- Macro: Equity markets had a moderately positive day yesterday. Europe’s Stoxx 600 index was up 0.47%, and the DAX 0.8%, after Germany’s cabinet approved a package of corporate tax breaks worth an estimated €46 billion. The Nasdaq was up 0.32% and the S&P500 finished flat. Economic releases today include Irish GDP and Unemployment at 11:00, the ECB’s rate decision (est. -25bps) at 13:15, and US Initial Jobless Claims (est. 235k), Continuing Claims (est. 1910k) and Trade Balance at 13:30. From the central bankers, in addition to the ECB’s Lagarde, the Fed’s Kugler and Harker, and the BoE’s Greene and Breeden, are scheduled to speak today.
- Stock: We have updates on Kingspan and TotalEnergies. (Comment attached)
- Debt: US treasury yields moved lower following the weaker than expected ADP Employment change and ISM services releases. European yields were stable ahead of the ECB’s decision.