SOVEREIGN YIELD CURVE
in Europe have by and large fallen. The continued march of EU’s to go negative pressed on today.
FTSE 100 -0.41%,
German DAX -1.31%,
CAC 40 -1.16%,
STOXX Europe 600 -0.82%. The
10-year Gilt lost 3.1 basis points.
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FRENCH INDUSTRIAL OUTPUT FELL
2.3 percent month-over-month the fastest pace in over a year, a
significant reduction
in petroleum manufacturing caused the drop.
Germany’s exports slightly declinedin June as imports rose for the first time in three months.
FTSE 100 -0.41%,
German DAX -1.31%,
CAC 40 -1.16%,
STOXX Europe 600 -0.82%. The
10-year Gilt lost 3.1 basis points.
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EUROPEAN EQUITIES CONTINUE TO TUMBLE
ON MONDAY as the Chinese yuan breached the critical 7 per dollar level for the first time in a decade.
“The fact that they have now stopped defending 7.00 against the dollar suggests that they have all but abandoned hopes for a trade deal with the U.S.”Analysts suspect China is
controlling its currency as retaliation
for recent plans by the US to hike tariffs an additional 10 percent.
FTSE 100 -2.71%,
German DAX -1.93%,
CAC 40
-2.27%,
STOXX Europe 600-2.43%. The
10-year
Gilt lost 3.6 basis points.
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EUROPEAN INDICES PLUNGE
after a statement from the U.S. indicating an additional
10 percent in tariffs on Chinese goods
ending a brief trade truce. Asian and U.S. markets were also trading lower on the announcement.
Oil futures tumbled
more than 7 percent overnight marking the
largest drop in four years
before recovering losses.
FTSE 100 -2.38%,
German DAX -3.04%,
CAC 40-3.39%,
STOXX Europe 600
-2.47%. The
10-year
Gilt slipped 4.3 basis points.
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EUROPEAN INVESTMENT GRADE DEBT ROSE AGAINST JUNK BONDS
in net prices linked to actual trades. The Bank of England further
slashed its growth forecasts citing
Brexit is impacting the economy more than initially anticipated.
The bank gave no indication of a rate cut
as central bank globally are cutting rates most recently the
US Federal Reserve lowered rates by 25 basis points.
FTSE 100 -0.14%,
German DAX +0.38%,
CAC 40
+0.59%,
STOXX Europe 600
+0.38%. The
10-year
Gilt lost 2.6 basis points.
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EURO ZONE GDP GREW BY A DISMAL 0.2 PERCENT during the second quarter of 2019 down from 0.4 percent during the first three months of 2019.
Slowing GDP across the euro zone
strengthens a case for the European Central Bank to initiate additional monetary easing.
“We expect the ECB to respond to this broad-based economic weakness – which we think is likely to continue – with a round of extra policy easing, including restarting QE and cutting rates.”
FTSE 100 -0.81%,
German DAX +0.39%,
CAC 40+0.27%,
STOXX Europe 600
+0.18%. The
10-year
Gilt lost 1.1 basis points.
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EUROPEAN INVESTMENT GRADE BONDS ROSE against its high yield counterparts in net prices linked to actual trades. Euro zone economic
sentiment further declined
in July
indicating a
deteriorating economy supporting European Central Bank President Mario Draghi case for
monetary easing. The pound
dips to a 28-month low
meanwhile the dollar held near two-month high.
FTSE 100 -0.50%,
German DAX -2.38%,
CAC 40
-1.83%,
STOXX Europe 600
-1.60%. The
10-year
Gilt lost 2.1 basis points.
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FRENCH PHARMACEUTICAL GIANT SANOFI RALLIED ON MONDAY following revised full-year earnings guidance suggesting 5 percent growth, the
stock
advanced 2.31 percent
.
Sanofi bonds
also traded notably higher in particular,
Sanofi (EUR) 1.25% 3/21/2034.
The growth was driven by the launch of a new brand Dupixent, in addition,
“Our increased focus in R&D delivered important results with several positive data read-outs and the achievement of regulatory milestones.”
FTSE 100 +1.87%,
German DAX +0.06%,
CAC 40
-0.06%,
STOXX Europe 600
+0.18%. The
10-year
Gilt lost 3.6 basis points.
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EUROPEAN JUNK BONDS SLIGHTLY edged out investment-grade debt in net prices linked to actual trades following a day after the
European Central Bank’s
decision
to hold interest rates. ECB President
Mario Draghi
said the economic outlook is
“getting worse and worse”
referring to manufacturing dragging the economy lower.
FTSE 100 +0.81%,
German DAX +0.44%,
CAC 40 +0.55%,
STOXX Europe 600+0.31%. The
10-year
Gilt lost 1.9 basis points.
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THE EUROPEAN CENTRAL BANK SIGNALED FOR ADDITIONAL MONETARY EASING in the months ahead resuming its
mass bond-buying program
in November. TD Securities Analysts say, The ECB
“is clearly preparing for a package of policy easing in September.” Negative interest rates have
rippled across Europe offering investors no incentives to purchase sovereign bonds.
FTSE 100 -0.20%,
German DAX -1.61%,
CAC 40
-0.82%,
STOXX Europe 600
-0.82%. The
10-year
Gilt advanced 2.1 basis points.
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Topics: Analytics, bonds, junk bonds, bond market, corporate bonds, market analytics, New Issues, News, research, EU, market update, European
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