The Weekly View 08 07 2024

Welcome to the Unio Weekly View for the week beginning 8th July 2024, our summary of markets and macro news.

In summary:

Earnings season kicks off this week with the main focus on the big banks and asset management companies. The 12th will be a busy day with JP Morgan, Wells Fargo and Citigroup all posting their Q2 results. With interest rates remaining high, it should result in positive net interest income for the banks, however on the flip side, the level of M&A activity and the revenue that flows from it may not be as high.

On the macro side, in France, the recent snap election has resulted in a hung parliament while in the US, uncertainty around President Biden’s ability to run as the Democratic nominee grows.

It's worth looking out for inflation data in both the US and China over the week. Chinese inflation data will be released on the 10th whilst CPI data in the US will be published on the 11th. The current headline and core inflation rates in the US are 3.3% and 3.4% respectively.

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