Capitol Hill

Equity markets creep higher as growing US-China tensions tempers gains

Stocks on both sides of the Atlantic were up with stock bourses in the US, UK, France, Germany, Spain and Italy all in the green. This was despite news that China had sanctioned 11 Americans in retaliation to similar moves by the US on Hong Kong and Chinese officials. Global investors, however, continue to have

Manufacture of steel rails.

Industrial turnover and new orders rebounds strongly in Italy

Encouraging figures out from Italy’s Istituto Nazionale di Statistica showed that the industrial turnover index grew 41.9% in May, while new orders increased 42.2%. This was the first time either of the indices tracking industrial production increased since January. Breaking down the turnover index into home and abroad sales, domestic sales increased by 45.7%, while

Sewing fabrics for Italian sofas

Italian stocks lead Europe higher as industrial production rises 42%

At the time of writing, Italian stocks are leading European benchmarks higher rising by 1.1% to 19722.09, as industrial output came in well ahead of forecasts for the month of May rising by 42.1% versus consensus expectations for 22.8%. In April, Italian industrial output fell by 20.5% on the prior month, while in March the

European Commission headquarters

Gloomy European Commission drives European benchmarks lower

European Commission research published today warned of a ‘deep recession’ this year as a result of the pandemic, which led to impositions of movement restrictions across the continent beginning in February/March stifling economic activity. The FTSE 100 fell by 1.53% as investors digested a more dire assessment of growth prospects than initially predicted in the

Spanish services sector is expanding again shows PMI

IHS Markit’s Spanish services PMI posted a remarkable turnaround from May’s reading of 27.9 by reporting 50.2 for the month of June. Although only marginally above the no-change threshold of 50, this was well ahead of consensus expectations for a print of 45.9. Driving today’s dramatic rise was a reported increase in new business volumes

French & Italian consumer confidence beats consensus estimates

Figures released today showed Italian consumer confidence rose 6.3 points to 100.6, whilst French consumer confidence also rose by 2 points to 97. The Italian number was driven by consumers’ improved assessment of the current economic climate and the French reading by a jump in intentions to make a major purchase over the next twelve

Germany’s R number ratchets higher as second-wave fears breeds angst

The FTSE 100 closed 0.76% down today, as news emerged over the weekend that Germany’s R number had surged from 1.79 to 2.88 renewed fears over a second wave of Covid-19 infections. Statistical uncertainty means the actual reading (as per the 95% confidence intervals) could be as high as 3.73. In light of the praise

ECB expands PEPP by €600 billion

On Thursday, the European Central Bank announced they would support their PEPP (Pandemic Emergency Purchase Programme) with an extra €600 billion, beating most analysts’ expectations of €500 billion, taking the bond-buying stimulus package to €1.35 trillion in total. It was also mentioned the scheme would be extended to June 2021 and interest rates would be