Daily Note 31/05/2024 – Market View: Day Ahead, Macro, Stocks, Debt Markets


  • Macro: It was a mixed day for equities yesterday with the US down and Europe up. In Europe, the EuroStoxx600 finished up, whilst the Nasdaq and S&P500 both closed in the red. It’s a very busy data today. In Europe, at 09:30 we have UK Consumer Credit (Apr 1.4bn est.), Mortgage Approvals and Net Lending for Dwellings as well as Money Supply data. At 10:00 EU CPI data for May is announced (2.7% Core YoY est.). Then later in the US, at 13:30 data for April’s Personal Income (0.3% MoM est.), Personal Spending (0.3% MoM est.), and the important Personal Consumption Expenditure (PCE) deflator (Headline 2.7% YoY / 0.3% MoM, Core 2.8% YoY / 0.3% MoM est.) and finally at 14:45 we have Chicago PMI (May 41.5 est.)
  • Stock: On Wednesday, the Bank of Ireland announced two new fixed-term deposit accounts with higher interest rates: a 2-year account with a 3.00% interest rate and a 1-year account with a 2.50% interest rate.
  • Debt: Core bond yields moved lower on weak US housing and PCE data.