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Daily Briefing – Tuesday, June 27, 2017

US

The Nasdaq yesterday lost 1% in 2 hours after a short surge to cap its post FAANG recovery. This morning finds futures testing support at 5770 and closing down 0.3%, as the Dow and S&P closed up a fraction. FAANGs were down 2% each. US Durable goods dropped for a 2nd month running in May, this time 1.1%, alongside the Chicago activity index, which fell by its largest gap since August last year to minus 0.26. The Dallas business index also fell 2 points to 15. Finally, GM predicts a fall in auto sales in the US.

 

Europe

European equities were up yesterday after Italy promised to bail out failing banks. The FTSE gained 0.3%, ending a 4-day losing streak, primarily on energy stocks. Hoping to strengthen its grip on the British Brexit consensus, PM Theresa May yesterday promised Northern Ireland 1 billion Euros over a 2-year period in return for the Northern Irish Democratic Unionists to back the upcoming budget vote. In Germany, business sentiment came in at a record high for June, 115,1, after German growth was upgraded last week to 1.8%.

 

Asia

New Zealand’s trade deficit (YoY) widened to $3.75 bn in May on an impressive increase in exports ($4.95bn) but also imports ($4.85bn). Further north, Japan posted a leading economic index that fell to 104.2 in May.

 

 

 

Shares

Alibaba shares, down 0.2% yesterday, will see its subsidiary, Best Inc – a logistics retail servicer, filing its US IPO on the NYSE. No details have been released, as yet. Meanwhile, on the heels of yesterday’s 2% drop in share value, Google is facing a billion euro fine from the EU for antitrust breaches.

 

Today’s Events

8 AM GMT Italy: Consumer confidence as the ECB’s Draghi presents a speech.
9:30 AM GMT UK Stability report followed at 10 by a speech from BoE Gov. Carney
1 PM GMT US Case-Shiller house prices followed at 5 by a speech from Fed Pres. Yellen
8:30 PM GMT API Crude oil stocks

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