Daily Snapshot

Daily Snapshot – 9 September 2024

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So have you taken the plunge and done yours yet? Or are you holding out? Yes it’s that time of year for the bi-annual #WardrobeChange. That slightly painful moment when you switch out the shorts and linen shirts for your chunkier tops and coats. Maybe you’ve got a cupboard big enough for both of course but I’d hazard a guess a few readers might be with me in shrink wrapping their summer gear and dusting off the winter casuals. The issue – of course – comes when we have the weather that lies ahe…

Daily Snapshot

Daily Snapshot – 5 September 2024

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Twas’ a dreary old day in London, with some early samples of the yellow thunderstorm which is supposedly on its way and times like these normally call for some home comforts. A pint of Guiness normally does the trick for myself and given the strong response rate to the biscuit survey in previous editions of the Snapshot, it seems only right to get some feedback on where the best glass of Guiness can be sourced in London? My choice would have to be the Sheephaven Bay (I am possibly biased) but v…

Daily Snapshot

Daily Snapshot – 4 September 2024

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Well there was never really doubt where we were headed today was there? Appetite for risk has completely absconded with a plethora of reasons for mkt concern and our charts wizards are on the ball as always with important levels to be aware of now that Sept seasonality looks to be well underway. We kicked off proceedings on the back of a pretty bleak handover from the US, which saw the SOX index fail to clear its 50dma alongside fresh new lows for the Mag7 which is now a relative underperformer…

Daily Snapshot

Daily Snapshot – 3 September 2024

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It feels like the words ‘wait and see’ have been haunting those behind the screen here in Europe for quite some time now and as we exit the ‘end-of-summer lull’, those hoping to trade some daylight hours in exchange for an uptick in volumes may have found small respite in participation levels improving vs the 5 &10d ma’s today, but sadly well below the 20d as much of today’s session was spent waiting for US mkts to reopen following Labor day. Mean reversion was behind most early moves, as yday…

Daily Snapshot

Daily Snapshot – 2 September 2024

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I was trying desperately to think of reasons not to compose a Snapshot today (plenty) but there was just enough out to convince me it was the right thing to do despite the Stoxx 600 ending the day flat. Our U.S/Canadian friends off for Labor day and the Labor market feels like number one focus as we get the next NFP reading this Friday which will go a long way to dictate the size of the first Fed cut later this month (Remember what happened last NFP!?!). Seasonality isn’t great for the next few…

Daily Snapshot

Daily Snapshot – 29 August 2024

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Hold the press – we had a very late entry to the Biscuit competition and it has gone right to the top of the charts – A Garibaldi. How have I never had one of these before?! Not too sweet, certainly not to be dunked in a cuppa but its stood the test of time, being consumed for over 150 years! Looking at the session today it turned out that Nvidia wasn’t that important for us in Europe as the Stoxx 600 headed towards a new all-time high but didn’t quite make it (DAX did make an all-time high) a…

Daily Snapshot

Daily Snapshot – 28 August 2024

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The more I thought about today’s session the less it seemed to matter as the countdown clock ticks ever closer to go time for the most anticipated (and arguably most important) set of numbers for the year? Yes Europe will be a little more sheltered given the lack of AI exposure but given the size of the implied move (c$300bn mkt cap swing in either direction) it will have a fairly significant impact on the next directional move for the whole Equity complex it feels. Ahead is a tricky seasonal…

Daily Snapshot

Daily Snapshot – 27 August 2024

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Back from the Bank Holiday and Keir Starmer didn’t waste any time in warning us that the autumn Budget is going to be ‘painful’. Brilliant. BBQ’s are still warm, Notting Hill filled with debris from the Carnival and barely 10am before he dropped that gem. It probably shouldn’t come as a huge surprise given the recent chatter about public finances but it did sour the mood. Lifting the mood news that Oasis announced a reunion tour in the UK, I was asked ‘would I try buy tickets this weekend?’… I…

Daily Snapshot

Daily Snapshot – 22 August 2024

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It’s very quiet out there and the first thing to note is we’re on track for the lowest volume week YTD and that won’t come as a surprise to anyone who’s had the short straw at working this week! The Stoxx 600 ended the day up 35bps and resumed bumping higher without too many noticing. The Euro Stoxx 50 and Stoxx 600 are back above the 200dma which is encouraging and many once again will be hoping that the Japanese CPI, Ueda testimony and Powell’s Jackson Hole testimony all pass fairly smoothly…

Daily Snapshot

Daily Snapshot – 20 August 2024

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There was barely more out today than yesterday to justify a Snapshot (executive decision taken) but with very little else to do with volumes collapsing into an August chasm I thought I’d use my time wisely. The low volume grind higher which has been ongoing with very little fanfare or excitement (and hardly any incoming) took a pause today as things ran out of steam a little with the Stoxx 600 ending the day -45bps. The S&P 500 would be up for the 9th day in a row if it were to close higher tod…