Still 150,000 businesses do not have the proper paperwork
needed in order to continue
exporting
to the EU in the event of a
no-deal Brexit. While many have built up
contingency stocks,
these are estimated to
only last a few weeks
and so businesses will be
reliant on what the governments
are able to do to keep the
ports open. However, it was noted that the
financial system is prepared for a no-deal outcome.
FTSE 100 -0.38%,
German DAX -0.20%,
CAC 40 -0.19%,
STOXX Europe 600 -0.40%.
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THE ITALIAN GOVERNMENT
PROPOSES
to use 5.2 billion euros in order to reduce the
budget deficit
for 2019 and avoid EU financial sanctions.
Crude oil prices surge
following Iran shooting down a US military surveillance drone in the
Strait of Hormuz rattling the oil markets
. The
pound rose 0.44 percent
against the
dollar
and
slipped 0.25 percent against the
euro
.
FTSE 100 +0.62%,
German DAX +0.80%,
CAC 40+0.71%,
STOXX Europe 600
+0.64%. The
10-year
Gilt lost 4.8 basis points.
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THE EUROPEAN COMMISSION REQUESTED ITALY to reduce its debt in order to
avoid disciplinary action
that could include
financial sanctions
. Last year Italy reached a budget deal averting sanctions after the commission had
rejected the initial budget
.
Currently, Italy’s debt is 132.2 percent of the GDP and according to forecasts it's expected to increase.
FTSE 100 -0.25%,
German DAX -0.14%,
CAC 40 +0.16%,
STOXX Europe 600 +0.01%. The
10-year Gilt rose 5.2 basis points.
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BREXIT IS TAKING ITS TOLL ON INVESTMENT IN BRITISH COMPANIES. Businesses are on track to slash investments by the most in 10 years as the economic future of the country looms. Focus has shifted away from long-term plans given uncertainties,
“Businesses are putting resources into contingency plans, such as stockpiling, rather than investing in ventures that would positively contribute to long-term economic growth”.
FTSE 100 +1.42%,
German DAX +2.19%,
CAC 40
+2.29%,
STOXX Europe 600+1.81%. The
10-year
Gilt lost 4.7 basis points.
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BRITAIN CLAIMS THE GOVERNMENT IS IN “PRETTY GOOD SHAPE”
in the event the country needs to leave the European Union without a deal. Officials believe a
No Deal would provoke a 10 percent spike in food prices catapulting the
economy into a recession.
FTSE 100 -0.4%,
German DAX -0.77%,
CAC 40-0.4%,
STOXX Europe 600
-0.53%. The
10-year
Gilt rose 0.3 basis points.
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EUROZONE CREDITORS FOREWARN THAT GREECE
is in danger of missing its budget targets, therefore, risk of
falling short
of its agreed upon commitment last year. “
We are concerned that the fiscal measures adopted last month put the fiscal target of the primary surplus of 3.5% of GDP at risk.” Investors remain optimistic as
Greek stocks surge
meanwhile
Greek bond yields plummet
to record lows.
FTSE 100 -0.07%,
German DAX +0.37%,
CAC 40
+0.02%,
STOXX Europe 600
+0.15%. The
10-year Gilt dropped 3.2 basis points.
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GERMAN INVESTMENT LEADER DEUTSCHE BANK
alerted 1,000 clients they are at
risk of severing relationships
in a compliance effort. The bank is referring to the initiative as
“Know your customer”
in a statement said, “
This is a standardized notification that has been sent to thousands of clients globally”
. Deutsche bank is
demanding company-ownership information
and other sensitive documentation by the end of June.
FTSE 100 -0.39%,
German DAX -0.25%,
CAC 40
-0.51%,
STOXX Europe 600
-0.22%. The
10-year
Gilt rose 0.4 basis points.
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EUROZONE INVESTOR CONFIDENCE DETERIORATED IN JUNE following suit with business confidence as escalating global trade tensions
take a toll on the market. On Tuesday, investors looked beyond the report,
Hugo Boss
a German-based luxury brand
jumped 4.3 percent
and the
automotive industry
saw marginal gains after
easing tariff concerns.
FTSE 100 +0.40%,
German DAX +1.25%,
CAC 40+0.75%,
STOXX Europe 600
+0.85%. The
10-year
Gilt gained 1.1 basis points.
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A TOP FRENCH REGULATOR
believes it is time to
reform the financial markets
across the European Union
reviewing and changing existing laws. Robert Ophele, chairman of AMF, France’s financial markets stated,
“The time is ripe to think about the main areas of work and principles that should guide the action of EU legislators and regulators for the coming years.”
FTSE 100 +0.60%,
German DAX +0.77%,
CAC 40
+0.33%,
STOXX Europe 600
+0.22%. The
10-year
Gilt rose 2.3 basis points.
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INFLATION IS EXPECTED TO RISE MARKING A DECADE HIGH in Britain
sounding alarms
regarding the long term
sustainability of the economy. Long-run inflation
forecasts rose to 3.8 percent
swayed by an increase in energy prices.
European equities rally
on Friday as investors are optimistic on a trade deal between the US and Mexico despite a weak US jobs report,
FTSE 100 +1.06%,
German DAX +1.01%,
CAC 40
+1.90%,
STOXX Europe
600
+1.03%. The
10-year
Gilt lost 0.1 basis points.
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