Daily Note Archives

Market Round Up: Global equity markets traded mixed yesterday, as investors rotated out of expensive tech names toward economically sensitive sectors. The S&P500 slipped 0.53% and the Nasdaq fell 1.00%. EuroStoxx 600 ended up 0.15%. Magnificent 7 Index fell 1.5%, while S&P 500 Equal Weighted Index rose 0.4%. Small caps extended their outperformance, with the Russell 2000 outperforming the S&P 500 for the ninth consecutive session.The U.S. Supreme Court postponed a decision on challenges to President Donald Trump’s tariffs, pushing any ruling to at least next week. According to the Fed’s Beige Book, economic activity rose at a “slight to modest pace” across much of the country since mid-November, marking an improvement after three cycles of largely unchanged conditions. Asian markets were mixed this morning, with Japan up 0.7% while China is up 0.2%, with Hong Kong down -0.2%, continuing Wednesday’s drop after regulators raised minimum margin requirements

Day Ahead and Market Drivers: Equities: Looking at the day ahead, the main focus today will be on the release of initial jobless claims given the miss on non-farm payrolls last week, with expectations of a modest rise to 215k (vs 208k prior). In Europe, EU Industrial production is expected to turn lower for the first time in 3 readings to 0.5% (0.8% prior). This morning, UK Monthly GDP came out in line with forecasts rising 0.1% (-0.1%) turning positive for the first time in 5 readings. Today also brings December’s Irish inflation data, which is expected to ease slightly from November’s 3.2%. Even so, it reinforces the need for Irish savers to look to market based investments to preserve and enhance their capital in real terms. Earnings out today include: TSMC (FY 2025 Earnings Release), Morgan Stanley (Q4 2025 Earnings Release) and Goldman Sachs (Q4 2025 Earnings Release).

Stocks in focus: Glenveagh Properties (Not Covered): Summary of FY25 trading statement and read across for Cairn Homes. DCC (Overweight PT 7070p 59% upside): Update on Eastern European liquid gas businesses acquisition. LVMH (Neutral PT €630 +1% Upside): Readthrough post Richemont’s Q3 results this morning.

Bonds: The NTMA issued €5bn via the new 10 Year Benchmark Bond, that matures in June 2036. at a 3.145% yield, drawing €43bn+ in orders; Benelux and UK led demand, with banks accounting for the largest investor share. Cantor Fitzgerald was one of the lead bookrunners. Over 40% of the midpoint of 2026’s €10–14bn funding target is now complete; next bond auction set for 12 March. Elsewhere, bonds had a good day yesterday with US and UK long yields falling 6bps and 5bps respectively, with other Eurozone yields declining 2~3bps.

Commodities: In the commodities space, yesterday Brent crude oil rose 1.58% on geopolitical tensions, while Gold, silver, and copper set new records, with Gold rising 0.87%.