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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INVESTMENT GRADE DEBT ROSE AGAINST junk bonds in net prices linked to actual trades. Total assets in US money market funds retreated from nearly 10-year highs last week as yields fall. Traders are estimating a 65 percent chance of a 25 basis point cut. “Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data.” S&P-0.47%, DOW -0.30, NASDAQ -0.24% The 10-year note dipped 4.6 basis points.
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INVESTMENT GRADE DEBT ROSE AGAINST
junk bonds in net prices linked to actual trades. Total assets in US money market funds
retreated from nearly 10-year highs last
week as yields fall. Traders are estimating a
65 percent chance of a 25 basis
point cut.
“Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data.”
S&P-0.47%,
DOW -0.30,
NASDAQ
-0.24%
The 10-year note dipped 4.6 basis points
.
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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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INVESTMENT-GRADE DEBT ROSE AGAINST high yield bonds in net prices linked to actual trades following weak GDP data from China revealing the country’s second-quarter growth rate fell to a 27-year low. In June retail sales and industrial production figures exceeded estimates relieving investor sentiment. S&P +0.02%, DOW +0.10, NASDAQ +0.17% The 10-year note dipped 3.5 basis points.
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Topics:
High Yield,
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Loans,
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Fixed Income,
News,
Syndicated Bonds,
syndicated,
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market update
INVESTMENT-GRADE DEBT ROSE AGAINST
high yield bonds in net prices linked to actual trades following
weak GDP data from China
revealing the country’s second-quarter growth rate fell to a 27-year low. In June retail sales and industrial production figures exceeded estimates relieving investor sentiment.
S&P
+0.02%,
DOW +0.10,
NASDAQ
+0.17%
The 10-year note dipped 3.5 basis points
.
Read More
Topics:
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
News,
Syndicated Bonds,
syndicated,
research,
market update
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