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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jun 20, 2017
Carney's Brexit Worries Mean BOE Chief in No Rush to Tighten

·U.K. inflation pressures subdued, wage growth anemic
·Governor delivers first major comments in more than a month

Mark Carney is still worried about the impact of Brexit on the economy and
signaled he won’t be rushing to raise interest rates anytime soon.
In his first major comments in six weeks, the Bank of England governor
addressed weaknesses in the economy, saying that domestic inflation
pressures remain subdued and wage growth is anemic. He also highlighted the
level of uncertainty surrounding the U.K.’s talks to exit the European Union,
saying he wants to see how the economy responds to the “reality of Brexit
negotiations.” The pound fell after the remarks.
by Lucy Meakin
June 20, 2017, 10:30 AM GMT+3 June 20, 2017, 10:40 AM GMT+3
Source: https://bloom.bg/2ry8oJM

It’s Decision Time for MSCI as Global Rally Bypasses China

·Investors will find out if it’s fourth-time lucky for A shares
·Mainland stocks have struggled this year amid deleveraging

China’s fourth attempt at cracking into MSCI Inc.’s benchmark share indexes
comes with its best chance of success — and the least at stake.
In what’s become an annual event, MSCI will announce at 4:30 a.m. Hong
Kong time on Wednesday whether China’s domestic stocks have won
inclusion. Previous efforts have foundered on concern over repatriation limits
and excessive trading suspensions, obstacles the index compiler has sought
to overcome with a less ambitious proposal.
While the decision still holds weight for investors, the swings of the nation’s
$6.9 trillion equity market are losing relevance for traders in London and New
York more attuned to a global technology rally and signals from the Federal
Reserve. Even if yuan-denominated shares are added, they would be dwarfed
by overseas-listed Chinese stocks, which have an increasing sway over MSCI’s
developing nation gauge.
by Richard Frost
June 19, 2017, 10:00 PM GMT+3 June 20, 2017, 1:09 PM GMT+3
Source: https://bloom.bg/2sldEmA

Volkswagen Workers Strike in Slovakia as Economic Model Buckles

·Company calls Slovak union’s salary demands ‘irresponsible’
·Strike seen reducing GDP growth by 0.1ppt every 12 days

Workers at Volkswagen AG’s Slovak unit began an indefinite strike over wages,
underscoring the risk of a skilled-labor shortage materializing in a key
European Union manufacturing hub as unemployment plumbs record lows.
The walkout began at 6 a.m. on Tuesday after talks failed to reach a last-ditch
compromise on Monday. Workers are asking for a 16 percent rise in wages by
next year, almost double the company’s last offer for an 8.9 percent increase, a
one-time payment of 350 euros and other benefits. The union’s demands are
“irresponsible and put the future of the company and jobs at jeopardy,” the
unit’s spokeswoman, Lucia Kovarovic Makayova, said by email.
by Radoslav Tomek
June 20, 2017, 1:57 PM GMT+3
Source: https://bloom.bg/2sRzqiV

Oil Drops to Seven- Month Low as Libya Adds to Persistent Surplus

·Libyan output climbs to highest in four years as fields resume
·Volume of oil held in floating storage is rising again: Kpler

Oil dropped to the lowest in seven months amid a revival in output from Libya
and rising volumes of fuel held in floating storage.
Futures lost as much as 2.2 percent in New York after falling 1.2 percent
Monday. Libya is pumping the most crude in four years after a deal with
Wintershall AG enabled at least two fields to resume production. The amount
of oil stored in tankers reached a 2017 high of 111.9 million barrels earlier this
month, according to Paris-based tracking company Kpler SAS.
by Rakteem Katakey
June 20, 2017, 2:45 AM GMT+3 June 20, 2017, 2:09 PM GMT+3
Source: https://bloom.bg/2rPjMAo