Opinion – Monday 15 July 2024

U.S. Equity Markets ended Friday firmer, with outperformance in the small-cap Russell 2000 (+1.1%) which closed out the week with strong gains, although the SPX and NDX saw weakness into the close to settle off best levels. In the wake of the US PPI report, which was...

Opinion – Thursday 11 July 2024

U.S. Equity Markets pushed to fresh record highs again on Wednesday with outperformance in Tech leading the gains. Semiconductors were buoyed by strong TSMC (TSM) sales numbers while Apple (AAPL) caught a bid on reports it is to boost its iPhone 16 shipments. Fed...

Opinion – Wednesday 10 July 2024

U.S. Equity Markets closed mixed on Tuesday. The S&P 500 again closed at a new all-time high while the small-cap Russell 2000 (-0.5%) was the underperformer. Sectors were mixed with Materials and Energy the laggards, as the former was weighed on by slight losses...

Opinion – Tuesday 9 July 2024

It was ultimately a rather uneventful session on Monday with the US highlight being mixed inflation expectations from the New York Fed SCE (see below). Meanwhile, over the weekend, a surprise French election result initially weighed on the Euro and EGBs, and in...

Opinion – Monday 8 July 2024

On Friday, the main focus was the US Non-Farm Payrolls Report. The headline came in above expectations at 206k (exp. 190k), although the prior saw a chunky revision lower to 218k from 272k, while the two-month net revisions were -111k from -15k. Meanwhile, the...

Opinion – Thursday 4 July 2024

On the shortened holiday trading day, the S&P and Nasdaq 100 managed to close at record highs while Bond Yields and the U.S. Dollar tumbled. The primary drivers of price action were a slew of soft economic data. The highlight was the woeful ISM Services PMI which...