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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MANUFACTURING IN MAY EXPANDED AT ITS SLOWEST RATE in over two years slipping to 52.1 from 52.8 from April. The sentiment downturn is linked to recent trade threats made by the White House and indications pointing to a slowing global economy. The sector is also being hindered by responses from countries following increased tariffs from the US. The 10-year note further fell 5.6 basis points. S&P-0.61%, DOW -0.30%, NASDAQ -1.97%.
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MANUFACTURING IN MAY EXPANDED AT ITS SLOWEST RATE in over two years
slipping to 52.1
from 52.8 from April. The sentiment downturn is linked to
recent trade threats
made by the White House and indications pointing to a
slowing global economy. The
sector is also being hindered
by responses from countries following increased tariffs from the US.
The 10-year note further fell 5.6 basis points
. S&P-0.61%,
DOW -0.30%,
NASDAQ
-1.97%.
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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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SAFE-HAVEN ASSETS SOARED WHILE EQUITIES TUMBLED ON FRIDAY following the White House announcing tariffs on Mexican goods. The 10-year note plummeted 8.2 basis points, shedding 18 basis points this past week slipping to 20-month lows. JPMorgan predicts there will be two interest rate cuts by the end of the year given the new tariff threats. S&P -1.32%, DOW +1.41, NASDAQ -1.51%.
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SAFE-HAVEN ASSETS SOARED WHILE EQUITIES TUMBLED ON FRIDAY
following the White House announcing tariffs on Mexican goods. The
10-year note plummeted 8.2 basis points, shedding
18 basis points this past week
slipping to 20-month lows.
JPMorgan predicts
there will be
two interest rate cuts
by the end of the year given the new tariff threats.
S&P
-1.32%,
DOW +1.41,
NASDAQ
-1.51%.
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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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REVISED GDP DATA REVEALED THE ECONOMY GREW SLOWER THAN EXPECTED in the first quarter of 2019 due to reduced business investment and a decline in corporate profits. Consumer spending overall remained stagnant with one exception, spending on durable goods sank 4.6 percent. Pending home sales fell marking the 16th straight month of annual declines as the 30-year mortgage fixed rate mortgage dipped below 4 percent. The 10-year note dipped 5.5 basis points.S&P+0.21%,DOW+0.17%, NASDAQ+0.27%.
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REVISED GDP DATA REVEALED THE ECONOMY GREW SLOWER THAN EXPECTED in the first quarter of 2019 due to
reduced business investment
and a
decline in corporate profits
. Consumer spending overall remained stagnant with one exception,
spending on durable goods sank 4.6 percent
. Pending home sales fell marking the
16th straight month of annual declines
as the 30-year mortgage fixed rate mortgage dipped below 4 percent.
The 10-year note dipped 5.5 basis points.
S&P
+0.21%,
DOW +0.17%,
NASDAQ +0.27%.
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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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