Save from as low as €40 per month Change modify pause
Tuesday marked a positive day for European equities, with the majority of the sectors and major bourses in positive territory. Major European indexes such as; the FTSE 100, Euro Stoxx 50, France’s CAC 40, and Germany’s Deutsche Boerse were all in the green.
German equities prominently featured, as business confidence unexpectedly experienced a continuum rise in July, this hitting record highs for the third consecutive month.
In-line with the positive stance of the European Market, U.S. stocks mostly rose on Tuesday, with the S&P 500 hitting an intraday record on the back of better-than-expected results from bellwether companies.
German Equities
Business confidence in Germany surged on Tuesday, as Munich based Institute for Economic Research, described German company’s mood as “Euphoric”.
Major German players in the financial services industry such as Deutsche Bank AG, Commerzbank, and Allianz were all in the green. Deutsche Bank AG, which is scheduled to report second-quarter results for the year on July 27, is expected to report earnings, following the markets expectation of accelerated economic growth and the likely increase in interest rates.
On the contrary to the above cited optimist environment, the German automotive industry is being faced with big fines following allegations of collusion. Volkswagen, BMW, and Daimler being the companies involved. The three automotive giants are being accused of secretly working together on technology, engaging in cartel-like behavior since the 1990s. This cartel-like behavior could have led to the “dieselgate” emission scandal. Despite this concern, BMW and Daimler have managed to partially recoup Monday’s fall in share price, on Tuesday’s session.
Greece raises €3 billion in first bond sale for 3 years
After an absence of three years, Greece has finally returned to the debt market, taking advantage of the growing investor confidence in the country’s economic recovery.
Greece raised €3 Billion with a new five-year bond, partially being raised from existing investors, who agreed to swap their current holdings for a portion of the new issue.
The last debt issue the Greek government has allotted, takes us back to 2014, with a yield of 4.9% in contrast to the latest 4.62% issue.
Michael Kors acquires Jimmy Choo
American luxury fashion company, Michael Kors announced that it has agreed to acquire Jimmy Choo for $1.2 Billion. Following this announcement, Jimmy Choo’s shares surged to an all-time high, increasing by 17.03%.
You are signing up to receive news, updates, general market announcement, articles and product or service marketing. By signing up you are consenting to our privacy policy and can unsubscribe at any time.
