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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jun 12, 2017
Qatar Sees No Basis Yet for Diplomatic Solution to Gulf Crisis

·Al-Jazeera TV cites Qatari Foreign Minister Mohammed Al Thani
·Al Thani says Saudi-led bloc has submitted no specific demands

Qatar is still waiting for the Saudi-led bloc seeking its isolation to submit a list
of specific demands, and therefore sees no basis yet for a diplomatic solution to
the crisis, Foreign Minister Mohammed Al Thani said.
Kuwait, the mediator of the dispute, remains in contact with Qatar and the
U.S., Al-Jazeera TV cited Al Thani as saying on Monday. Qatar is working on
humanitarian issues stemming from the “illegal siege,” he said.
Al Thani’s comments come as Qatar tries to play down the impact of a crisis
now entering its second week. Finance Minister Ali Shareef Al Emadi said
earlier that the country has enough financial firepower to defend its currency
and economy and that the plunge in Qatari assets was a “normal” reaction to
moves by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt to cut
diplomatic and transport links.
by Zainab Fattah and Ahmed Feteha
June 12, 2017, 9:58 AM GMT+3 June 12, 2017, 2:39 PM GMT+3
Source: https://bloom.bg/2s1YSzo

Pound Extends Drop as U.K. Political Chaos Adds to Brexit Stress

·Uncertain domestic backdrop outweighs soft-Brexit view: Mizuho
·Pound falls as Moody’s says U.K. election result raises risks

The pound fell against all its Group-of-10 peers on the prospect of an unstable
coalition government heading into Brexit talks with the European Union in a
week’s time.
Sterling extended Friday’s 1.6 percent slide against the dollar, which was the
biggest one-day loss since October and came after the June 8 election resulted
in a hung parliament, the worst scenario for the currency according to analysts
in a Bloomberg survey. Prime Minister Theresa May is trying to form a new
government with the backing of Northern Ireland’s Democratic Unionist Party
after the Tories fell short of an overall majority. Formal Brexit negotiations are
currently slated to start on June 19.
by Anooja Debnath
June 12, 2017, 1:41 PM GMT+3
Source: https://bloom.bg/2s2zXfr

GE’s Immelt Steps Down, Flannery Moves Up Amid Trian Squeeze

·Shares surge as health-care boss to take reins on Aug. 1
·Outgoing chief’s tenure included renewed manufacturing focus

Jeffrey Immelt is stepping down as chairman and chief executive of General
Electric Co., ending a 16-year tenure in which he dramatically reshaped one of
the world’s top manufacturers yet struggled to win the approval of Wall Street.
John Flannery, a 30-year GE veteran who currently heads up the health-care
business, will take over as CEO on Aug. 1, the Boston-based company said
Monday in a statement. The 55-year-old will assume chairman duties following
Immelt’s retirement on Dec. 31.
Immelt is leaving after months of stepped-up pressure from activist investor
Trian Fund Management, which called on GE to improve performance and cut
costs more aggressively as shares missed out on a broad stock rally. GE has
dropped 12 percent this year through Friday, compared with an 8.6 percent
gain for the Standard & Poor’s 500 Index.
by Rick Clough
June 12, 2017, 1:42 PM GMT+3 June 12, 2017, 3:40 PM GMT+3
Source: https://bloom.bg/2rmfqjG