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Daily Briefing – Tuesday, July 18, 2017

US

The US yesterday released its NAFTA trade re-negotiation white paper aimed at reducing the US deficit through improving access of US exports to Canada and Mexico. The weeks dismal data deluge continued with a 10 point drop in the NY Empire State Manufacturing index to a 6-month low of 9.8, all as a result of which this morning both the dollar and indexes are under sever pressure. And in Canada home sales dropped by their largest margin since 2010.

 

Europe

With the FTSE up against other European peers, the pound yesterday began the week echoing some of Friday’s gains (putting the coin at a 10-month high) as Brexit talks begin in Brussels today. Citizen rights will be taking precedence over trade talks.

 

Asia

Chinese shares were down, pressured by yesterday’s excellent GDP, retail and investments data. The Nikkei lost more than ½ % – a 10-day low – on USD weakness against the yen. The Australian Dollar continues to rise after the almost-hawkish minutes of the central bank. Motor sales down under were down and GDP has been slowing.

 

Shares

Netflix stock surged in after-hours trading yesterday after just missing expectations on EPS and earnings yesterday, but announcing an increase of 4 million subscribers on expectations of 3.2. Today, Novartis announces its results.

 

Commodities

Oil is tempering its climb as it crosses the $46 threshold after hitting highs of 46.80 at the start of yesterday’s trading. Yesterday Ecuador announced it was bowing out of the OPEC freeze agreement due to a difficult economic state.

 

Today’s Events

8:30 AM GMT

UK: Retail prices, PPIs & CPIs

9 AM GMT

Germany & EU: ZEW economic sentiment

12:30 PM GMT

US: Imports & Exports

8:30 PM GMT

API Weekly Crude Oil Inventories.

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