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Market Round-up 16.07.14 – 09:00hrs CET

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Market Round-up 16.07.14 – 09:00hrs CET

Shanghai wins race to host new Brics bank.
Brazilian president
Dilma Rousseff, accompanied by the leaders of Russia, India, China and
South Africa, announced the plans at their sixth summit in Fortaleza.
The first nominee for President of the Bank was Indian.

China’s economy expanded by 7.5% in the second quarter.
The figure, which exceeded consensus estimates of 7.4%, show that the government’s “mini-stimulus” measures have gained some purchase.

Janet Yellen warned that “considerable uncertainty” could lead to interest rates rising earlier, or later, than currently expected.
The US Federal Reserve chair was presenting the Fed’s semi-annual monetary policy report to Congress, which roasted the valuation of social media and biotech stocks.

House prices are experiencing double-digit percentage rises across the UK.
Prices are “increasing strongly across most parts of the UK”, up 10.5% on the year to May, led by a record annual increase in London of 20.1%.

BoE warns on risks of long-term mortgages.
Andrew Bailey, head of the BoE’s Prudential Regulation Authority, told MPs on Tuesday that the share of long-duration mortgages was rising “as we speak almost” and that this could leave people exposed once they hit retirement age.

Global regulators have proposed to centralise foreign exchange trading at a crucial daily fix.
The Financial Stability Board said in a consultation paper that it was interested in the creation of a global “utility” to match fixing orders placed by market participants.

Japan poised to revive nuclear power.
Regulators gave the green light to an atomic plant in the south of the country to resume operations.

Apple and IBM seal alliance.
The partnership is intended to increase the security and functionality of Apple’s mobile devices for corporate users.

OVERNIGHT TRADING
Asian markets
Nikkei 225 up +3.04 (+0.02%) at 15,398
Topix up +2.83 (+0.22%) at 1,277
Hang Seng up +19.83 (+0.08%) at 23,480
ASX 200 down -5.20 (-0.09%) at 5,506

US markets
S&P 500 down -3.82 (-0.19%) at 1,973
DJIA up +5.26 (+0.03%) at 17,061
Nasdaq down -24.03 (-0.54%) at 4,416

European markets
Eurofirst 300 down -5.18 (-0.38%) at 1,358
FTSE100 down -35.69 (-0.53%) at 6,710
CAC 40 down -44.73 (-1.03%) at 4,305
Dax down -63.60 (-0.65%) at 9,719

Currencies
€/$ 1.36 (1.36)
$/¥ 101.71 (101.68)
£/$ 1.71 (1.71)
€/£ 0.7913 (0.7915)

Commodities ($)
Brent Crude (ICE) up +0.07 at 106.09
Light Crude (Nymex) up +0.47 at 100.43
100 Oz Gold (Comex) unchanged 0.00 at 1,297
Copper (Comex) up +0.06% at 3.24

Sources: FT, Bloomberg
All information correct as of 09.00CET. For the latest news from the financial markets, please visit deVere Foreign Exchange. For regular news updates throughout the day, please view deVere Market News

Euro’s slide slows as French bond markets stabilise

The Euro was on track for a fifth consecutive weekly decline on Friday, although signs emerged that selling pressure was easing as France’s bond market stabilised and falling US Treasury yields tempered the Dollar’s rally.
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Pound dips as markets await Bailey’s rate clues

The British Pound edged lower against both the US Dollar and Euro on Thursday, as investors awaited a speech by Bank of England Governor Andrew Bailey that could provide clues about the central bank’s next interest rate decision.
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Dollar advances as oil tops $100 and Fed takes centre stage 

The US Dollar edged higher on Wednesday, supported by rising oil prices, as investors awaited the Federal Reserve’s meeting minutes and comments from policymakers for clues about the outlook for interest rates.
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Euro rout deepens as France’s fiscal risks intensify

The Euro fell sharply on Monday to a 17-month low as mounting fiscal concerns in France, coupled with a severe sell-off in the bond market, raised fears of contagion across the region.
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Greenback surges to 17-month high as bond selloff rattles Euro

The US Dollar was on track for a third consecutive weekly gain on Friday, supported by a global bond selloff fuelled by inflation concerns over higher oil prices and mounting worries about France’s fiscal position. Meanwhile, the Euro remained near a 17-month low.
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Dollar hits fresh three-month high as yields support greenback

The US Dollar climbed to a more than three-month high on Thursday, underpinned by a sustained rise in US Treasury yields. The increase in yields has been partly fuelled by concerns that the US-Israeli conflict with Iran could keep global price pressures elevated.
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About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.