EuroStoxx has gained around 300 points in 4 months from December 2018 to April 2019

The EuroStoxx has been on an almost straight line trajectory from end December 2018 to April 2019.  2937 on 29 December 2018 has lifted to 3351 on 1 April 2019 supporting the notion that "the trend is your friend". The gain is around 12%.

New variations on the EuroStoxx include the recently launched EuroStoxx 50 Low Carbon, part of the new ESG benchmark index futures from Eurex. Data sources used include CDP (Carbon Disclosure Project) and IIS-Ethix Climate Solutions. Regional variations include STOXX USA Low Carbon and STOXX Japan Low Carbon.

Turkish lira weakness prompts fall in EM currencies

The Turkish lira has lost 40% of its value over the last year.  With national elections approaching, the central bank prompted the overnight offshore swap rate above 1300pc to defend the lira.

Turkish banks and corporates have become overstretched on short-term lending, having exploited dollar liquidity to push the country's external liabilities $234bn. Of this, about $150bn is short-term debt required repayment or refinancing within 12 months.

Turkey's reserve cover, the ratio of short term debt to net reserves, is now around 500%, the weakest amongst emerging market countries, according to Capital Economics.

One possible response from banks is to shrink their balance sheets and sell off foreign currency assets. This could trigger a credit crunch.  CDS on Turkey have spiked 150bp to 454.

Despite the situation being contained in Turkey, traders have responded by trading out of Argentine peso, Brazilian real and South African rand as well.

£45m Gift for Big Data in Biology

The EBI (European Bioinformatics Institute) based in Cambridge, England, is getting £45m to expand its operations, in particular the Centre's data storage facility. This will be delivered via UKRI's Strategic Priorities Fund. The organization is based in Hinxton, South Cambridgeshire, at the Wellcome Genome Campus, for 25 years, which also hosts the Wellcome Sanger Institute.

GE Sells Biotech Business for $21bn to Danaher

The unit sold was part of GE's healthcare business and was slated for its own IPO later in the year. GE shares were 8% up in early trading.

The deal was positively received by analysts covering both companies.

Gabelli commented that it addresses the deleveraging challenges of GE, allowing it to focus on turning around the power business.

Others described it as "significant down payment" on $30bn of expected cash proceeds highlighted on 4Q. Janney's pointed to an uptick in DHR's organic growth rate going forward from 4% to 6%.

Danaher publishes a sustainability report yearly - the latest is on their website.

Bob Swan Edges in as CEO of Intel in Semi-Con Rat Race

Bob Swan becomes CEO of Intel after seven months as interim CEO. His previous experience includes 15 years at General Electric and later CEO of Foster City-based online grocery business Webvan (which went bust in 2001 and was folded into Amazon.com).

The Company Formerly Known as Statoil Expands into Electricity Trading

Equinor has bought Danske Commodities ("DC") for 459m EUR, making it a wholly owned subsidiary but not compromising the Danske name. DC CEO Henrik Lind heralded the deal as "an exciting new chapter for both companies".  DC achieved a 50% ROE in 2017.

World Bank Puts Global Growth from 2019 onwards at 2.9% per year

The World Bank revises its estimate down from 3% in its latest report on global growth. The risk of trade disputes escalating has been one explicit concern. As the Fed raises interest rates, the era of easy money is also at risk. Jim Yong Kim recently resigned as President and a successor search is under way.