Archives of “March 2019” month
rssEuropean shares end higher
Yields are mixed
The provisional closes for the European stock markets are showing mostly higher levels on the day. The numbers are showing:
- German DAX, +0.20%
- France’s CAC. +0.86%
- UK’s FTSE, +0.42%
- Spain’s Ibex. +0.28%
- Italy’s FTSE MIB, +0.62%
IN the 10 year benchmark note market, yields are ending the session mixed.


How to be a millionaire?
OPEC urges oil producers to prevent return of surplus this year
OPEC comments in its monthly statement
- 2019 global oil demand growth forecast unchanged at 1.24 mil bpd
- Encourages OPEC members to continue with output cuts strategy
- Says that producers are responsible for preventing return of imbalance
- Says ‘strong growth’ in non-OPEC output highlights need for OPEC+ producers to continue supporting market stability this year
More to come…
Dollar holds firm as US, China said to push back meeting between Trump, Xi
The greenback remains steady as risk assets decline
Of note, EUR/USD touched a low of 1.1305 while AUD/USD and NZD/USD are also trading at session lows respectively of around 0.7050 and 0.6816. The dollar was already holding firm on the day against the major currencies bloc but the news of a postponement to the Trump-Xi meeting just pushed the greenback a little higher.
This comes as equities pare earlier gains as seen by US equity futures here:
Long Treasury Bond Positioning
Shell more than doubles chief executive’s annual pay to €20m
Shell’s chief executive Ben van Beurden received a bumper 126 per cent pay increase for 2018, taking his total remuneration to €20.14m.
The increase, from €8.9m, is largely due to a significant payout under the oil major’s long-term incentive plan (LTIP). Mr van Beurden received €15.2m under the LTIP for 2018 compared to €4m a year earlier.
The sizeable increase will no doubt draw criticism from campaigners against high boardroom pay. Mr van Beurden’s pay is 143 times that of the average Shell employee’s salary.
Shell acknowledges in its annual report that its remuneration committee is “sensitive to the wider societal discussions regarding the level of executive pay and spent a significant amount of time discussing the high single figure for the CEO in 2018”.
However, the committee’s chairman, Gerard Kleisterlee, said it took into account the company’s performance over the past three years, which has included completing the acquisition and integration of BG, a $30bn divestment programme and the creation of Shell’s “new energies” business taking the oil major further into renewables as well as investing in electric vehicle charging and domestic electricity and gas supply. (more…)
Ifo cuts Germany 2019 GDP growth forecast to 0.6% from 1.1%
Germany’s Ifo institute slashes its growth forecast of the economy this year
The think tank previously still saw the German economy expanding by 1.1% earlier in January here. However, they see the weakness as being short-lived and expects a rebound to 1.8% growth in 2020.

Goldman Sachs now sees a greater chance of May’s deal getting through
The firm also sees a reduced chance of a no-deal Brexit

- Revised/Delayed Brexit seen at 60% (previously 55%)
- Second referendum seen at 35% (unchanged)
- No-deal Brexit seen at 5% (previously 10%)
The change in odds come after the no-deal votes yesterday following comments by the firm that a third vote on May’s Brexit deal is likely. They now see a 60% probability that May will get her Brexit deal ratified while saying that there is a “considerable chance” that Brexit will still be reversed through a second referendum.