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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IRELAND IS UNER PRESSURE FROM EU MEMBER STATES
to detail how it plans to keep its
border with Northern Ireland open
and remain a fully
compliant member of the EU's single market
as no-deal Brexit is on the horizon;
Prime Minister Leo Varadkar
says it would be
difficult but possible. Philip Rycroft, who resigned as the permanent secretary of the Department for Exiting the European Union (DExEU), says
everyone should be worried about a no-deal situation
"because that is a very major change and it would be a very
abrupt change to our major trading relationship."
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THE CONTINUED BREXIT CRISIS CAUSES A UK ECONOMY SLOWDOWN as British employers and shoppers are
growing increasingly cautious. Although the
unemployment rate fell
to its lowest rate since 1975 at 3.8% in the first quarter of 2019, The Bank of England said Britain's economy
had nearly no growth in the April to June period. The
Bank of England Governor Mark Carney
suggests the no-deal Brexit and the rise in
protectionist trade policies pose great risk
to the British economy.
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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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EURO ZONE LENDING HELD STEADY IN MAY a relief to many investors
fearing an imminent recessionis upon the bloc.
Corporate lending grew
at an annual rate of 3.9 percent and
household lending
advanced
by 3.3 percent, both expanding at a faster rate than expected. In spite of the positive report, European Central Bank chief Mario Draghi stated
“In the absence of improvement... additional stimulus will be required”
hinting to
Quantitative Easing.
FTSE 100 +1.17%,
German DAX +1.18%,
CAC 40+0.83%,
STOXX Europe 600
+0.86%. The
10-year
Gilt slipped 2.8 basis points.
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CONSUMER CONFIDENCE IN THE UNITED KINGDOM
SLIPPED
in June to minus 13 from a reading of minus 10 in May. Analysts are calling this the new normal,
"While UK consumers continue to remain concerned about the wider economy, over which the woman or man in the street has no control, of greater worry, are the falls in the measures for personal finance,"
FTSE 100 +0.13%,
German DAX +1.06%,
CAC 40
+0.83%,
STOXX Europe 600
+0.63%. The
10-year
Gilt rose 0.5 basis points.
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INVESTMENT-GRADE EUROPEAN DEBT ROSE AGAINST
its high-yielding junk bond counterparts in net prices linked to actual trades. German inflation chimed in at 1.6 percent
remaining subdued, well below the
European Central Bank’s June target of 2 percent. Euro zone economic sentiment fell
to nearly a three year low suggesting the Central Bank will not raise rates this year.
FTSE 100 +0.01%
, German DAX +0.37%
, CAC 40 +0.05%
, STOXX Europe 600 +0.13%
. The 10-year Gilt lost 0.05 basis points.
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EUROPEAN MARKETS WAVER AS INVESTORS KEEP A KEEN EYE ON
the G20 summit scheduled to commence this weekend. The market
expects a solution from US and China
soon after the summit regarding the ongoing trade spat.
Mark Carney implied in the event Britain crashes out of the EU the
Bank of England will be compelled to slash rates
.
FTSE 100 -0.04%,
German DAX +0.4%,
CAC 40 -0.29%,
STOXX Europe 600 -0.31%. The
10-year Gilt rose 3.3 basis points.
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BRITAIN’S AUTOMOTIVE INDUSTRY FEARS an abrupt Brexit will
cripple the already deteriorated industry
by adding billions of pounds in tariffs. The sector is facing its
steepest downturn since 2012
with production in some plants grinding to a halt
. “Leaving the EU without a deal would trigger the most seismic shift in trading conditions ever experienced by automotive
.”
FTSE 100 -0.04%,
German DAX -0.32%,
CAC 40
-0.05%,
STOXX Europe 600
-0.12%. The
10-year
Gilt slipped 2.3 basis points.
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ITALY’S DEPOSITOR PROTECTION FUND, FITD rejected a plan backed by
Apollo Global Management
to salvage the distressed Carige bank. The FITD stated they would consider a solution involving private equity in tandem with the
banks' current shareholders; Carige bank has a
capital deficit of 630 million euros.
FTSE 100 +0.13%,
German DAX -0.62%,
CAC 40 -0.19%,
STOXX Europe 600 -0.29%. The
10-year Gilt dipped 3.2 basis points.
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