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Daily Insights - July 24, 2014

China ‘flash’ PMI at 18-month high

  • European equities had a weak start to the day following reports that EU diplomats are considering harsh financial sanctions against Russia, including a ban on purchases of new debt or stock issued by Russian banks. However, equities swiftly rebounded as “flash” PMIs were stronger than expected. The preliminary composite PMI rose to 54 in Jul from 52.8 in June (c.f. unchanged). UK June retail sales were weaker than expected -0.1% mm ex autos vs c.f. of 0.3% mm. GBPUSD fell following the data, while the equity rally continued unphased.
  • NZD dropped sharply following RBNZ’s pause signal. The RBNZ raised the cash rate 25bp to 3.5%, as expected. However, in terms of forward guidance, the central bank seems to have entered a period of assessment, signalling a pause. The NZD weakened by 1.3% from pre-meeting levels, short-end bond yields fell by 5bp, and equities strengthened marginally.
  • Korea’s Q2 GDP decelerated on weak private consumption. GDP growth decelerated in Q2 to 0.6% q/q sa as private consumption contracted and investment was weak, affected by April’s ferry accident. KRW and KOSPI underperformed EM Asia currencies and equities, respectively, on the news.
  • Focus today will be on US new home sales. We see US housing as benefitting from an improved macro environment and expect 2Q results for homebuilders to confirm our view that the sector has entered a pocket of slow and steady expansion. We forecast consolidated 2Q orders to rise by an average of 6% y/y. Following on from the positive earnings reports yesterday, the US has another heavy earnings day, with 10% of the S&P 500 companies reporting today.


Exceptional service in OTC client clearing

Risk magazine names Barclays OTC Client Clearing Service of the Year

Barclays has centrally cleared more than US$30 trillion of derivatives transactions on behalf of clients, including the industry’s first ever cleared client trades in 2009. Our focus on delivering exceptional service, and on proactive engagement with clients, clearing houses, regulators, and other market participants has helped us to grow our business into a multiple award-winning platform, most recently recognized by Risk magazine.

Read Risk’s article here

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