Theresa May outlined a vision for Britain after Brexit in the speech to Tory conference during its annual convention yesterday. British Prime Minister said the vote for Brexit was a rejection, not just of the European Union, but of an entire social and economic order. “It was about a sense – deep, profound and let’s face it often justified – that many people have today that the world works well for a privileged few, but not for them.
The 300 largest European and American companies have recorded a decrease in revenues in the first half, due to the fall of oil prices and commodities. The performance of Swiss companies has been rather bucking. The European groups have suffered a drop in sales by 4.6% year on year, as indicated by the consulting company EY in a statement today. For American companies the drop was 0.4%, while the 23 Swiss companies included in the ranking registered 9.5% up. Glencore and Nestlé set out in the European top ten, respectively in fifth and ninth.
Some hawkish comments from the Fed caused the Greenback to add more than 120 pips against the Yen yesterday, nearly managing to retake the 103.00 mark. Even though technical indicators are no longer giving bearish signals, a possibility of bears taking over still exists. Nonetheless, a tough support cluster around the 102.00 major level is more than capable of handling any bearish development, while gains could potentially extend towards 103.75, where the monthly R1 coincides with the weekly R3 and the 100-day SMA. Moreover, the 104.00 level also represents significant psychological resistance, which remained intact for more than two months now.
Argentina opened books on a dual-tranche euro-denominated bond, maturing in January 2022 and January 2027 The 10-year issue is being marketed around 5.625% and the 5-year at a yield of 4.5% area. The issue is managed by BBVA, BNP Paribas and Credit Suisse. Sovereign debt is rated B3 (stable) by Moody's and B- (stable) by Standard and Poor's.
Retail sales in the Eurozone fell less than expected in August, according to the latest figures from Eurostat. EU's statistics agency said retail sales dipped 0.1% from July, beating expectations of a 0.3% decline. However, they rose 0.6% y/y, forecasts were of a 1.5% increase.
Novartis will close Schlieren's plant in the canton of Zurich, cutting 73 jobs. The Swiss pharmaceutical company said yesterday that it would be moving its key research facility here to Basel ad Cambridge (US) as part of a “broader, global strategic plan” to shore up its resources. Novartis will leave also Singapore where it set up a private-public partnership with Singapore’s Economic Development Board.
The IMF maintened its forecast for weak economic growth in the advanced economies on Tuesday while citing increasing risks from isolationist sentiment, but upgraded its outlook for emerging markets. "Compared to the 1998‑2007 averages, long‑term potential growth is now projected to be lower in all regions", it wrote in the statement.
The British pound hit a new 31-year low against the U.S. dollar on Tuesday as markets continued to digest the news that the U.K. seems head for a "hard" exit from the European Union. The pound closed at $1.2759. It's weakest value since June 1985. The so-called "hard Brexit' is the way to leave it with restricted access to the EU single market.
Italy launched its first 50-year Bond on Tuesday. Like Spain, France and Belgium, in a statement, the Italian Finance Ministry said the bond would mature on March 1, 2067 and would be issued “in the near future”, as widely announced in recent weeks. The sale was arranged by Banca IMI, BNP Paribas, Goldman Sachs, HSBC France, JP Morgan Securities and Unicredit. Italy joined other euro zone countries that have locked in historically low rates by selling ultra-long debt this year.
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