Reflected sluggish demand and danielle its also worth mentioning that. That Saudi Arabias Energy minister and now its last week that and russia a very close to a deal that would extend production cuts to implemented at the start of the year and thats due to expire at the end of this month and so we. Know our viewers why this. Could happen makes this so important to the World Oil Market when theres obviously has been a lot of recent tension in that region potentially posing a threat to global crude supplies the incident that occurred was near the strait of hormuz and thats the worlds most sensitive or Oil Production choice put chokepoint which roughly 35 percent of the world seaborne crude oil passes the strait of hormuz links golf of all mine and the persian gulf separating oman from its eastern neighbor iran and now although the strait of hormuz is deep enough to handle the biggest tankers out there distrait is only about 21. 00. Miles wide at its narrowest point and one of the scenar
There is the nonevent on your screen visually if that is even possible. U. S. Futures slightly higher about four points as we approach the midmorning parts of the session. Still tracking developments across Country Garden, or the lack of it, and the payments that we believe have yet to arrive on this coupon payment. Down about four. Guys, were looking after the three year bond option it is a 10 year yield coming up next. I believe it is thursday or Early Morning our time, but that is relative because we are all over the place. Yvonne overnight it was well received but when you take a look at where yields went, actually went lower despite all these auctions taking place. It is an indication of how there is trepidation in the markets. Given the china slowdown. The trade numbers yesterday was what triggered a lot of the selloff in stocks. Then you have this inflation picture. Yes it is better than expected in terms of cpi prices but overall both and contraction for the First Time Since la
Before we talk about markets. Ecigarette maker juul, which, pardon the pun, almost went up in smoke last year, bankruptcy. Were hearing the company is seeking to raise about 1 billion here and it is working with jeffries to do that fundraising effort. The company had a bite had about 800 million in revenue in 2022. The hot headline is they are looking for about 1 billion in funding there. We will get you more details later in the show. That aside, and smoking is not good for you just in case, markets right now, not really up in smoke but we are coming up to lows in the day. Were down for a third day. China opened up and is providing some left to these some lift to these markets. We will flash it on your screens in a moment. Down for a third day. Certain sectors are picking up the slack,. 5 to the downside still. But were stable here. You had a big drop in u. S. Markets overnight, you had a melt up on yields with a 10 and 30 year continuing to move up. We are now closing at 4. 10. It re
A key test will be the u. S. Payrolls out later today. That will give us some indication of how high the risk is that rates will move up even further. We have the moon left from the promises and signals of support from chinese authorities. That is helping to lift the hang seng tech. Still sitting in positive territory up about 2 . If we want to look at some of the tailwinds or headwinds rather for the markets and risk assets in particular, take a look at the apple suppliers. After the iphone maker flagged those earnings and sales are declining for the Third Quarter. It looks to be more of the same for the current period. Not good news for some of the apple suppliers in the prices are coming down in trade. Lets take a look at what is happening in singapore. We did get one of the big lenders in the country, ocbc, reported a mess slightly on the income. It is flanking caution on the Economic Outlook though if you take a look at what is bucking the trend likely, intel has reaffirmed its gu
Us a bit of support. A little bit of strength on the yen. The bank of japans yield curve control may not impact the markets which some are expecting, so do not expect any great strength. Crude oil, and opec meeting coming up. Yvonne you have the dollar sinking the most in two months so there was this fed commentary about how it looks like what the fund is leaning towards is a positive or a skip in june. That is helping lift overall the risk move. Even china, you take a look at the rally we are seeing in the hang seng. The extreme bearishness is coming off a little bit now. Rishaad yesterday if we wanted to go to the advice of the hang seng in 2018, you would need to have an 18 improvement. But ecb inflation. Christine lagarde has a bit more wiggle room, came in at 6. 1 inflation. Compared with pakistan yesterday, 37. 97 . Yvonne yikes. But the euro story will be interesting. If they are also close to a positive we heard from some of the ecb officials that may be the next few hikes are