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EUR 8.82
For Business Accounts Only
/articles/the-morning-track-soggy/
April showers…..
The week begins with a soggy start as deal hopes for Brexit remain in play with Tory May and Labour Corbyn still trying to patch together an exit deal before April 12th while the EU has to decide to grant them an extension. The US/China talks ended and deal hopes remain without a clear summit or end date. The US military pulls out of Libya while that civil war heats up driving oil prices. The oil surge has helped spur interest in the $10bn of Saudi Aramco bond issuance – with talk of $30bn in orders – which may lead to resizing. The data overnight was light but soggy with Japan current account surplus higher on oil and foreign investments while its consumer confidence fell along with the EcoWatchers survey – back to 2-year lows. The German trade surplus widens even as exports dip more than expected. Markets are in a less sunny mood as there are fears that the US 1Q earnings season will drag down shares and slow the best rally in 20 years. There is a sense that value
returns as a driver today even as the doubts about growth remain. The hope is sufficient for now and the place where this becomes most obvious is Europe. If there is a US/China deal and if there is a Brexit orderly process, then the value of European shares stands out – or at least that is the logic in play as Europe recovers in flows first. The EUR becomes a bellwether accordingly.
The Morning Track soggy
- The Morning Track - Soggy by Bob Savage/articles/the-morning-track-soggy/
April showers…..
The week begins with a soggy start as deal hopes for Brexit remain in play with Tory May and Labour Corbyn still trying to patch together an exit deal before April 12th while the EU has to decide to grant them an extension. The US/China talks ended and deal hopes remain without a clear summit or end date. The US military pulls out of Libya while that civil war heats up driving oil prices. The oil surge has helped spur interest in the $10bn of Saudi Aramco bond issuance – with talk of $30bn in orders – which may lead to resizing. The data overnight was light but soggy with Japan current account surplus higher on oil and foreign investments while its consumer confidence fell along with the EcoWatchers survey – back to 2-year lows. The German trade surplus widens even as exports dip more than expected. Markets are in a less sunny mood as there are fears that the US 1Q earnings season will drag down shares and slow the best rally in 20 years. There is a sense that value
returns as a driver today even as the doubts about growth remain. The hope is sufficient for now and the place where this becomes most obvious is Europe. If there is a US/China deal and if there is a Brexit orderly process, then the value of European shares stands out – or at least that is the logic in play as Europe recovers in flows first. The EUR becomes a bellwether accordingly.
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Robert Savage
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