Market Round-up 22.07.14 – 09:00hrs CET
The UK is leading a group of hardliner countries who insist that the downing of MH17 has recalibrated the EU’s relationship with the Kremlin.
On Monday night the UN Security Council, including Russia, unanimously approved an Australian resolution calling for unrestricted access for investigators to the crash site, as well as an international investigation into the fate of MH17 and an end to all military activity around the site.
Two flight-data recorders from the downed MH17 plane handed over to Malaysian experts.
A senior Ukrainian rebel leader signed them over to the Malaysian officials at a meeting in the city of Donetsk, hours after a unanimous UN decision was made to demand immediate international access to the crash site.
Russia challenges US accusations on MH17, blaming Ukrainian military.
The defence ministry in Moscow said Russian aviation monitoring services registered a Ukrainian military aircraft sweeping up towards Flight MH17 immediately before the Boeing disappeared from the radar, and that two Buk-M1 anti-aircraft batteries belonging to the Ukrainian military had been moved closer to the crash site by the morning of July 17th but had disappeared 24 hours later.
Bundesbank backs push by Germany’s trade unions for inflation-busting wage settlements.
Jens Ulbrich, the Bundesbank’s chief economist, told Spiegel, a German weekly, that recently agreed pay rises of more than 3% were welcome, despite being above the European Central Bank’s inflation target.
Miliband pledges to get national debt falling as soon as possible.
The Labour leadership believes there are few votes to be won by promising to spend more, and vowed to deliver a surplus on the current budget.
Osborne forced to back down from an attempt to weaken measures to tackle global warming.
The chancellor had sought changes to Britain’s “fourth carbon budget”, which limits greenhouse gas emissions through the 2020s, claiming it would weaken British business competitivity.
Time Warner has changed its bylaws in a move designed to block a potential hostile Murdoch takeover.
The decision to scrap a rule allowing investors to requisition a shareholder meeting will strengthen Time Warner’s ability to resist Mr Murdoch’s overtures even if its investors want a deal to be considered.
Yahoo buys Flurry.
The purchase of the app analytics company is part of a push to grow its mobile business to catch up with competitors such as Google and Facebook. The sum was undisclosed.
OVERNIGHT TRADING
Asian markets
Nikkei 225 up +147.66 (+0.97%) at 15,363
Topix up +10.88 (+0.86%) at 1,274
Hang Seng up +280.32 (+1.20%) at 23,667
ASX 200 down -1.64 (-0.03%) at 5,538
US markets
S&P 500 up +20.10 (+1.03%) at 1,978
DJIA down -48.45 (-0.28%) at 17,052
Nasdaq down -7.44 (-0.17%) at 4,425
European markets
Eurofirst 300 down -7.27 (-0.53%) at 1,356
FTSE100 down -21.01 (-0.31%) at 6,728
CAC 40 down -30.57 (-0.71%) at 4,305
Dax down -107.97 (-1.11%) at 9,612
Currencies
€/$ 1.35 (1.35)
$/¥ 101.46 (101.36)
£/$ 1.71 (1.71)
€/£ 0.7918 (0.7919)
Commodities ($)
Brent Crude (ICE) up +0.28 at 107.96
Light Crude (Nymex) up +0.51 at 105.10
100 Oz Gold (Comex) at 1,314
Copper (Comex) up +0.49% at 3.20
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