Solid PMIs and new home sales nudges S&P 500 higher

The S&P 500 closed up 0.43% to 3,131.29 as manufacturing and services PMIs came in ahead of expectations. The US census bureau also announced firm new home sales numbers of 676,000 for May, which translates into a 16.6% month-on-month increase. Market expectations were for a 2.9% month-on-month increase in new home sales on April’s figure,

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

FTSE 100 slightly down as Bank of England boosts its bond-buying by £100m

The FTSE 100 fell 0.47% to 6,224.07 as news out of the Bank of England underwhelmed investors as expectations were for the central bank to be more aggressive. Risk sentiment is hardly being helped by a second wave of infections in Beijing, which has led city authorities to reimpose strict lockdown restrictions. The new cluster

Fed announces interest rates will remain close to zero through 2022

During yesterday’s press conference, Federal Reserve chairman Jerome Powell made it clear that the United States’ central bank will continue to apply stimulus to its economy until its severely damaged labour market has recovered from the impact of the coronavirus. He stated the Federal Open Market Committee “aren’t even thinking about thinking about raising rates”,

The City

UK stocks down as OECD predicts its growth to be worst of G7

The FTSE 100 fell 0.1% to 6,329.13 as market participants held off on adding risk ahead of the Federal Reserve’s statement. The OECD also released its growth forecasts today predicting the UK would have the toughest road ahead as compared to its G7 peers. If the good news regarding declining Covid-19 infection rates in the

BP and Shell drag FTSE 100 lower but Aveva shines following stellar results

The FTSE 100 closed down 2.11% on Tuesday as heavily-weighted BP (Ticker:BP) and Royal Dutch Shell (Ticker:RDSA) fell 3.47% and 4.38% respectively. Aveva (Ticker: AVV) rose 4.33% as full-year profits grew 97%. Brent crude, the international oil benchmark, fell by as much as 2% from $40.81 to $40, during London’s trading hours, before trimming losses

FTSE 100 dips slightly as UK government reaffirms reopening target for pubs

The FTSE 100 eased back 0.18% to close at 6,472.59 today, following Friday’s ferocious rally after a blowout US jobs report, amid UK government affirmations that it will stick to its target to gradually reopen pubs and restaurants from 4th July, which have been closed since late-March. Although US equities saw another strong day of

Blowout non-farm payrolls boosts risk sentiment

Figures out of the US bureau of labour statistics showed a surprise rise in employment of 2.5m versus market expectations for an 8m decline. The S&P 500 opened 1.66% higher as a result of this shockingly good news and, at the time of writing, is set to close almost 3% higher. The market reaction across

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

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