The Bullet Point Brief July 15-19

The global facts affecting your investments

Global Markets

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Currencies v GBP

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Commodities Jul 15 -19.PNG


  • Spanish caretaker Prime Minister Pedro Sánchez reveals talks with the anti-establishment Podemos party collapse, signaling repeat autumn elections.

  • Deadly Ebola outbreak in DR Congo reaches the capital Goma as first case is reported.

  • New York’s July business activity rebounds the most in two years as NY Federal Reserve’s Empire state manufacturing survey rises 13 points.

  • Developing market debt rises to an all-time high putting pressure on flagging global economy amid trade tensions.

  • China’s economy grew the slowest in almost 26 years during Q2 with GDP at 6.2%.

  • US fund manager broker commissions for trading and research halves in a decade reflecting a widening of Europe’s Mifid II transparency rules.

  • Ryanair is forced to cut flights and considers closing bases as Boeing's 737 Max crisis continues and delivery of 58 aircraft  gets reduced to 30.


  • The WTO announces many US tariffs on Chinese imports don’t comply with their rules opening possibility of retaliation from Beijing.

  • French environment minister Francois de Rugy resigns on allegations of spending tax payers’ money on lavish entertainment.

  • Mexican president Andrés Manuel López Obrador’s plans to slash Pemex’s tax by $6.7bn seen as ‘unconvincing’ and will not prevent another ratings downgrade.

  • Christine Lagarde submits resignation as MD of the IMF after being nominated as the next European Central Bank chief.

  • Turkey vows to ‘illegally’ drill for gas off the coast of Cyprus, showing defiance against EU sanctions against Ankara.

  • US retail sales grew more than expected at 0.4 % in June exceeding economists’ expectations of 0.1%.

  • German economic sentiment indicators fall significantly.

  • Ursula von der Leyen was approved narrowly as EU president but forced to depend on support from the far-right.

  • UK wage growth jumps to 3.6% in the three months to May, excluding bonuses, as a 44 year unemployment low creates competition to find employees.


  • US banks reveal mixed results as US interest rate cuts narrow the margins on lending profitability.

  • G7 finance ministers are asked for to $255m to improve financial inclusion in the developing world by increasing access to digital finances.

  • Facebook rejects US demands to delay launching its digital currency for being ‘a threat to users’ privacy, the banking system and national security’.

  • Bank of America is forced to review growth outlook on Q2 results as expectations of a 3% increase in 2019 earnings are cut to 1%.

  • The World Health Organization declares an international emergency over Ebola epidemic in DR Congo.

  • An index of the biggest US rail freight stocks fell 7% after gloomy report showing signs of economic weakness.

  • BHP reduces coal output from assets in Australia in the coming year looking to move from China towards  Japan and Taiwan.

  • London house prices drop 4.4% in the year to May 2019, higher than the 1.7% fall for the year to April.

  • The price carbon credits under the EU’s Emissions Trading Scheme to cut greenhouse gas emissions hits a record €29.27.

  • Renault injects EUR 128m into a JV with Jiangling Motors to gain exposure to the world’s largest electric car market.


  • Morgan Stanley reports Q2 revenues of $10.2bn, 3% lower yoy but higher than forecasts of $9.99bn.

  • Japanese exports slump for a seventh month to 6.7% yoy in June, with a large drop in imports taking its trade balance back into surplus.

  • South Africa’s Reserve Bank cut rates by 25 basis points to 6.5% as economy contracts.

  • Bank of America Merrill Lynch survey reveals investors are most bearish since the global financial crisis.

  • Investors are at their most bearish since the global financial crisis, with the trade war and downturn fears topping their list of worries, according to a closely watched survey of fund managers.

  • The Australian dollar climbed as the unemployment rate held steady at 5.2%, according to the Australian Bureau of Statistics.

  • Microsoft beats earnings with revenues topping $1bn as company’s cloud and software businesses soar.

  • Boeing anticipates $5.6bn drop in revenues and earnings after a $4.9bn after-tax charge for the grounding of the 737 Max, compensating airlines and delayed deliveries.


  • The Federal Reserve Bank of New York clarifies speech by its president amid Wall Street criticism over rate cut “confusion”.

  • The US shot down an Iranian drone in the Strait of Hormuz after getting within 1000 yards of an American warship.

  • Standard Chartered is accused of handling $56.8bn in illegal transactions with Iranian connected entities as whistleblowers bring civil case.

  • Despite rising markets and assets rising to $7tn, Blackrock’s Q2 earnings drop 2% as flows into low-cost passive funds clip revenues.

  • Iran seizes two foreign taking including a UK registered vessel escalating tensions between the two countries.

  • Netflix stocks plunge after it loses 126,000 domestic subscribers and misses global customer growth targets of 2.3 million, the first decline since 2011.

  • The S&P 500 and Nasdaq  both fall more than 1% for the week in their biggest weekly loss since the end of May.

The week ahead…

  • UK - High street Lending, Rightmove HPI m/m.​ New Prime Minister to be elected with Chancellor Philip Hammond's possible resignation.

  • US – HPI m/m, exisiting home sales, new home sales, durable goods m/m, goods trade balance, prelim wholesale inventories m/m, unemployment claims, durable goods orders m/m, advance GDP index.

  • EU – Spanish unemployment, refinancing rate, ECB rate decision, French consumer spending.​ Eurozone consumer confidence Spanish acting Prime Minister Pedro Sanchez seeks backing to form a government.

  • Asia - Hong Kong: June CPI, imports and exports. Malaysia: June CPI and forex reserves. Taiwan: June exports and industrial production. Thailand: imports, exports and trade balance. Singapore: June CPI and industrial production, jobless rate.

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