The Unio Weekly View 01 07 2024

Welcome to the Unio Weekly View for the week beginning 01 July 20204, our summary of markets and macro news.

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In summary:

All eyes are on the UK this week as the general election takes place on the 4th. The Labour Party holds a commanding lead in the polls with c.42% in favour of a Keir Starmer government.

In the US, the Federal Open Market Committee (FOMC) minutes for the month of May will be released on the 3rd. The minutes should give some insight into policy officials thinking on when the first rate cut will come.

It was a disappointing week across global financial markets. In the equities space, the MSCI World fell 0.2% with the US down 0.3%, Europe down 0.7% and the UK down 1.1%. The latter two regions have seen a sell off in part due to the systemic risks coming from elections in England and France.

The same concerned reaction came in fixed income markets as all major countries saw a rise in their 10 year yields, both Italy and the US up 0.12% each. A continued rise in oil prices, up 1.4% over the week, after strong monthly gains, may well put pressure on headline inflation data released later this month.

At Unio Employee Benefits, we are happy to work with our clients to help provide solutions to help bridge these potential gaps for their scheme members. Contact your client manager directly or get in touch at enquiries@unio.ie