EURO ZONE PMI PLUMMETED IN JULY
as
German manufacturing
hits a seven-year low suggesting
further deterioration within the European economy;
PMI across the Euro Zone fell from 52.6 to 51.4. The
German automotive industry significantly contracted, however, the labor market and household spending remains robust preventing an all-out recession. “
The health of German manufacturing went from bad to worse in July.”
FTSE 100 -0.70%,
German DAX +0.39%,
CAC 40 +0.18%,
STOXX Europe 600
+0.50%. The
10-year
Gilt lost 1.1 basis points.
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EUROPEAN MARKETS RALLY FOLLOWING a number of
upbeat earnings
propelling
the indices higher on Tuesday. The DAX gained nearly 2 percent as
German luxury automotive giant Daimler spiked 4.77 percent following an announcement Chinese automotive group BAIC bought a five percent stake in Daimler.
FTSE 100 +0.8%,
German DAX +1.93%,
CAC 40
+1.26%,
STOXX Europe 600
+1.20%. The
10-year
Gilt dipped 2.4 basis points.
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EUROPEAN MARKETS INITIALLY EDGED HIGHER as investors await the
critical European Central Bank policy meeting update on Thursday. The central bank will disclose if they will cut the interest rate or wait until the next meeting in September. Investors will focus on
Mario Draghi
and how dovish his remarks are gauging the state of the economy.
“Largely European markets are lacking direction and probably shaping up for the ECB meeting this week.”
FTSE 100 +0.04%,
German DAX +0.22%,
CAC 40+0.08%,
STOXX Europe 600
+0.02%. The
10-year
Gilt dipped 1.4 basis points.
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GERMAN SOFTWARE MAKER SAP PLUMMETED MORE THAN 6% after reporting a
21% decline
in second-quarter
operating profit. The European
tech sector was down 2%
and can be attributed to the
residual trade tensions
between the US and China and
disappointing
earnings from
Netflix
on Wednesday.
FTSE
100 -0.44%,
German DAX -0.75%,
CAC 40
-0.24%,
STOXX Europe
600 -0.14%.
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EUROPEAN STOCKS WERE SUBDUED ON WEDNESDAY
following a report the ongoing trade dispute between the US and China has a
“long way to go”
. In London, house prices
declined at the fastest pace in nearly a decade
during May revealing the impact of Brexit within the real estate market; prices fell 4.4 percent annually.
FTSE 100 -0.48%,
German DAX -0.59%,
CAC 40
-0.50%,
STOXX Europe 600
-0.79%. The
10-year
Gilt sank 6.2 basis points.
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GERMAN ECONOMIC CONFIDENCE
SLUMPED to an eight-month low in July supporting the desire of the market for
additional monetary stimulus. The country is typically a gauge of momentum for the bloc being its largest economy.
German chemical giant Bayer
received a boost advancing 1.7 percent following a U.S. judgment
cutting damages awarded
to an individual
claiming Roundup caused his cancer.
British pound
declines to a 27-month low.
FTSE 100 +0.71%,
German DAX +0.55%,
CAC 40
+0.80%,
STOXX Europe 600
+0.47%. The
10-year
Gilt gained 0.7 basis points.
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EUROPEAN EQUITIES REBOUND AFTER
weak economic data from China reported the
economy expanded at its slowest pace in 27 years
in the second quarter citing trade tensions and the
absence of domestic economic stimulation.
Contradicting data revealed
industrial output and retail sales exceeded
estimates.
Greece
announced plans to
issue a 7-year bond
with a target of 2.5 billion euros “
subject to market conditions”.
FTSE 100 +0.41%,
German DAX +0.55%,
CAC 40
+0.21%,
STOXX Europe 600
+0.32%. The
10-year
Gilt dipped 4.3 basis points.
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EURO ZONE INDUSTRIAL PRODUCTION REBOUNDED in May
advancing by 0.9 percent exceeding estimates
a pleasant surprise to many investors. The production of consumer goods drove output higher notably in
France increasing 2.1 percent month-over-month
. Despite the expansion in all major economies production is down 0.5 percent from one year prior.
“If you look at the industrial production figures for the Eurozone they were better than expected, which is obviously a welcome sign - and in the background you have the Fed as well and we now expect a cut in July.”
FTSE 100 -0.13%,
German DAX -0.03%,
CAC 40
+0.29%,
STOXX Europe 600
-0.01%. The
10-year
Gilt dipped 0.2 basis points.
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GERMAN INFLATION TICKED HIGHER moving closer to the
European Central Banks target
coming in at 1.5 percent in June. Inflation across the euro zone has
lagged behind the ECB’s target
for years; Germany’s data is uplifting for the economy despite the
ECB lowering growth estimates across the bloc. Crude oil continues to climb amid a
tightening supply and draws from stockpiles globally.
FTSE 100 -0.35%,
German DAX -0.45%,
CAC 40
-0.23%,
STOXX Europe 600
-0.18%. The
10-year
Gilt advanced 8.1 basis points.
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INVESTMENT-GRADE BONDS edged out high yield debt in net prices linked to actual trades. The
UK economy rebounded after contracting 0.4 percent in April
expanding by 0.3 percent in May
lifted by a
jump in auto production.
“While all of this is ultimately
a temporary phenomenon, the
underlying growth story
doesn’t look a whole lot better.”
FTSE 100 -0.01%,
German DAX -0.55%,
CAC 40-0.10%,
STOXX Europe 600
-0.19%. The
10-year
Gilt rose 0.3 basis points.
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