Market Overview

26 July 2019 07:36

Maria Gregoriou

The President of the European Central Bank (ECB), Mario Draghi, hinted that the ECB may provide market stimulus in September at a press conference yesterday about the meeting of the Governing Council of the ECB. This stimulus may come in the form of new easing measures, due to concerns over the eurozone economy. The decisions made in the meeting, according to Draghi are that “the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00 percent, 0.25 percent and -0.40 percent respectively.
25 July 2019 07:55

Maria Gregoriou

Britain’s new prime minister, Boris Johnson had made it clear that Britain will leave the EU in October, without a backstop and perhaps with a new deal in his pre-election statements. Now that he is leading the country European chiefs have waisted no time in asking for a detailed Brexit plan.
24 July 2019 07:52

Maria Gregoriou

Major banks around the world will put an end to their quantitative tightening according to BusinessWorld. Central banks were considering tightening monetary policy for most of last year but are now forced to consider loosening them as the world economy slows. In the US the end to the debate about quantitative tightening could come about as the Federal Reserve (Fed) is currently easing borrowing cost for the first time since 2008.
23 July 2019 07:02

Maria Gregoriou

The long-drawn-out Brexit, the repeated rejection of a plan by parliament, the forced resignation of Theresa May, the extension of a deadline and the fact that both candidates for the position of prime minister – Boris Johnson and Jeremy Hunt – have said that the possibility of a Northern Ireland backstop is dead, add to the risk of a no-deal Brexit. This risk, according to The Guardian, may have pushed the UK economy into a recession already, as one of the country’s economic forecasters has said.
22 July 2019 07:29

Maria Gregoriou

Federal Reserve (Fed) Chairman Jerome Powell has been hinting that interest rates will be cut in July due to economic risks and inflation pressures. Wall Street Journal commented on this at the end of last week by saying that the Fed is likely to cut rates by 25 bps this month and ‘may make further cuts in the future given global growth and trade uncertainties.
17 July 2019 07:23

Maria Gregoriou

Reuters reported this morning that the U.S and Japan are working towards a trade deal ‘involving agriculture and autos that could be agreed by President Donald Trump and Prime Minister Shinzo Abe when they meet in New York in September.’ The deal could involve Japan offering the U.S farmers new access to its market in return for a reduction in tariffs on a selection of Japanese auto parts, an auto industry official said.
16 July 2019 08:19

Maria Gregoriou

Both candidates for the position of Britain’s next prime minister declared that the Northern Ireland backstop is something they will not consider in Brexit deal negotiations. These statements were given last night during a Sun debate and come after the negotiators of Brexit had one of the worst meetings since 2016 at the end of last week, according to European officials, who are opting for talks to become more hostile under the next British government.
15 July 2019 07:09

Maria Gregoriou

The tumble of Bitcoin to as low as $9,872 over the weekend is said to be a result of a tweet by President Trump on Friday, according to CNBC. The tweet read “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.” Bitcoin is the most valuable virtual currency in the world, and it dropped by ten percent to $10,175, according to CoinDesk data.
12 July 2019 07:43

Maria Gregoriou

According to official estimates released this morning, Singapore’s economic growth slowed by 0.1 percent in the second quarter, which is the lowest rate in a decade. Bloomberg stated that the economist forecast of 1.1 percent was badly missed and it is the lowest since the second quarter of 2009. The island’s GDP, on a quarter-on-quarter seasonally adjusted annualised basis, shrank 3.4 percent in April to June, as compared to the previous three months, the Ministry of Trade and Industry said in a statement. This outcome is very much below the forecast of 0.
11 July 2019 07:51

Maria Gregoriou

During a testimony before the House Financial Services Committee yesterday, the Federal Reserve (Fed) chair, Jerome Powell, strongly hinted at the possibility that the Fed could soon cut interest rates. The final decision, which may come about due to Donald Trump’s trade war creating risks to the US economy and a global economic slowdown, could be made later this month when the Fed will have its next meeting, according to the New York Times.
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