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Market Round-up 23.07.14 – 09:00hrs CET

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Market Round-up 23.07.14 – 09:00hrs CET

Flight MH17 families face long wait for return of victims.
Families of the victims of flight MH17 may have to wait weeks to recover the remains of loved ones after the pro-Russian separatists the U.S. accuses of downing the jet turned over most of the bodies to Ukraine.

Europe’s foreign ministers failed to agree new sanctions against Russia.
The ministers instead asked EU officials to draw up wider-ranging measures – but only if Russia fails to co-operate with the West in the future.

Putin orders Russian government to consider breaking Gazprom’s monopoly on pipeline gas exports.
The move signals a potential victory for state-owned Rosneft and Igor Sechin, its powerful chief executive, which have lobbied hard to gain a bigger piece of the Russian gas sector.

Up to 25 more US companies are considering relocating overseas.
Concern is mounting in Washington over a rise in merger deals which US multinationals use to move their headquarters to countries with lower corporate tax rates.

Settlement between Argentina and holders of its defaulted debt by the end of the month not possible.
With a week remaining for Argentina to reach a deal with so-called holdout creditors, little progress has been made in negotiations, and it may default on its debt for the eighth time in its history.

Joko Widodo, the reformist governor of Jakarta, was elected as the next president of Indonesia.
Indonesia’s rupiah climbed to a two-month high on Wednesday, capping a meteoric rise for the 53-year-old furniture salesman turned mayor.

Standard Chartered seeks to conserve capital amid the worst drop in profits for more than 12 years.
After a period in which it aggressively took business from crisis-hit western rivals, StanChart is now pulling back in its heartland of Asia and losing deals to regional rivals, according to sources who spoke to the Financial Times.

OVERNIGHT TRADING
Asian markets
Nikkei 225 down -6.98 (-0.05%) at 15,336
Topix down -0.45 (-0.04%) at 1,273
Hang Seng up +157.36 (+0.66%) at 23,939
ASX 200 up +36.51 (+0.66%) at 5,580

US markets
S&P 500 down -4.59 (-0.23%) at 1,974
DJIA up +61.81 (+0.36%) at 17,114
Nasdaq up +31.31 (0.71%) to 4,456

European markets
Eurofirst 300 up +17.91 (+1.32%) at 1,374
FTSE100 up +66.90 (+0.99%) at 6,795
CAC 40 up +64.78 (+1.50%) at 4,370
Dax up +122.28 (+1.27%) at 9,734

Currencies
€/$ 1.35 (1.35)
$/¥ 101.40 (101.46)
£/$ 1.71 (1.71)
€/£ 0.7885 (0.7889)

Commodities ($)
Brent Crude (ICE) down -0.06 at 107.27
Light Crude (Nymex) down -0.35 at 102.04
100 Oz Gold (Comex) at 1,306
Copper (Comex) up +0.11% 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

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.