Market Headlines 1st August 2017

US

  • US. equities were relatively steady yesterday, falling just 0.1%, as the focus remains on earnings.
  • In political news, after the collapse of the Obamacare repeal, Republicans may have to choose between pursuing another health bill or pushing through a tax overhaul this year, as there’s almost certainly not enough time to do both.
  • Yesterday, 10 days after his first appointment, Anthony Scaramucci was removed from his new job as White House communications director on John Kelly’s first day as chief of staff in the White House. The move adds to the long list of changes seen in Trumps administration since he first took office.

 

Europe

  • European stocks fell for a third day, declining 0.5%, as a retreat in automobile shares offset a rally in financial services firms.
  • Carmakers lost 0.8% to end the session at the lowest level this year. The auto index has lost 6.5% in the past two weeks amid allegations that the German’s major automakers colluded to limit the pace of technological advances in their vehicles and stifle competition.
  • Financial services companies rose 0.7%, widening the sector advance this month to 0.1%.
  • In currency news, the euro hit a fresh intra-day high. European stocks have been hurt by a strengthening euro which has fuelled concerns for European earnings.

 

Asia

  • Overnight in Asia stocks advanced as Japanese and Chinese equities gained 0.3% and 0.1% respectively

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