AC

EUROPEAN MIDDAY/US MORNING REPORT: TUESDAY – 29TH – MAY – 2018 May 29, 2018 at 12:11PM

EUROPEAN MIDDAY/US MORNING REPORT: TUESDAY – 29TH – MAY – 2018

 

EUROPEAN MIDDAY/US MORNING REPORT

TUESDAY – 29TH – MAY – 2018

Markets:

*  European cash equity markets are nursing heavy decline at the midway stage, led lower by Spain and Italy as political uncertainty intensifies (FTSE -1.2%, DAX -1.3%, IBEX -2.2%, FTSEMIB -2.7%)

*  Peripheral yields have also spiked; Italian 10Y up 41 basis points and Spanish 10Y up 10 basis points

*  Perceived safe haven assets rallied in response with core EU bonds and Treasuries firmly in the green along with the Japanese Yen and Swiss Franc.

*  Dollar Index at a new YTD high and approaching 95.

*  Oil sees a modest rebound with US crude futures up around 0.5%.

Key Headlines/Data:

*  St Louis Fed president Bullard said he would not recommended additional rate increases unless economic data surprises to the upside.

*  Swiss Trade Balance (Apr) F2.289 Bln, previous F1.768 Bln revised to F1.693 Bln

*  French Consumer Confidence (May) 100 versus 101 expected, previous 101

*  Swedish Manufacturing Confidence (May) 118.6 versus 120.3 expected, previous 120.3 revised to 120.2

*  Consumer Confidence 98.5 versus 101.0 expected, previous 100.3 revised to 100.5

*  Italian Business Confidence (May) 107.7 versus 107.2 expected, previous 107.7

  • Consumer Confidence 113.7 versus 116.5 expected, previous 117.1 revised to 116.9

*  Euro Zone Money Supply – M3 Y/Y (Apr) +3.6% versus +3.9% expected, previous +3.7%

  • Loans To Households Y/Y +2.9%, previous +3.0%

*  Italian PM candidate Cottarelli is expected to announce his list of ministers this afternoon:

  • Cottarelli is said to be heading to the Presidential Palace at 13:30 BST
  • 5-Star leader Di Maio said he has never south an exit from the Euro

*  @realDonaldTrump – We have put a great team together for our talks with North Korea. Meetings are currently taking place concerning Summit, and more. Kim Young Chol, the Vice Chairman of North Korea, heading
now to New York. Solid response to my letter, thank you!

 

Read More: EUROPEAN MIDDAY/US MORNING REPORT: TUESDAY – 29TH – MAY – 2018

gbpusd gbp-usd

Advertisements

Categories: AC, FC, SGM

Tagged as: ,