. IT (+1.64%) and Consumer Discretionary (+0.31%) were best, while. Real Estate (-2.22%) and Utilities (-1.66%) were weakest. Nvidia rose (+4.98%), after unveiling a new system that links quantum computers with the company’s AI chips, leveraging an emerging technology that promises dramatically faster processing to accelerate breakthroughs in medicine and materials science. In Europe, five of eleven sectors were in positive territory with 38% of stocks ending higher. Utilities (+1.22%) and IT (+0.46%) were best, while Health Care (-1.73%) and Real Estate (-0.88%) were worst. Novartis AG (-4.14%) results disappointed investors, raising concern about the Swiss drugmaker’s capacity to cope with increasing generic competition. Iberdrola shares rose (+3.42%) to a record high, after the Spanish utility company raised its 2025 adjusted net income forecast.
- Macro: In macro news yesterday, in Europe, Ireland Retail Sales Volume MoM rose 0.2% (-1.0% prior). In the US, FHFA House Price Index MoM rose 0.4% (-0.1% est) in August, the most since January. The Richmond Fed factory index improved to -4.0 (-12 est) in October from -17.0 in September. Consumer confidence declined by 1.0 point in October to 94.6, remaining above the consensus estimate of 93.4. Economic releases today include MBA Mortgage Applications and Pending Home Sales, with the Fed expected to cut rates by 0.25% later today at the FOMC meeting.
- Stocks:Bank of Ireland: (Overweight. PT: €14.60, c.6.4% upside): Commentary on a solid Q3 interim management statement.Visa: (Neutral. PT: $363 c.4.5% Upside): Update after the release of the company’s in-line Q4 results, with a PT increase.Paypal: (Overweight. PT: $97, 33% upside): Update after the release of positive Q3 results yesterday.GSK (Neutral PT: 1660p, 1% upside): Commentary after strong Q3 results released this morning.
- Debt: Another very quiet day in bond markets yesterday as we await Central Bank meetings starting with the Fed tonight (25bp cut priced in and probable announcement of end to Quantitative Tightening (QT)) and BOJ and ECB tomorrow
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