FRENCH PHARMACEUTICAL GIANT SANOFI RALLIED ON MONDAY following revised full-year earnings guidance suggesting 5 percent growth, the
stock
advanced 2.31 percent
.
Sanofi bonds
also traded notably higher in particular,
Sanofi (EUR) 1.25% 3/21/2034.
The growth was driven by the launch of a new brand Dupixent, in addition,
“Our increased focus in R&D delivered important results with several positive data read-outs and the achievement of regulatory milestones.”
FTSE 100 +1.87%,
German DAX +0.06%,
CAC 40
-0.06%,
STOXX Europe 600
+0.18%. The
10-year
Gilt lost 3.6 basis points.
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U.S. DURABLE GOODS ORDERS SURGED BY 2 PERCENT IN JUNE largely due to an increase in civilian aircraft orders. Core capital goods orders rose 1.9 percent on year-over-year basis suggesting the economy is picking up steam after two months of weak data. “The U.S. economy is stronger today because the rest of the world is in a recession. That’s not the way it’s supposed to work, but that’s the way it’s working now. Because the rest of the world is in a recession, our interest rates are scraping bottom. And because our interest rates are scraping bottom, our economy is actually doing pretty darn well,” said Todd Buchholz, former White House director of economic policy under President George H.W. Bush “Eighty-eight percent of our economy has pretty much nothing at all to do with exports or imports.”
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U.S. DURABLE GOODS ORDERS SURGED BY 2 PERCENT IN JUNE largely due to an increase in civilian aircraft orders.
Core capital goods orders rose 1.9 percent on year-over-year basis suggesting the economy is picking up steam after two months of weak data.
“The U.S. economy is stronger todaybecause the rest of the world is in a recession. That’s not the way it’s supposed to work, but that’s the way it’s working now. B
ecause the rest of the world is in a recession, our interest rates are scraping bottom. And because our interest rates are scraping bottom, our economy is actually doing pretty darn well,” said Todd Buchholz,
former White House director of economic
policy under President George H.W. Bush
“Eighty-eight percent of our economy has pretty much nothing at all to do with exports or imports.”
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EUROPEAN JUNK BONDS SLIGHTLY edged out investment-grade debt in net prices linked to actual trades following a day after the
European Central Bank’s
decision
to hold interest rates. ECB President
Mario Draghi
said the economic outlook is
“getting worse and worse”
referring to manufacturing dragging the economy lower.
FTSE 100 +0.81%,
German DAX +0.44%,
CAC 40 +0.55%,
STOXX Europe 600+0.31%. The
10-year
Gilt lost 1.9 basis points.
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THE EUROPEAN CENTRAL BANK SIGNALED FOR ADDITIONAL MONETARY EASING in the months ahead resuming its
mass bond-buying program
in November. TD Securities Analysts say, The ECB
“is clearly preparing for a package of policy easing in September.” Negative interest rates have
rippled across Europe offering investors no incentives to purchase sovereign bonds.
FTSE 100 -0.20%,
German DAX -1.61%,
CAC 40
-0.82%,
STOXX Europe 600
-0.82%. The
10-year
Gilt advanced 2.1 basis points.
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EURO ZONE PMI PLUMMETED IN JULY
as
German manufacturing
hits a seven-year low suggesting
further deterioration within the European economy;
PMI across the Euro Zone fell from 52.6 to 51.4. The
German automotive industry significantly contracted, however, the labor market and household spending remains robust preventing an all-out recession. “
The health of German manufacturing went from bad to worse in July.”
FTSE 100 -0.70%,
German DAX +0.39%,
CAC 40 +0.18%,
STOXX Europe 600
+0.50%. The
10-year
Gilt lost 1.1 basis points.
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EUROPEAN MARKETS RALLY FOLLOWING a number of
upbeat earnings
propelling
the indices higher on Tuesday. The DAX gained nearly 2 percent as
German luxury automotive giant Daimler spiked 4.77 percent following an announcement Chinese automotive group BAIC bought a five percent stake in Daimler.
FTSE 100 +0.8%,
German DAX +1.93%,
CAC 40
+1.26%,
STOXX Europe 600
+1.20%. The
10-year
Gilt dipped 2.4 basis points.
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EUROPEAN MARKETS INITIALLY EDGED HIGHER as investors await the
critical European Central Bank policy meeting update on Thursday. The central bank will disclose if they will cut the interest rate or wait until the next meeting in September. Investors will focus on
Mario Draghi
and how dovish his remarks are gauging the state of the economy.
“Largely European markets are lacking direction and probably shaping up for the ECB meeting this week.”
FTSE 100 +0.04%,
German DAX +0.22%,
CAC 40+0.08%,
STOXX Europe 600
+0.02%. The
10-year
Gilt dipped 1.4 basis points.
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INVESTMENT GRADE DEBT ROSE AGAINST junk bonds in net prices linked to actual trades. Total assets in US money market funds retreated from nearly 10-year highs last week as yields fall. Traders are estimating a 65 percent chance of a 25 basis point cut. “Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data.” S&P-0.47%, DOW -0.30, NASDAQ -0.24% The 10-year note dipped 4.6 basis points.
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INVESTMENT GRADE DEBT ROSE AGAINST
junk bonds in net prices linked to actual trades. Total assets in US money market funds
retreated from nearly 10-year highs last
week as yields fall. Traders are estimating a
65 percent chance of a 25 basis
point cut.
“Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data.”
S&P-0.47%,
DOW -0.30,
NASDAQ
-0.24%
The 10-year note dipped 4.6 basis points
.
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