Close Jul 22

In European Equity Markets the pan-European Stoxx 600 closed flat, with sectors and bourses trading in opposite directions. In corporate news, Dutch health technology company Philips rose to the top of the index after a stronger-than-anticipated 6% rise in comparable sales for the second quarter. The company cited robust demand for its hospital equipment in China and the U.S. during the three-month period. Shares jumped over 5% on the news.


In Currency Markets sterling extended its decline on Monday as the outlook for the currency turned bleaker, with traders increasing their bets on a no-deal Brexit ahead of the results of the Conservative Party’s leadership election. The pound last traded down 0.2% at $1.2476, not far from the 27-month low reached last week, having declined 1.7% against the dollar so far this month. Against the euro, it fell to 89.98 pence.


In Commodities Markets oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf. Brent crude futures climbed 79 cents, or 1.26%, to $63.26 a barrel. West Texas Intermediate (WTI) crude futures were up 74 cents, or 1.33%, at $56.37 a barrel. Last week, WTI fell over 7% and Brent lost more than 6%.


In US Equity Markets stocks rose on Monday, lifted by technology companies, as investors eyed fresh U.S.-China trade developments during a busy week of corporate earnings with results from marquee names including Facebook and Amazon on tap. the S&P 500 rose 0.21%, at 2,982.78. The Nasdaq Composite added 0.53%, at 8,189.77. Technology companies rose 0.91%, the most among the major S&P sectors trading higher, and the Philadelphia chip index gained 1.69%.


In Bond Markets long-dated U.S. Treasury yields fell on Monday and the yield curve flattened as dovish global central bank policy supported demand for government debt, with no major new events to shift market direction. The European Central Bank (ECB) is expected to signal easier monetary policy when it meets on Thursday. Benchmark 10-year notes were last up 6/32 in price to yield 2.03%, down from 2.05% late on Friday.