Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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February 2, 2024

BoE rate decision unsurprising & Meta beats expectations

Macro & Overnight

The BoE rate decision was not surprising, although the MPC member’s disagreement was. Two members wanted to raise rates.

Oil prices weakened yesterday, while bond yields have remained stable during this week of policy rate decisions.

US ISM data confirmed a robust US manufacturing sector.

US non-farm payroll data will be released later today with expectations for an increase of 180,000 new jobs.

US big tech had a strong results season, with Meta and Amazon exceeding expectations yesterday. Meta initiated a dividend payment, boosting its shares by 15% after hours.

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