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  • Equity Markets: Equity markets had a mixed day yesterday with the S&P500 +0.44% and the Nasdaq +0.69%, as Europe declined -0.13%. In the US, four sectors were in positive territory and 49% of stocks ended higher. IT and Utilities were best. Communication Services and. Consumer Staples were weakest. IT names reacted positively to news that Nvidia is planning $100bn investment in OpenAI to support new data centre builds for AI infrastructure. Nvidia rose +3.9% and Oracle rose +6.3%. In Europe, five of eleven sectors were in positive territory, with Utilities and IT best, and Consumer Staples and Communication Services worst. Porsche related names (Porsche Automobile Holdings -8.2%, Volkswagen AG -7.1% and Dr Ing Porsche P911 -7.1%) fell on the company’s latest profit warning and delayed EV launch
  • Macro: Yesterday in Europe, on the macro data front, EU consumer confidence improved slightly (-14.9 in September from -15.5 previously) but is still in negative territory. In the US, the only data out was the Chicago Fed National Activity index which improved to -0.12 from a downwardly revised previous read of -0.28 and came in above the -0.15 estimated. The Fed’s Bostic said he sees little reason to cut rates further for now, as he is concerned that inflation will be high for a long time. Musalem sees limited room for further interest-rate cuts, as policy should continue to lean against inflation. Barkin said he sees wage pressure steadily coming down, and a modest amount of tariffs going to consumers. Hammack said she is concerned about the level of inflation and sees labour supply demand in balance. Miran, the new Fed governor says rates should drop 2% to below 3%, which is completely at odds with the other Fed speakers.

    Economic releases today include Manufacturing, Service and Composite PMIs for Sep from France Germany UK EU and the US, with little change expected across the board. Later this morning, we have UK CBI Trends Total Orders (Sep). Then this afternoon from the US, we get the Philadelphia Fed Non-Manufacturing (Sep), Current Account Balance (2Q), and the Richmond Fed Manufact. Index (Sep).
  • Stocks: CRH: (Overweight PT 8721P Upside 4.4%): CRH confirmed the completion of the company’s acquisition of Eco Material Technologies. Kingspan (Overweight PT €84.70 Upside 28.4%): Management this morning confirmed Kingspan is exploring the potential IPO of its Advanced Building System segment.
  • Debt: Yesterday was particularly dead with bond markets oscillating around and ultimately finishing at Friday’s closing levels