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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INVESTMENT-GRADE BONDS edged out high yield debt in net prices linked to actual trades. The
UK economy rebounded after contracting 0.4 percent in April
expanding by 0.3 percent in May
lifted by a
jump in auto production.
“While all of this is ultimately
a temporary phenomenon, the
underlying growth story
doesn’t look a whole lot better.”
FTSE 100 -0.01%,
German DAX -0.55%,
CAC 40-0.10%,
STOXX Europe 600
-0.19%. The
10-year
Gilt rose 0.3 basis points.
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BOND INVESTORS TURN BEARISH on longer-dated U.S. government debt following the release of asound June payroll report and reducing bets the Fed will cut interest rates this month. Analysts say a prolonged inverted yield curve is a predictor of a recession and has foreshadowed the last nine recessions. “It has to stay there for a couple of months before you start to worry. One month or so, we wouldn’t consider it a lengthy period of time,” said Falconio. “We believe it’s an indicator of a long-term recession, however, it isn’t signaling a recession any time soon.” The spread between the two and ten-year notes narrowed to 14.2 basis points, the closest since May 31st. The 10-year note advanced 0.8 basis points. S&P +0.12%, DOW -0.08, NASDAQ +0.54%
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BOND INVESTORS TURN BEARISH
on longer-dated U.S. government debt following the release of a
sound June payroll report
and reducing bets the Fed will cut interest rates this month. Analysts say a prolonged
inverted yield curve is a predictor of a recession
and has foreshadowed the last nine recessions.
“It has to stay there for a couple of months before you start to worry. One month or so, we wouldn’t consider it a lengthy period of time,” said Falconio. “
We believe it’s an indicator of a long-term recession, however, it isn’t signaling a recession any time soon.”
The spread between the two and ten-year notes narrowed to 14.2 basis points, the closest since May 31st.
The 10-year note advanced 0.8 basis points
. S&P
+0.12%,
DOW -0.08,
NASDAQ
+0.54%
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RETAIL SALES SLUMP IN BRITAIN rising at their
slowest average pace on record
in the twelve trailing months,
reporting a dismal 0.6 percent growth.
Low unemployment
has kept the economy afloat placing money into pockets of consumers however, they are
reluctant to reach in and spend it. “
Overall, the picture is bleak: rising real wages have failed to translate into higher spending as ongoing Brexit uncertainty led consumers to put off non-essential purchases.”
FTSE 100 -0.20%,
German DAX -0.88%,
CAC 40
-0.30%,
STOXX Europe 600
-0.54%. The
10-year
Gilt rose 0.2 basis points.
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SAFE-HAVEN ASSETS ROSE against junk bonds in net prices linked to actual trades once again driving the 10-year note below 2 percent. Gold rallies Tuesday following its sharpest daily drop in more than a year “as global slowdown worries are growing” among the markets. Investors anxiously await payroll figures to be released on Friday after the Independence Day on Thursday to decide on their risk appetite. The 10-year note sank 4.8 basis points. S&P +0.29%, DOW +0.26, NASDAQ +0.22%.
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SAFE-HAVEN ASSETS ROSE against junk bonds in net prices linked to actual trades once again driving the
10-year note
below 2 percent.
Gold rallies
Tuesday following its
sharpest daily drop
in more than a year
“as global slowdown worries are growing”
among the markets. Investors
anxiously
await payroll figures
to be released on Friday
after Independence Day on Thursday
to decide on their risk appetite.
The 10-year note sank 4.8 basis points
. S&P
+0.29%,
DOW +0.26,
NASDAQ
+0.22%
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MAJOR EU BANKS FACE A 135 BILLION EURO DEFICIT in order to comply with
global capital requirements
to be implemented in 2027 according to the Basel III, an international banking regulation standard in
response to the 2008 financial crisis. Banks on average need to
raise their capital by 24.4 percent
in order to fully comply with the regulation.
FTSE 100 +0.78%,
German DAX +0.02%,
CAC 40+0.16%,
STOXX Europe 600
+0.35%. The
10-year
Gilt plummeted 7.8 basis points.
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MANUFACTURING ACTIVITY DECLINES IN JUNE to nearly a three year low indicating the trade spat with China is impacting factory output. The gauge of activity slipped to 51.7 from 52.1 marking the third straight month of deteriorating data. Senior money market economist Thomas Simmons at Jefferies mentioned, “If the White House is able to forge a solid trade deal with China, both investment spending and manufacturing activity will again improve.” The 10-year note advanced 2.0 basis points. S&P +0.77%, DOW +0.44, NASDAQ +1.06%
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MANUFACTURING ACTIVITY DECLINES IN JUNE to nearly a three year low indicating the trade spat with China is
impacting factory output. The gauge of
activity slipped to 51.7 from 52.1
marking the third straight month of deteriorating data. Senior money market economist Thomas Simmons at Jefferies mentioned,
“If the White House is able to forge a solid trade deal with China, both investment spending and manufacturing activity will again improve.”
The 10-year note advanced 2.0 basis points
. S&P
+0.77%,
DOW +0.44,
NASDAQ
+1.06%
Read More
Topics:
Investment Grade,
Loans,
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market update
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