The Bullet Point Brief. July 1 - 5

The important points from last week's news.

Global Markets

Currencies v GBP

Commodities

  • European and U.S. investors flee active mutual funds the most in three years at $30bn YTD as stock picking scrutiny increases.

  • U.S. economy ads 224,000 jobs in June to beat forecasts of 165,000, after just 75,000 jobs were created in May.

  • Stronger jobs data calmed hopes for easing Federal Reserve monetary policy sending stocks lower.

  • Investors race back to Argentina as economy 'bottoms out', peso outperforms and stocks gain 40% since early May.

  • Iranian Oil Minister Bijan Zanganeh warns “unilateralism” among OPEC members could result in the demise of the Middle East-dominated producer group.

  • OPEC output sinks to a new five-year low in June as increases in Saudi supply doesn't offset losses from US sanctions on Iran and Venezuelan sanctions.

  • US fixed income ETF's attracted a record $25.4bn in June as investors mulled over an uncertain growth outlook.

  • World leaders welcome agreement forged by Sudan's ruling military council and a coalition of opposition and protest groups for three year power share.

  • China and US reach a truce in trade war at the G-20 summit in Japan.

  • Chinese Ministry of Commerce spokesman says “If the two sides are to reach a deal, all imposed tariffs must be removed'.

  • Demonstrators in Hong Kong take protests to the mainland, marching march through Kowloon's Chinese tourist areas.

  • S&P 500, Nasdaq Composite and  Dow Jones Industrial Average all closed at record highs on Wednesday.

  • Iranian Government spokesman Ali Rabiei tells a news conference that Iran will surpass the limit of 3.67%, breaking more limits of the 2015 world power nuclear deal.

  • Experts warn more enrichment and increasing stockpiles increase the possibility of an Iranian atomic bomb.

  • EU leaders vote for Ursula von der Leyen, German Chancellor Angela Merkel's close ally, to replace Jean-Claude Juncker at the Commission's helm. 

  • Christine Lagarde is nominated to replace Mario Draghi at the ECB, coming under criticism for not being a trained economist.

  • GBP hits a six-month losing more than 1% against USD on poor economic data and expectations of a BOE interest rate cut.

  • Sterling sees ninth consecutive week of losses against the euro. 

  • Polls confirm belief that sterling will enjoy a boost and rally significantly if Brexit deal is reached.

  • London house prices fall for the 8th straight quarter to the end of June.

  • UK financial watchdog, the FCA, proposes banning sales of crypto-based derivatives amid bitcoin price rise. 

  • European shares closed at their highest in over a year on Thursday spurred on by hopes of looser monetary policy by major central banks.  

  • Neil Woodford informs staff their jobs are under threat after suspension of trading in his £3.5bn flagship fund.

  • Italy avoided European Union disciplinary action, persuading the European Commission that it will bring its debt in line with EU fiscal rules. 

  • Weak purchasing managers’ index surveys signal the British economy contracting in the second quarter amid prolonged Brexit uncertainty.

  • Jaguar Land Rover announce multi-million pound investment UK electric vehicle production after a slump in diesel sales.

  • UK construction falls to decade-low levels.

  •  Boeing faces more setbacks after Saudi Arabian low-cost carrier Flyadeal cancels order for 50 737 Max jets.

  • Greece raises hopes of a return to stability and growth as centre-right New Democracy party looks set to regain power after years of recession and bailouts.

  • German manufacturing orders dropped much more than expected at 2.2% month-on-month in May sparking a new drops in government borrowing costs on the likelihood of more monetary easing from the ECB.​

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