The Market Call

The Market Call gives a periodic summary of major macro events, market themes and selected UK company-specific news.

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June 28, 2024

Week ending 28/06/24 – Companies Expect H2 Consumer Recovery

Gareth and Jeremy discuss the week's macro and UK market news before looking ahead to next week.

The headlines remain dominated by politics with more than one election every week during 2024.

The UK election outcome is largely known, but there is more uncertainty elsewhere.

We have seen a return of Yen weakness, which highlights the high level of Japanese government debt and very low bond yields. This could potentially have negative consequences for other financial markets, specifically the US treasury market.

UK companies discussed include Sanderson Design, Vertu Motors, Gear4Music, Watches of Switzerland, Warpaint, Revolution Beauty, AO World, and Marks Electrical, which all updated investors this week. The plight of the UK consumer has been uncertain, but there are increasing signs of a better H2. At least they are saying that their results will be more H2-weighted than usual. 

Next week, there are elections in France (Sunday) and the UK (Thursday), but on the economic news, the highlight will be US jobs data, with the main focus on Friday's non-farm payroll data, will they surprise to the downside for once?!

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