- Macro: It was a mixed session for equities yesterday with European equities ending marginally higher, whilst across the Atlantic, the Nasdaq and the S&P 500 both fell as investors digested a raft of earnings releases. From an economic perspective at 10:00 Eurozone core CPI is expected to show modest signs of easing down, albeit the French data may show some Olympic distortions. Across the Atlantic, ADP employment data for July is released at 13.30 and may give some clues on the likely direction of Non-Farm on Friday. Pending home sales are expected to have contracted in June by 7.4% when it is released at 15.00. The main data point today, however, will be the Fed’s FOMC meeting at 19:00 and whilst rates are forecast to remain on hold, there are expectations that Jerome Powell will indicate that a September rate cut is in the offing
- Stock: We had earnings releases from Paypal, L’Oreal, Microsoft, Rio Tinto, Smurfit Westrock, Bank of Ireland, Kerry Group and GSK.
- Debt: Core Bond yields drifted lower ahead of a busy day of data releases.
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