• Macro: It was a mixed day for equities yesterday as the EuroStoxx600 finished up, whilst in the US both the Nasdaq and the S&P500 fell as Autodesk and the broader Semis sector led the market down. Later today in the US, we will have the Phili Fed Business Outlook at 13.30, Initial Jobless Claims at 13.30, Existing Home Sales at 15.00 and the Conference Board Leading Index at 15.00. In Europe, Construction Output data is release at 10.00. Central Bankers featuring today include Bowman, Williams, and Bostic from the Fed, Guindos, Centeno, Simkus and Vujcic from the ECB, and Greene from the BoE.
  • Stock: We issued a stock note on Grafton Group (Buy (unchanged), target price £11.30).
  • Debt: US treasury yields steadied as the market digested Powell’s comments from yesterday.