First Place Finance - Market Review - 07.08.2019

             US market review:

The leading stocks massive retreat today, adding to the month’s steep drops, as a drop in global bond yields raised concerns about a slowing global economy.

The Dow Jones Industrial Average lost 328 points, or 1.3%.

The S&P-500 declined 0.9% while the Nasdaq Composite traded 0.6% lower.

Total mortgage application volume rallied 5.3% versus the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

In fact, the volume gained 46.5%.Refinances surged around 12% for the week and a stunning 116% from one year ago.

U.S. 30-year yields declined amid rising worries  about the impact of the escalating trade war on global economic growth.

The benchmark U.S. 10-year yield dropped as much as 11 basis points to 1.59%, the least since 2016.

European market review

European markets are partly higher. The German DAX added 0.04%, while the FTSE-100 is and CAC-40 slipped around 0.24% and 0.08% respectively.

The pan-European Stoxx 600 slipped this afternoon with household goods stocks — which covers the China-exposed luxury sector, becoming the catalyst for the rally. Luxury names such as LVMH, Christian Dior and Hugo Boss all inclined.

UniCredit lagged after reducing its revenue goals 2019 due to forecasts of interest rates would remain lower for some time, at least.

British Airways canceled more than 100 flights today after its computer systems crashed. These affected travelers the London Heathrow and Gatwick airports. Another 300 flights faced delays of up to an hour, according to the airline's website.

There is a general sentiment that Germany could be dragged into recession because of the current trade war between the United States and China.

The Industrial output declined around 5% versus to the previous year.