EU MORNING BULLETS : 25TH-JUNE-2018 June 25, 2018 at 11:15AM



* US Stocks closed higher on Friday, but it hasn’t followed though into Asia

* Nikkei -0.9%, Hang Seng -1.1% and the ASX -0.3%.

* Oil prices rose on Friday after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.

* Corporate bond spreads jumped to the widest level in 16 months Friday as large deals flooded the U.S. market and rising trade tensions scared off some investors.

* Turkey President Erdogan won absolute majority of 53% in elections.

* ECB Praet said prolonging asset purchases beyond 2019 is an option. He warned ECB bond buying cannot prevent very high spreads if there are fiscal doubts.

* All economists in Reuters survey said risk of ECB QE extension beyond year-end is low or very low.

* More companies sent warnings to the UK to avoid a Brexit ‘no deal’ over the weekend, with bosses from Unipart, BMW UK and Siemans joining Airbus.

* UK press reported further tales of disunity in the government, with talk Defence Sec Williamson was trying to strong-arm PM Theresa May into increased spending via threats to destabilise
her government.

* The European Union will respond to any US tariffs on cars, a senior Commission official has said.

* German Chancellor Angela Merkel was unable to pull out a deal to appease members of her CSU/CDU coalition at Sunday’s EU talks on migrants.

* Spanish PPI due at 8am, German IFO at 9am and ECB Nowotny talks at 9.30am.

* US Chicago Fed activity Index at 1.30pm then new home sakes at 3pm and Dallas Fed mfg finishes off the data at 3.30pm.



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