Good Morning,

  • Equities hit new all-time highs on Monday but moved lower throughout the week, as some investor confidence evaporated. Oil weighed on markets as doubts surrounding the efficacy of output cuts persisted. The West Texas Intermediate (WTI) benchmark entered a bear market (defined as a 20% fall from its high), and it remains to be seen whether concerns will fully spill over into other markets.
  • Confidence remains within certain sectors of the market as the proposed acquisition of Whole Foods by Amazon continued to have positive reverberations throughout the Technology sector. The US Conference Board of leading indicators also rose in May, for a fifth consecutive month.
  • In domestic news, the long awaited flotation of AIB took place with an issue price of €4.40 per share, netting close to €3 billion for the Irish exchequer. The sale was the biggest in Europe this year and the 25% stake values the firm at €12 billion, with the government continuing to own just over 70% of the bailed out bank.

Source Zurich Investment Managers  Monday 26th June 2017