EUROPEAN STOCKS WERE SUBDUED ON WEDNESDAY
following a report the ongoing trade dispute between the US and China has a
“long way to go”
. In London, house prices
declined at the fastest pace in nearly a decade
during May revealing the impact of Brexit within the real estate market; prices fell 4.4 percent annually.
FTSE 100 -0.48%,
German DAX -0.59%,
CAC 40
-0.50%,
STOXX Europe 600
-0.79%. The
10-year
Gilt sank 6.2 basis points.
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GERMAN ECONOMIC CONFIDENCE
SLUMPED to an eight-month low in July supporting the desire of the market for
additional monetary stimulus. The country is typically a gauge of momentum for the bloc being its largest economy.
German chemical giant Bayer
received a boost advancing 1.7 percent following a U.S. judgment
cutting damages awarded
to an individual
claiming Roundup caused his cancer.
British pound
declines to a 27-month low.
FTSE 100 +0.71%,
German DAX +0.55%,
CAC 40
+0.80%,
STOXX Europe 600
+0.47%. The
10-year
Gilt gained 0.7 basis points.
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INVESTMENT-GRADE DEBT ROSE AGAINST high yield bonds in net prices linked to actual trades following weak GDP data from China revealing the country’s second-quarter growth rate fell to a 27-year low. In June retail sales and industrial production figures exceeded estimates relieving investor sentiment. S&P +0.02%, DOW +0.10, NASDAQ +0.17% The 10-year note dipped 3.5 basis points.
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INVESTMENT-GRADE DEBT ROSE AGAINST
high yield bonds in net prices linked to actual trades following
weak GDP data from China
revealing the country’s second-quarter growth rate fell to a 27-year low. In June retail sales and industrial production figures exceeded estimates relieving investor sentiment.
S&P
+0.02%,
DOW +0.10,
NASDAQ
+0.17%
The 10-year note dipped 3.5 basis points
.
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Topics:
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
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EUROPEAN EQUITIES REBOUND AFTER
weak economic data from China reported the
economy expanded at its slowest pace in 27 years
in the second quarter citing trade tensions and the
absence of domestic economic stimulation.
Contradicting data revealed
industrial output and retail sales exceeded
estimates.
Greece
announced plans to
issue a 7-year bond
with a target of 2.5 billion euros “
subject to market conditions”.
FTSE 100 +0.41%,
German DAX +0.55%,
CAC 40
+0.21%,
STOXX Europe 600
+0.32%. The
10-year
Gilt dipped 4.3 basis points.
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EURO ZONE INDUSTRIAL PRODUCTION REBOUNDED in May
advancing by 0.9 percent exceeding estimates
a pleasant surprise to many investors. The production of consumer goods drove output higher notably in
France increasing 2.1 percent month-over-month
. Despite the expansion in all major economies production is down 0.5 percent from one year prior.
“If you look at the industrial production figures for the Eurozone they were better than expected, which is obviously a welcome sign - and in the background you have the Fed as well and we now expect a cut in July.”
FTSE 100 -0.13%,
German DAX -0.03%,
CAC 40
+0.29%,
STOXX Europe 600
-0.01%. The
10-year
Gilt dipped 0.2 basis points.
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US MONEY-MARKET FUNDS pulled in $28 billion in the week ended Wednesday marking the third consecutive week of inflows rising to the highest levels since 2009. A weak global economic outlook and trade concerns have sparked fear in investors fleeing to assets with minimal risk. Middle market loan issuance rebounded in the second quarter of 2019 spiking 48 percent. “Clearly the volatility at the end of 2018 had a negative impact on all segments of the loan market in the first quarter.” The S&P 500 hit an all-time high rising above 3,000 for the first time. S&P +0.11%, DOW +0.71, NASDAQ -0.17%. The 10-year note dipped 6.5 basis points.
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Loans,
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US MONEY-MARKET FUNDS pulled in $28 billion in the week ended Wednesday marking the
third consecutive week of inflows rising to the highest levels since 2009.
A weak global economic outlook and trade concerns have
sparked fear in investors
fleeing to assets with minimal risk
. Middle market loan issuance rebounded in the second quarter of 2019 spiking 48 percent.
“Clearly the volatility at the end of 2018 had a negative impact on all segments of the loan market in the first quarter.”
The S&P 500
hit an all-time high rising above 3,000 for the first time.
S&P +0.11%,
DOW +0.71,
NASDAQ -0.17%.
The 10-year note dipped 6.5 basis points
.
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Investment Grade,
Loans,
Analytics,
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market update
GERMAN INFLATION TICKED HIGHER moving closer to the
European Central Banks target
coming in at 1.5 percent in June. Inflation across the euro zone has
lagged behind the ECB’s target
for years; Germany’s data is uplifting for the economy despite the
ECB lowering growth estimates across the bloc. Crude oil continues to climb amid a
tightening supply and draws from stockpiles globally.
FTSE 100 -0.35%,
German DAX -0.45%,
CAC 40
-0.23%,
STOXX Europe 600
-0.18%. The
10-year
Gilt advanced 8.1 basis points.
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JEROME POWELL SIGNALED A RATE CUT IS LIKELY IN JULY citing the Fed will “act as appropriate to sustain the expansion” despite global weakness and the ongoing trade spat. “Manufacturing, trade and investment are weak all around the world ... We have agreed to begin (trade) discussions again with China, and that is a constructive step. It doesn’t remove the uncertainty.” Gold rallied 1.33 percent following Powell’s dovish remarks and the major indices finished near all-time highs. The 10-year note dipped 0.3 basis points. S&P +0.45%, DOW +0.29, NASDAQ +0.77%
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