Deviations. It is an historic surge in gold. Francine it certainly is, at we have been spending a lot of time on that and we will spend more time on gold. Lets get to first word news with ritika gupta. Ritika good morning. The fight over the chinese consulate in houston shows that hardliners now have the upper hand in the Trump Administration. President trump has allowed a small group of advisors led by Michael Pompeo to push u. S. Policy toward its most antagonistic in decades. U. S. Officials say china has a history of espionage and intellectual property theft. The Trump Administration and Senate Republicans are considering a shortterm extension of extra unemployment benefits. It is unlikely the white house and lawmakers will agree on a broader stimulus deal before the benefits expire. Millions of americans receive supplemental payments that were included in the last laurent virus package. Way for paving the soaring stock to join the s p 500 index. The electric carmaker reported thir
Still, 2000, he little bit of a base there. Coming on the program, we will speak with the Deutsche Bank chief International Strategist. Ceo, it Bookings Holdings on the state of travel. President trump considering a move he decided against last september, cutting the gains tax after saying it would not do enough to help the middleclass. Will hear about that in the upcoming few weeks and i think it will be exciting. Gains tax will be, a lot of people put to work, and a cut in the Capital Gains tax. Talks are stalling out between republicans and democrats. I want to bring in our Bloomberg Contributor for more. Little bit of deja vu. We heard this is in september 2017, he started to warm up to the idea and then reversed course, saying it would not help lower and middle classes. Into thousand 18, they briefly considered something along the lines. A bit of deja vu. I am not terribly surprised. As much as President Trump has moved away from the idea, he has indicated he could change his mind
What is affecting the markets, especially when it comes to economic concerns. Lets see how markets are shaping up for the asian session. We are joined from hong kong. Isshery, the spreading japan off for the long weekend, which was to mark the start of the tokyo olympics. We are seeing futures for asia pointing to losses. We will be watching to see if those concerns around the u. S. Tech rally will weigh in the region, what the nasdaq looking bubbly. We are also looking to the aussie dollar, holding declines below 71. Is trading atlar the highest level since april 2019 throughout this choppy week. Pulling up the terminal, the asiana is tracking towards 77 after a four month decline, but it has not been able to track to that level yet. Increased option activity this week could lead the way for more gains for this currency pair. In hong kong dollar and offshore yuan options. Yuane seeing offshore taking a breather after a twoday advance. Traders dont seem to be expecting too much Materia
India may miss growth targets as the virus cripples the outlook. Intel plunged after its new chip reduction process was delayed again. The company is under pressure as customers increasingly turn to rivals for chips. We are just getting pmi data out of australia crossing the bloomberg. The pmi actually rising to a record high in july. This is a preliminary number for services coming in at 58. 5. Manufacturing pmi also higher, 53. 4 from 51. 2. Composite at 57. 9. A big jump from the 52. 7 in the previous reading. That returnecting to some semblance of normality as part of australia exit the stricter lockdown. Going forward will be key given we are seeing a fresh sixweek lockdown from victoria. Lets take a look at how we are setting up this friday session. U. S. Stocks falling to the lowest in about a week after unexpectedly high jobless claims rekindling worries of the economic recovery stalling. We are seeing more recovery when it comes to trading in futures contracts come up about. 2
Or the rest of the world. With Earnings Seasons coming up and a few key Economic Data points later this month, how confident are you in the economic recovery . Great setink we had a of economic figures really since midmay through june when the reopening story was gaining the most momentum. Reports,o great jobs pmi, sales, housing data, all to the upside. Economic price indices we follow are in the u. S. Now at alltime highs. That being said, i think we may have a time of slowing in perhaps in the weeks ahead as Economic Data plays catchup with what we are seeing in the country with a slower reopening broadly. So the job state of this past month captured the time from midmay to midjune. The next jobs report will capture midjune to mid july, when we started seeing thoses likes and those spikes and a pause in the reopening. As you mentioned, we also had earnings starting in earnest next week july 15. From an earnings perspective for two to we are seeing downward for q2, we are seeing a do