We are continuing to see that sickle cyclical tilt. The financials, industrials leading the way higher that is part of this rate sensitivity narrative. We are seeing yields move higher. The 10 year up about eight basis points. That gives a boon to the financials, which are up by 4 . Stocks whichity are only higher by about 1. 4 . Underperforming. I want to talk about the reopening narrative, how that seems to be the only thing the market is focused on. You are seeing that layout in multiproperty small property stocks. Yes, the data still not looking good. Val 76. 2 ail traffic last week. It is better than the 90 drops we have seen. Notre seeing similar, its great, but its better than it was playing out in restaurants as well. Cheesecake factory given update yesterday. The stock is higher by 20 . Opened about a quarter of its restaurant so far and they are seeing about 75 of their business come back. It is lifting some of its restaurant. Higher today. I want to end on the dollar. I dont
Bloomberg. These are the stories that set your agenda. Hire for longer after the Central Bank Holds rates. Jerome powell keeps cuts on the table, with the timing is less than certain. Jerome it is unlikely that the next great move will be a hike. Tom the yen tumbles pairing a rapid rally on suspected intervention and a big day for earnings, Standard Chartered reports a profit beat. Shel and novo nordness report, but first ing. This is the news coming through, two and a half billion euro Share Buyback following a previous buyback. Rewarding investors with additional cash. In terms of net income, this came in in line with estimates of 3. 8 3 billion euros for the First Quarter it was a beat, the lender coming through with 1. 6 billion euros, ing added 99,000 primary customers, but the buyback of two and a half billion euros. I will be speaking to the ceo at 6 15 a. M. So stay with us. Reaction coming through from the lender. Markets are digesting what we heard from jay powell, no surpris
America Is Still Headed for a Soft Landing Don t rule out a surprise rate cut this summer.
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