Stock market snapshot as of [25/6/2019 3:01 PM]
- Partly a holding pattern, partly a surreptitious drift to safety is a fair way to characterise the market mood as global tensions simmer ahead of the G20 meeting
- That was represented almost literally by the 339 of six hundred STOXX Europe 600 shares trading lower half-way through the session, whilst 251 rose and a minority were flat
- It’s a third straight day of losses for the broad regional gauge but the 1% slide since Thursday essentially takes the market back to its range a week ago
- North American indices start on a similarly lacklustre footing. All main Wall Street gauges were lower together with Toronto’s TSX just now. Only Mexico’s Mexbol was on the rise
- Gold and the yen and most EU and U.S. government bonds to continue to rally as a function of both safety seeking and the massive accommodation expected from broad monetary easing. The dollar index is only flat after falling almost 2% since 18th June
- Oil prices fluctuate, last trading moderately higher with traders unsure U.S. crude can extend gains of 8% in just three days, unless Iran tensions boil over again. OPEC’s supply announcement is still a week away and the probable decision to maintain lower output looks priced in
- To be sure, the most hamstrung European stock market sectors of the year continue to ail on trepidation whilst the energy sector barely advances
- Société Générale leads the largest banks to a continued underperformance, falling 1%, with investors reacting to a fresh record low in Germany’s 10-year bund yield, Europe’s benchmark borrowing cost
- Smaller French peers Natixis worsens a significant recent decline with a 2% fall in the wake of €1.4bn in outflows from its tainted H20 fund
- The U.S. session opens with more colossal health sector merger news as AbbVie confirms a $63bn deal to buy Botox maker Allergan. AbbVie tumbles 8%, Allergan is 32% firmer
Upcoming corporate highlights
AMC: after market close
Upcoming economic highlights
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.