• Macro: It was a risk-on session in equity markets yesterday, with the Eurostoxx600, the Nasdaq, and the S&P500 all making gains, as rate cuts added to investor optimism following the US election results. In the day ahead, the main economic data point is the University of Michigan Consumer Sentiment Index, which is expected to show a marginal increase for November. From central bankers, we will have commentary from the Fed’s Bowman and Musalem, Vujcic and Panetta from the ECB, and the BOE’s Pill and Breeden.
  • Stock: We have an update on Kingspan’s increased stake in Nordic Waterproofing. (Comment attached)
  • Debt: Bond yields were mixed as the UK and US moved lower on rate cuts, whilst political instability saw German yields rise.