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Trading Volume Update: Weekly average volume in EURO STOXX 50® Index Futures reached 899,031 lots (EUR 62.8 billion notional) over the past 5 days with a weekly high of 1,018,892 contracts (EUR 70.0 billion notional) on Thursday (June 23, 2022). Weekly average volume in DAX Futures stood at 62,527 contracts (EUR 41.0 billion notional). Whereas for Mini-DAX futures, weekly average volume stood at 46,580 contracts (EUR 6.1 billion notional).
The World Bank has ramped up its calls for changes in sovereign debt laws, so governments have more control when crises strike. World Bank economists estimate that low- and middle-income economies owe a record $9.3 trillion to foreign creditors and that 40 poor countries, and about half a dozen middle income ones, are either in debt distress or at a high risk of it.
News link: https://www.reuters.com/markets/europe/world-bank-calls-sovereign-debt-changes-ahead-looming-crises-2022-06-28/
European shares closed at a two-week high on Monday, boosted by miners as an easing of COVID-19 restrictions in China lifted global sentiment, while Prosus shares rallied on the Dutch company's plans to trim its Tencent stake.
News link: https://www.reuters.com/markets/europe/european-stocks-hit-two-week-high-commodities-rebound-2022-06-27/
The British public's expectations for inflation in future years receded this month to the lowest level since January, a survey showed on Monday in good news for Bank of England officials who fear price pressures are becoming embedded.
News link: https://www.reuters.com/world/uk/uk-public-inflation-expectations-fall-lowest-since-january-citiyougov-2022-06-27/
The European Union said on Friday it would issue another 50 billion euros of long-term debt in the second half of 2022 to back its coronavirus recovery fund. That will be complemented by short-term bills issuance and add to the 50 billion euros it is targeting for the first half of the year.
News link: https://www.reuters.com/markets/europe/eu-plans-another-50-bln-euros-issuance-recovery-fund-2022-2022-06-24/
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Norway's Equinor is sending crude from the giant Johan Sverdrup field in the North Sea to the European market instead of Asia, planning to boost output by 220,000 bpd to a total of 755,000 bpd by the end of this year. Sverdrup’s new crude export reduces Europe’s energy dependency on Russia.
News link: https://www.reuters.com/business/energy/norway-helping-plug-europe-oil-gap-russian-barrels-head-east-2022-06-28/
Ericsson said on Tuesday (28th June) the closing of its $6.2 billion Vonage acquisition was delayed to the end of July, due to a pending investigation by a U.S. national security panel. The firm agreed to buy cloud communications firm Vonage as part of its efforts to broaden its 5G portfolio.
News link: https://www.reuters.com/markets/europe/ericssons-62-bln-vonage-takeover-delayed-over-us-review-2022-06-28/
Equity index compiler MSCI said on Tuesday (21st June) the world's listed companies were on a course to cause global warming of 2.9 degrees Celsius, well above a target to limit the worst effects of climate change on the planet.
News link: https://www.reuters.com/business/environment/listed-companies-track-cause-nearly-3-degree-climate-chaos-msci-2022-06-28/
Prosus NV on Monday (27th June) reported a 20% fall in annual core headline earnings and announced a major share repurchasing programme. To fund the programme, Prosus will gradually sell down its massive 28.9% stake in Chinese software giant Tencent, owner of WeChat, worth more than $100 billion at current prices.
News link: https://www.reuters.com/technology/prosus-trim-tencent-stake-fy-core-headline-earnings-slump-2022-06-27/
German industrial giant Siemens AG is investing more than $100 million in Volkswagen AG's Electrify America unit, becoming the first outside investor in the North American network of electric vehicle charging stations.
News link: https://www.reuters.com/business/siemens-invest-volkswagens-namerican-charging-network-2022-06-28/
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