The Bullet Point Brief. July 8-12

The short, sharp facts from last week's news.

Global Markets

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Currencies v GBP

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Commodities Jul 8-12.PNG


  • Deutsche Bank starts slashing thousands of jobs on Sunday in London and New York hours after announcing plans to cut 18,000 jobs globally.

  • China announces it may reduce interest rates later this month cutting its own benchmark rate for the first time in 4 years.

  • German chemicals group BASF cuts its full-year forecast warning of profits halving in the second quarter.

  • Greece’s new government is warned by EU chiefs not to abuse budget surplus targets citing damage to its hard-earned economic credibility.

  • Japanese machinery orders contract in May by 3.7% as the world’s third-biggest economy sees its steepest fall in three months.

  • The US stock market dupes active fund managers in June as only 31% of managers beat the US Russell 1000 index.


  • Mexico’s Finance Minister Carlos Urzua resigns with a letter citing “extremism” in economic policy. President Andres Manuel Lopez Obrador names Minister Arturo Herrera as his replacement.

  • Jeremy Hunt ‘won’ a bad-tempered TV debate with Prime Minister front-runner Boris Johnson as many state the victory was ‘too late’.

  • Gold’s recent rally to a 6 year high took a blow after India hiked import duties when many expected lowering taxes.

  • Hong Kong Chief Executive Carrie Lam announced the China extradition bill is dead but will prosecute demonstrators.

  • Nintendo will produce Switch consoles in Vietnam with Sony and Microsoft considering the same as trade tensions put production in jeopardy. 

  • Donald Trump relaxes restrictions on US companies selling to Huawei with the ban only applying to products related to national security.

  • Shares of Philippines airline CEBU plunge 40% and then recover among talk of ‘fat finger’ error.

  • Hargreaves Lansdown blocks Neil Woodford’s Equity fund holders from transferring to other investment platforms.

  • The world’s largest chemicals maker BASF slashes its forecast for full-year earnings by 30%.

  • French Transport Minister Elisabeth Borne announces plans for "eco-tax" for all flights from French airports.

  • Richard Branson’s Virgin Galactic announces plans to go public, merging with a cash cell launched by former Facebook executive Chamath Palihapitiya.


  • Britain’s economy grew more than expected in May with car output rebounding and overall output growing 0.3%.

  • Fed Chairman Jerome Powell said the global economy “continues to weigh on the U.S. economic outlook” suggesting a rate cut this month.

  • The S&P 500 breached 3,000 points mark for the first time as the Fed confirms it will “act as appropriate” to sustain record growth.

  • Britain’s ambassador to Washington Kim Darroch left his job after days of criticism from Donald Trump.

  • The European Commission warns that the bloc faces a “host of negative risks” in H2 of 2019 but keeps growth projections unchanged. 

  • The Brazilian Bovespa index rose to new highs as the lower house of Congress expects to approve pension system reform.

  • Australia promises a national vote on whether to include recognition of indigenous people in its constitution.

  • Bank of Canada held interest rates at 1.75% and raised its second-quarter growth forecast.

  • Indian car sales fall by a quarter in June in its worst slump for over 10 years as a credit crunch slows domestic buying. 

  • Iranian president Rouhani warns the British " you should be aware of the consequences” for seizing an Iranian supertanker.

  • UK Labour Party leader Jeremy Corbyn requests new referendum and will now campaign to remain in the EU.


  • Three Iranian gunships impede a BP oil tanker in the Strait of Hormuz, retreating after warnings from Royal Navy warship, the British Heritage.

  • The largest privately owned US company Cargill reports sharp drops in fourth-quarter earnings as weather and a deadly pig virus take their toll.

  • Delta and EasyJet confirm a joint bid for Italy’s state-backed railway company Ferrovie dello Stato to take over national carrier Alitalia.

  • Bank of England warns risks of a no-deal Brexit are “material risks of economic disruption” and increased market volatility.

  • The Dow Jones Industrial Average crosses 27,000 points for the first time.

  • Claims for US unemployment benefits fell 13,000 to 209,000 for the week ended July 6, the lowest since April.

  • Standard & Poor’s issued its first rating for a Chinese debt issuer awarding a unit of ICBC, China’s biggest bank, a AAA rating for domestic renminbi-denominated debt.

  • Sustainable Funds in the U.S. saw Record inflows in the first half of 2019 attracting an estimated $8.9 billion.

  • Anheuser-Busch InBev, the world’s largest brewer cancelled this year’s biggest IPO to sell $9.8bn of shares.


  • The US yield curve steepened the most in three years on hopes a rate cut by the Fed will keep the US economy growing.

  • Chinese exports fell 1.3% year on year in dollar terms during June resulting from tensions with the US.

  • Singapore’s economy experienced its slowest growth rate in a decade during the second quarter.

  • Fitch credit rating agency downgrades Turkey’s sovereign debt less than a week after president Erdogan fired the central bank chief.

  • A group of the world’s largest banks including Citigroup, BNP Paribas, Bank of America Merrill Lynch,  Crédit Agricole and Citigroup agree a $10bn loan to Saudi Arabia’s sovereign wealth fund.

  • Travel operator Thomas Cook hopes for a GBP 750m rescue deal from Chinese investor Fosun as online competition and heat waves hit summer holiday bookings.

  • The International Monetary Fund sends $5.4 billion cash to Argentina in a fourth review of a $57 billion finance agreement as recession and high inflation bite.

  • The Securities and Exchange Commission assesses exposure to Libor on hopes to move to an alternative benchmark reference rate,  the Secured Overnight Financing Rate, worth $300 trillion.

The week ahead…

  • Earnings for JPMorgan Chase, Citigroup, Goldman Sachs and Wells Fargo, Bank of America and Morgan Stanley and almost 60 S&P 500 companies.

  • European Parliament votes on EU Commission President.

  • South African reserve bank expected to cut its repo rate to 6.5%.

  • US – Retail sales, import prices, industrial production, housing starts, unemployment claims, crude inventories.

  • EU – Italian trade balance, EU trade balance, core CPI, current account, German PPI.

  • UK - Unemployment rate, CPI, RPI, PPI, monthly retail sales.

  • Asia - Chinese GDP, Japanese trade balance, Japanese CPI.

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