1. The European stocks rally has halted with the FTSE 100 still resilient at 4% below lower than the 11% post BREXIT. European Banking stocks were the worst performers with 6 Italian banks leading the list of worst performers.
2.The British construction purchasing managers index – PMI deteriorated to 46 (from 51.2 in May). A very bearish autopsy of BREXIT.
3. Silver scooped the best performing asset was it crossed the $21/t.oz a 2 year high price. This was due to unattractive treasury prospects by investors as yields fetch record lows to negative. YTD rally for silver is 46%. Gold rallies behind as second best performer at 27% YTD.
4. Rating agencies warned the Australia risks losing its AAA rating after its bonds underperformed post elections where the outcome couldn’t secure a winner.
5. Chinese banks could require bail out of $500billion in 2 years time, Analysts have predicted. This follows projects capitalization strains, Barclays and Goldman Sachs said.
6. Three (3) traders were in London found guilty of manipulation Libor rates 4 years ago. This follows a case in which Barclays has paid immense fines. The traders manipulated rates on a portfolio of $350trillion dollars.
7. London shareholders have nodded the merger of London Stock Exchange and Deutsche Boerse. However German shareholders want the merger to be domicile in Germany and not London after BREXIT.
8. Abu Dhabi stocks led gains across Gulf Arab equity markets as two of the emirate’s biggest banks approved plans to merge.The ADX General Index rose 1.2% to the highest level since April. National Bank of Abu Dhabi PJSC added 4% and First Gulf Bank PJSC climbed 2% as the lenders plan to merge in Q1: 2017.