Daily Report

23 de Julho de 2024
Financial Markets | daily report 23.07.2024
  • Markets had a muted reaction to President Biden's decision to drop out of the presidential race and endorse Vice President Harris as the Democratic candidate. Sovereign bond yields were mostly unchanged on both sides of the Atlantic and the US dollar was flat against its main counterparts.
  • Equities looked beyond the political noise to focus on the start of the tech earnings season, as higher earnings are expected to give the main indices a boost. The Nasdaq powered ahead, and the S&P 500 also ended higher. Euro area equities advanced, supported by technology and consumer stocks.
  • Elsewhere, in China, the PBoC surprisingly lowered the seven-day reverse repo rate and the one and five-year loan prime rates, all by 10 bp, in an effort to prop up growth amid a slowing economy, weak consumption and a fragile real estate market. Chinese equities fell following the announcement and the yuan slightly weakened against the dollar.