EUROPEAN SHARES RALLIED HIGHER after
UK parliament
voted a deal must occur
between the UK and the European Union; creating a "stable" environment for the near term.
David Lafferty, Chief Market Strategist at Natixis stated, “Strong macro data, lifted by better earnings trends, and confirmed by stable-to-rising yields will increase equity prices.” There is “gradual”
optimism being priced into the markets and barring something highly unlikely, the “
possibility
of an actual
no-deal zero
but less than
5 percent,” mentioned
Tim Graf,
Head of Macro Strategy
at State Street Global Advisors.
The Pound slipped
0.7 percent
after
advancing by more than 1 percent on Wednesday. The UK 10-year Gilt rose 2 basis points.
FTSE 100, +0.50%,
STOXX Europe 600 +0.
63%,
CAC 40 +0.63%,
German DAX +0.18%.
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EUROPEAN SHARES ADVANCED HIGHER
as investors hope the UK rejects no-deal Brexit. This
induced the
British pound
to
rally
by half a percentage point
. UBS Analyst stated, “UBS’s Wealth Management Group remain cautious with client’s assets and are avoiding short-term rallies in the pound, and reducing exposure to UK equities.” Investment Bank, JP Morgan
reduced the probability of the UK leaving the European Union to
35 percent from 45 percent. Despite the
optimistic environment, Japan’s machinery orders
fell in January at the
fastest pace in four months causing downward pressure on the Nikkei. The
Australian
dollar skidded lower after a consumer confidence gauge triggered
concerns about a slowing economy. The UK 10-year Gilt rose 2 basis points.
FTSE 100, +0.11%,
STOXX Europe 600 +0.51%,
CAC 40
+0.65%,
German DAX
+0.65%.
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IRISH SHARES OUTPERFORMED THE REST OF THE EUROZONE after
Britain and the European Union
agreed to alterations on Britain’s withdrawal agreement, which eased some
fears of no-deal Brexiton March 29.
Dublin’s ISEQ climbed 1.4 percent, set for its biggest gain since Feb. 5.
Head of European Equities at German asset Manager DWS stated, “Positive momentum in the markets will continue once we know what the final outcome of Brexit is going to be.”
The British pound is at a critical level of 1.31 against the U.S. dollar. “Anything above this level is seen as Brexit certainty by investors
, whilst anything below is seen
as Brexit uncertainty, mentioned Hamish Muress, a Currency Analyst at OFX. FTSE 100 +0.20%,
STOXX
Europe
600 -
0.01%,
CAC 40 +0.14%,
German DAX -0.16%.
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EQUITIES CLIMBED HIGHER as a possible U.S. and China trade agreement could soon be accomplished. Beijing’s top central banker stated, “China had agreed not to devalue its currency to support its exporters.” Shares of Boeing contracted after a 737 operated by an Ethiopian airline crashed when taking off from the capital of Addis Ababa on Sunday. U.S. consumers ramped up their spending in February on durable and non-durable goods, a sign of economic growth in Q1 of 2019. The 10-year U.S. Treasury note increased 0.5 basis points and the 30-year note rose 1.4 basis points. S&P +1.25%, Dow +0.70%, NASDAQ +1.84%.
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EQUITIES CLIMBED HIGHER as a possible U.S. and China trade agreement could soon be accomplished. Beijing’s top central banker stated, “China had agreed not to
devalue its currency to support its exporters.”
Shares of Boeing contracted
after a
737
operated by an Ethiopian airline crashed when taking off from the
capital of Addis Ababa on Sunday. U.S. consumers
ramped up their
spending in February on durable and non-durable goods, a sign of
economic growth in Q1 of 2019. The
10-year U.S. Treasury note increased 0.5 basis points and the
30-year note rose 1.4 basis points.
S&P +1.25%,
Dow +0.70
%,
NASDAQ +1.84%.
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EUROPEAN MARKETS TICKED UP ON MONDAY as investors await a
critical Brexit vote
on Tuesday regarding Prime Minister Theresa May’s deal. European officials revealed there was no progress this past weekend,
“May has boxed herself even deeper into a corner, it seems the second meaningful
vote will go ahead on Tuesday but it also seems like it won’t be the last meaningful vote on this”. May, once again,
faces a landslide defeat in Parliament
if she does not delay the vote. Financial firms are estimated to shift an
immense $1.2 trillion in assets from the UK to the European Union. The
UK 10-year Gilt
dipped 1.4 basis points.
FTSE 100 +0.28%,
STOXX Europe 600 +
0.45%,
CAC 40 -0.48%,
German DAX +0.42%
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POUND CONTINUING POSITIVE RISE IN VALUE AS MOMENTUM is implying a no-deal Brexit will be
averted. The pound is up 7 percent against the
dollar year to date, making it the world’s best performing major currency. “Nomura’s positioning metrics indicate that net short pound
positions have declined to near their lowest levels this year, with a
net short of less than $3 billion.” With spreads on the pound narrowing and liquidity
elevating, we could see the pound go
higher in the upcoming weeks. The
UK 10 year Government Bond
yield
rose one basis point.
FTSE 100 -0.73%,
STOXX Europe 600 -0.94%,
CAC 40 -0.74%,
German DAX -0.67%.
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EUROPEAN CENTRAL BANK CHOPS EUROZONE GDP GROWTH FORECAST
for 2019 after several
weak economic data reports. The GDP estimate has been
revised down to 1.1 percent from 1.7
percent, in addition, the ECB plans to
postpone any rate hikes
until the end of the year.
UK treasury yields plunge upon the announcement, The
UK 10-year Gilt
sank 6 basis points and the
30-year gilt dipped 5.1 basis points.
FTSE 100 -0.68%,
STOXX Europe 600 -
0.56%,
CAC 40 -0.48%,
German DAX -0.73%
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THE UNITED KINGDOM ACHIEVED A BROAD agreement on
import tariffs
in the event the nation leaves the European Union without a finalized deal. Britain is
“planning to slash tariffs on 80-90 percent of goods if left with no deal” benefiting consumers but having a
detrimental impact on the factories ability to remain competitive. Without a
definitive agreement on March
29th
, all exports from Britain will face
EU tariffs. The
UK 10 year Gilt
dipped 5.6 basis points.
FTSE 100 +0.06%,
STOXX Europe 600 -
0.06%,
CAC 40 -0.16%,
German DAX -0.31%
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THE POUND STERLING SLIPS on a report of
Brexit talks stalling
in advance of the United Kingdom’s top lawyer heading to Brussels to
push Prime Minister Theresa May’s deal. Preliminary Eurozone PMI was
revised up to 52.8 in
February
from an initial reading of 52.3 offering some
confidence across Europe.
FTSE 100 +0.55%,
STOXX Europe 600 -
0.11%,
CAC 40 -0.04%,
German DAX -0.06% The
UK 10 year Gilt
declined 0.04 basis points.
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