Market Overview

24 June 2019 07:42

Maria Gregoriou

Mayoral elections were held yesterday again in Istanbul, Turkey, after the results in March were annulled because of alleged voting irregularities in the process, according to the AK Party, the opposing party. Last night’s results were the same as those in March, that Ekrem Imamoglu of the Republican People’s Party (CHP) is now the new mayor of Istanbul. This result comes as a blow to Tayyip Erdogan, whose party lost by almost 800,000 votes.
21 June 2019 07:19

Maria Gregoriou

Asian stocks slipped yesterday as fears of military confrontation in the Middle East Gulf were raised after Iran shot down a U.S military drone, according to Reuters. Tension between Iran and the U.S is already high but the fact that President Donald Trump ordered a military strike against Iran after the drone incident, and then called it off has raised the tension bar even higher. This news is in alliance with the New York Times. The following figures were released by Reuters this morning to show how the markets have reacted to the escalated political tension.
20 June 2019 07:48

Maria Gregoriou

Federal Reserve (Fed) Chairman, Jerome Powell announced in a press conference yesterday that interest rates will remain the same “but indicated that it could soon cut them as economic risks mounted and inflation remained stuck below target,” according to the New York Times. Due to continuing trade tension and slowing global economic growth, a number of officials on the Fed’s policymaking committee expect to lower rates before the end of the year.
19 June 2019 08:12

Maria Gregoriou

The social media giant, Facebook Inc, is planning to release its very own cryptocurrency, named Libra, by next year. The hope is that the Libra will be traded on a global scale in the future. According to reports by Bloomberg, Facebook has said that the goal is for the cryptocurrency to be used in everyday transactions and that Libra will not only be better than Bitcoin, but it could even one day rival the US Dollar. Alastair Marsh of Bloomberg news said that this is a “really big deal, not only for crypto but potentially for the global financial economy as well.
18 June 2019 07:18

Maria Gregoriou

According to a report by the British Chambers of Commerce (BCC) business investments across the UK are coming to a halt and the economy is forecasted to see zero growth in the second quarter. As mentioned in Parliament on Monday, the Bank of England’s forecast states that there is a one in four chance of the UK economy dipping into recession. The manufacturing sector is already in recession as stockpiles are now stagnant because Brexit has not yet been settled, with car manufacturing down five percent in the last quarter. This means that jobs and investments have been cut.
10 June 2019 07:55

Maria Gregoriou

A few months ago, predictions were that the oil market for 2020 would be the one to look out for as “many market commentators predicted that if $100/bbl-oil was going to make a comeback, it would happen in 2020,” according to Bloomberg. But the release of the first official assessment of 2020 by the International Energy Agency on Friday shows persistent surpluses could be accumulated next year. This does not indicate rising prices, which were previously predicted and the reason why investors kept a keen eye on the oil market.
7 June 2019 08:31

Maria Gregoriou

German exports fell by 0.5 percent from April 2018 to April 2019, according to the Trade Balance report released by the Statistisches Bundesamt Deautschland The overall German export value for the month of April 2019 was estimated to be 109.7 billion euros, while the value of imported goods stands at 91.7 billion euros. In contrast to German exports, imported goods increased by 2.1 percent in April 2019 year on year. “After calendar and seasonal adjustment, exports were down 3.7 percent and imports 1.3 percent compared with March 2019,” the report states.
6 June 2019 08:54

Maria Gregoriou

Fiat Chrysler withdrew its proposal to merge with French automaker Renault due to the lack of political conditions that would ensure a successful deal. The talks between the two automobile companies have been going on since May and after a series of late-night meetings, the French government requested a vote for or against the merger to be delayed. The French government owns 15 percent of Renault and as it did not see assurances on a number of matters, including job security, it hoped for more time to complete the merger.
5 June 2019 09:28

Maria Gregoriou

The hot topic lately in the news is trade. During President Donald Trump’s state visit to Britain and his meeting with Prime Minister Theresa May, he encouraged the UK to get Brexit over with so that the U.S and the UK could come to a trade deal. According to Bloomberg, Trump said that a deal would triple trade between the two countries. In other news, Chinese President Xi Jinping said that China’s economy is stable, healthy and well placed to meet all risks and challenges, according to a transcript published by the Xinhua news agency just before Xi’s state visit to Russia.
4 June 2019 07:44

Maria Gregoriou

The British Retail Consortium (BRC) released its Like-For-Like Retail Sales report, which measures changes in the actual value of retail sales from participating companies with invaluable management information on a regular and reliable basis. For May this report showed retail sales dropped by 2.7 percent, which is the biggest drop since 1995. This drop can be explained, in part, by the fact that last year the UK saw lots of sunshine around this period, the World Cup was on and the royal wedding gave everyone something to cheer about, giving people more incentives to spend.
Market Focus

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