At least half and perhaps more of this universe will be excluded from ECB purchases, according to strategists, while debt sold by companies in France is likely to benefit the most from expanded QE in particular. France and Germany account for about a third of outstanding euro-denominated debt. Source: FT
Russia became the largest crude oil supplier to China in May, supported by robust demand from private refiners and alongside a fall in supplies from Iran. Imports from Russia came in at 6.36 million tonnes in May, or 1.50 million barrels per day (bpd), data from the General Administration of Customs showed on Tuesday. Source: Reuters
France’s public auditor on Tuesday warned that the country’s debt level, which is hovering at close to 100 percent, was “worrying” and urged the government to control spending. France’s debt-to-GDP ratio is set to reach 98.9 percent this year, bucking the downward trend seen in most other eurozone countries after President Emmanuel Macron loosened the country’s purse strings to try end months of often violent “yellow vest” protests. Source: France24
- Investors plow into the precious metal amid the prospects for lower interest rates, a softer global economy and increased geopolitical tensions.
- Futures for August delivery hit a high of $1,442.90 per ounce overnight, its highest level since May 14, 2013, when it reached $1,444.90.
