Sleepy Overnight Session Interrupted By Chinese Market Turmoil

Top Asian News



  • China Weekend Meet on Finance Founds New Panel, Boosts PBOC

  • China Is Said to Punish Wanda for Breaching Investment Rules

  • China’s Stocks Slump Amid Regulatory Concern; Small Caps Plunge

  • China Insurers Jump as Policy Seen Helping Traditional Players

  • India Govt Cos to Invest $42b in 60m Tons/y West Coast Refinery

  • USD/INR 1-Mo Volatility Near Lowest Since 2008, Traders Cite RBI

  • One Country, Two Markets: Hong Kong Shares Jump Amid China Rout

  • Goldman Sees EM Slowdown Coming, Recommends Carry Over Stocks


European bourses pared its initial upside to trade marginally in the red through the morning, as summer, subdued trade has been evident. The Stoxx 600 sectors have followed in the indecision with IN outperforming in the FTSE, following the confirmation of Carolyn McCall as the new CEO. The energy sector also supports the indices, as WTI trades through 46.00/bbl. The strong Chinese data overnight has helped bolster the materials sector, up half a percent, as Anglo-American follow IN in the FTSE. Brexit concerns have re-emerged, with commentary from both Hammond and Fox. The latter stating that there are contingency plans across the UK government's departments in the scenario that no deal is reached. Fixed income markets opened with a slight bid across Europe, as the aforementioned concerns are clear. The curve has flattened we do approach the summer trading season: Germany 10/30 curve has flattened from 81.5bps to 73bps, France 10/30 from 107bps to 102.5bps, Italy 10/30 curve flatter from 115bps to 108bps and Spain 10/30 is also flatter from 134.5bps to 126/5bps.


Top European News



  • Souring U.K. Data May Put Paid to Pound’s Strength: Markets Live

  • Gilts’ Gain Helps Support Bunds; Unwinds in 20y UST, Data Show

  • Centrica May Sell Shares in New Gas Production Company

  • European Miners Lead Stock Gains After Boost From China GDP Data

  • John Wood, Tullow Oil, Morrison, Outokumpu Short Sellers Active

  • Boris Johnson: U.K. Govt Has Made a Serious Offer on Citizens

  • Eurofins Reports Potential Launch of New Sr EU500M Bond


In commodities, gold continues to recede near Friday's highs, following the poor CPI data out of the US. Gold has bolstered the precious metals all to trade in the green today, as markets do not seem too optimistic towards the continuing Brexit negotiation talks. The metal complex has also followed, trading in the green; buoyed Asian trade as the strong Chinese overnight figures have benefited not only China, but also Australasia.


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