FRENCH INDUSTRIAL OUTPUT FELL
2.3 percent month-over-month the fastest pace in over a year, a
significant reduction
in petroleum manufacturing caused the drop.
Germany’s exports slightly declinedin June as imports rose for the first time in three months.
FTSE 100 -0.41%,
German DAX -1.31%,
CAC 40 -1.16%,
STOXX Europe 600 -0.82%. The
10-year Gilt lost 3.1 basis points.
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EUROPEAN EQUITIES CONTINUE TO TUMBLE
ON MONDAY as the Chinese yuan breached the critical 7 per dollar level for the first time in a decade.
“The fact that they have now stopped defending 7.00 against the dollar suggests that they have all but abandoned hopes for a trade deal with the U.S.”Analysts suspect China is
controlling its currency as retaliation
for recent plans by the US to hike tariffs an additional 10 percent.
FTSE 100 -2.71%,
German DAX -1.93%,
CAC 40
-2.27%,
STOXX Europe 600-2.43%. The
10-year
Gilt lost 3.6 basis points.
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EUROPEAN INDICES PLUNGE
after a statement from the U.S. indicating an additional
10 percent in tariffs on Chinese goods
ending a brief trade truce. Asian and U.S. markets were also trading lower on the announcement.
Oil futures tumbled
more than 7 percent overnight marking the
largest drop in four years
before recovering losses.
FTSE 100 -2.38%,
German DAX -3.04%,
CAC 40-3.39%,
STOXX Europe 600
-2.47%. The
10-year
Gilt slipped 4.3 basis points.
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EUROPEAN INVESTMENT GRADE DEBT ROSE AGAINST JUNK BONDS
in net prices linked to actual trades. The Bank of England further
slashed its growth forecasts citing
Brexit is impacting the economy more than initially anticipated.
The bank gave no indication of a rate cut
as central bank globally are cutting rates most recently the
US Federal Reserve lowered rates by 25 basis points.
FTSE 100 -0.14%,
German DAX +0.38%,
CAC 40
+0.59%,
STOXX Europe 600
+0.38%. The
10-year
Gilt lost 2.6 basis points.
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EURO ZONE GDP GREW BY A DISMAL 0.2 PERCENT during the second quarter of 2019 down from 0.4 percent during the first three months of 2019.
Slowing GDP across the euro zone
strengthens a case for the European Central Bank to initiate additional monetary easing.
“We expect the ECB to respond to this broad-based economic weakness – which we think is likely to continue – with a round of extra policy easing, including restarting QE and cutting rates.”
FTSE 100 -0.81%,
German DAX +0.39%,
CAC 40+0.27%,
STOXX Europe 600
+0.18%. The
10-year
Gilt lost 1.1 basis points.
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CONSUMER CONFIDENCE SURGES TO 135.7 NEARING AN 18-YEAR HIGH set back in October of 137.9. Despite the strong confidence among consumers the Fed is expected to cut rates fearing damage done by the trade dispute is worse than anticipated. “Consumers are once again optimistic about current and prospective business and labor market conditions.” Gold held steady as a safe-haven asset for investors fleeing volatility. The 10-year note lost 0.5 basis points. S&P -0.28%, DOW -0.09, NASDAQ -0.24%
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CONSUMER CONFIDENCE SURGES TO 135.7 NEARING AN 18-YEAR HIGH set back in October of 137.9. Despite the strong confidence among consumers the
Fed is expected to cut rates
fearing
damage done by
the trade dispute
is worse than anticipated.
“Consumers are once again optimistic about current and prospective business and labor market conditions.”
Gold held steady as
a safe-haven asset
for investors fleeing volatility.
The 10-year note lost 0.5 basis points
. S&P
-0.28%,
DOW -0.09,
NASDAQ
-0.24%.
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EUROPEAN INVESTMENT GRADE BONDS ROSE against its high yield counterparts in net prices linked to actual trades. Euro zone economic
sentiment further declined
in July
indicating a
deteriorating economy supporting European Central Bank President Mario Draghi case for
monetary easing. The pound
dips to a 28-month low
meanwhile the dollar held near two-month high.
FTSE 100 -0.50%,
German DAX -2.38%,
CAC 40
-1.83%,
STOXX Europe 600
-1.60%. The
10-year
Gilt lost 2.1 basis points.
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INVESTMENT GRADE DEBT ROSE AGAINST JUNK BONDS
in net prices linked to actual trades.
Car sales are expected to slump in July
as increased costs drove
prices higher
preventing Americans from signing on the dotted line. Sales are
expected to dip by 1.8 percent
. Despite the recent slowdown auto dealers are not concerned,
“While trade risk remains a threat, transaction prices continue to rise and economic growth is moderating, sales in the second half of the year could outperform expectations.”
The 10-year note lost 0.8 basis points
. S&P
-0.18%,
DOW +0.11%,
NASDAQ
-0.45%.
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INVESTMENT GRADE DEBT ROSE AGAINST JUNK BONDS in net prices linked to actual trades. Car sales are expected to slump in July as increased costs drove prices higher preventing Americans from signing on the dotted line. Sales are expected to dip by 1.8 percent. Despite the recent slowdown auto dealers are not concerned, “While trade risk remains a threat, transaction prices continue to rise and economic growth is moderating, sales in the second half of the year could outperform expectations.” The 10-year note lost 0.8 basis points. S&P -0.18%, DOW +0.11%, NASDAQ -0.45%.
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