EUROZONE ECONOMY EXPANDED in the first quarter of 2019 accelerating by 0.4 percent
driven predominantly by household spending. Despite the strong performance in the first quarter, the outlook for the
second quarter remains gloomy
as indexes continue to trade in
a vigilant fashion. The
pound slipped 0.33 percent against the euro. The
10-year
Gilt lost 3.1 basis points.
FTSE 100 +0.49%,
German DAX -0.36%,
CAC 40
-0.34%,
STOXX Europe
600
-0.07%.
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IN BRUSSELS THE EUROPEAN COMMISSION DECLARED Italy’s ballooning debt will
violate the agreed budget
potentially leading to the EU
imposing sanction
on the state. The EU made known Italy’s economy is deteriorating
, "When we look at the Italian economy, we are seeing the damage recent policy choices are doing". In addition, on Wednesday the IMF
advised Italy presents a “major risk”
to the Euro. The
10-year
Gilt sank 3.5 basis points.
FTSE 100 +0.08%,
German DAX +0.08%,
CAC 40 +0.45%,
STOXX Europe
600
+0.38%.
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UK CONSTRUCTION ACTIVITY SUDDENLY CONTRACTED IN May to 48.6 falling short of expectations and Aprils record high of 50.5.
“Commercial building remained hardest-hit by Brexit uncertainty, with construction firms reporting the steepest fall in this category of activity since September 2017.” Construction and engineering firms are
taking a significant
hit
as Brexit uncertainties persist along with a weak economic outlook. The
10-year
Gilt rose 3.9 basis points.
F
TSE 100 +0.38%,
German DAX +1.53%,
CAC 40
+0.54%,
STOXX Europe 600
+0.58%.
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THE EUROPEAN COMMISSION IS PROBING AN ANTITRUST CASE where Spotify claims
Apple’s 30 percent App Store fee is unfair
and the
restriction on third-party developers
from communicating with customers is unnecessary. Three years ago European Competition Commissioner Margrethe Vestager
demanded Apple repay 13 billion euros
to Ireland following an
illegal tax incentive deal. The
10-year Gilt declined 2.5 basis points.
F
TSE 100 +0.30%,
German DAX +0.42%,
CAC 40
+0.52%,
STOXX Europe 600
+0.30%.
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NEARLY HALF OF EURO GOVERNMENT DEBT is yielding less than zero percent, the Netherlands is the latest country to see negative yields. The proportion of
negative yielding debt
hit its highest level since September 2016
tallying $3.71 trillion euros or 48 percent. Elevated trade tensions, Brexit uncertainty, and fears over Italy’s budget resulted in the
accelerating trend. The
10-year
Gilt fell 2.1 basis points.
F
TSE 100 -0.91%,
German DAX -1.58%,
CAC 40
-1.14%,
STOXX Europe 600
-1.05%.
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TRADING REVENUES SLIPPED FROM THE 12 LARGEST GLOBAL INVESTMENTS BANKS in March hindered by a steep decline in
trading government paper. Revenues from trading Government debt are
down 12 percent
year-over-year due to
lackluster rates
in the Asian and European Markets. The
10-year Gilt advanced 0.7 basis points.
F
TSE 100 +0.55%,
German DAX +0.48%,
CAC 40
+0.42%,
STOXX Europe 600
+0.41%.
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AMIDST BREXIT CONCERNS, high import levels coupled with weak market demand
in Europe has lead Arcelor Mittal to
cut back it's steel making plants
in France and Germany. Additionally, in a recent study conducted by the CBI, firms in the
service sector reported weaker profits
in recent month.
Brexit
"paralysis"
is continuing to take a toll on the UK's service firms as stated by the CBI's deputy chief economist Anna Leach.
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ECONOMIC SENTIMENT ROSE IN MAY
surpassing expectations
rebounding after 10 consecutive months of declines; the indicator improved to 105.1 in May from 103.9 in April.
In France,
consumer
confidence hit a one-year-high
reflecting households’ positive personal financial situations, meanwhile in
Germany Europe’s largest economy, confidence dipped. The
10-year
Gilt slipped 2.8 basis points.
F
TSE 100 +0.11%,
German DAX -0.11%,
CAC 40
-0.18%,
STOXX Europe 600
-0.04%.
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THE EUROPEAN CENTRAL BANK IS CONCERNED with the unexpected slow growth the Eurozone has experienced and in response plans to
stimulate growth
by implementing
a loan program to banks. Banks will be given loans with
generous terms
knows as targeted longer-term refinancing operations or
TLTRO’s. The
pound sterling fell
to its lowest levels against the euro since the 2008 financial crisis,
“Investors should not be complacent about the threat of a no-deal exit”. The
10-year
Gilt dipped 6.1 basis points.
F
TSE 100 -1.66%,
German DAX -1.74%,
CAC 40
-1.91%,
STOXX Europe 600
-1.52%.
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EUROPEAN INVESTMENT GRADE BONDS HELD AN EDGE against its high yielding counterparts in net prices linked to actual trades. London housing prices continue to slump as Brexit uncertainty looms,
prices are expected to further decline 2 percent in London
this year in London. Despite the concerns surrounding Brexit
“The UK market has remained remarkably resilient”.
UK inflation
rose slower than anticipated in
April increasing 2.1 percent
versus an expected rise of 2.2 percent. The
10-year
Gilt sank 6.7 basis points.
F
TSE 100 +0.21%,
German DAX +0.22%,
CAC 40
-0.03%,
STOXX Europe 600
-0.02%.
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