But the equity markets are open. We are up by 1. 2 . Earnings season getting up tomorrow with j. P. Morgan, but stimulus talks are not going anywhere. The german tenyear yield, yields are going lower. We are also seeing some pressure caught in periphery. We are getting awful close to a has 100 spread that basis points on it, and that is certainly something we are watching very carefully. We note the comments from mr. Lane over the weekend. The other thing we are noting as well is what is happening with chinese currency. The pboc over the weekend basically putting two way risk back into that currency pair. The question is, will that be marketto stabilize this and keep the pboc happy, or is further action ultimately going to be required . Kailey joining us now is mark mccormick, Td Securities global head of fx strategy. Lets talk about the u. K. First. More restrictions to stop the spread of the virus there. The market doesnt really seem to blink at any of these new additional restrictio
Other question is where what has apple become . Tom instead of the markets and the nasdaq war that we have seen , ties into apple, this was actually, francine, a huge deal yesterday. Arguably the biggest meeting they have had in three years. We are not going to go apple fan boy on it and explain all the stupid is that and the other thing. But i also want to go in with alex webb, sort of the racket that theyve got where everybody has to upgrade because this is old technology. This phone is a failure. I have to get rid of it. Francine the question i have been asked the most is, do we have 5g here, and people just dont know yet. Lets get to the bloomberg first word news with leighann gerrans. Leighann prospect of another stim list package before election day look bleak. President donald trump and Senate Republicans are at odds. The president is urging them to go big or go home. Senate majority leader mitch admitting to aly vote on small businesses. Nancy pelosi says the latest offer is no
5, 6, seven major stories, are driving us forward. Simply an open question with all that is going on, what has your eye this morning . Jonathan the italian bond market. I know that feels a bit off the beaten road, but right now rallying aggressively over the less capital weeks. Look at the spread of btps to german debt at the moment. It is about 20 basis point. That was about 280 earlier in the year. That is one to watch in the debt markets. Tom bond price up, yield down. What is the why . Is it a flight to quality . Jonathan reduced redenomination risk, i am not sure we are completely there yet where we can say that this market now trades like a proper sovereign. What that means, we used to question how long some of these countries would play into the euro zone. The risk of redenomination, moving out of the euro and being repriced in a different currency. The fiscal backstop of a couple of months ago, even though it has not been fully implement it, i think that gave people some confid
Spain is working on a six year plan to kickstart the economy. So there could be something in terms of maybe transitioning as well. We are inspecting the news at any moment, but i think a lot of the markets will depend on what happened in the u. S. Tom we are working on the six hour plan. Knows what will happen in the next six hours. We have to get to the debate tonight in salt lake city, utah. Kevin cirilli is up for the debate. You are right for the opening, this is a big deal. Francine i dont think a Vice President ial debate has been more important. Lets get to first word news in new york city with ritika gupta. Ritika President Trump rocked fedstock market and spurned chair powell by holding stimulus talks, ending negotiations with democratic leaders, saying nancy pelosi is not negotiating in good faith. He said he will get a major stimulus bill passed after he wins the election. Powell had warmed that too little support would lead to a weak recovery. President trump is getting tle
Equity futures after a negative close on wall street. Headlines fromop the bloomberg terminals. Better than feared. The German Government expects this years contraction to be less severe than previously forecast. The economy minister presents new forecasts today amid data from across the region. For more years . Jpmorgan says investors should position for rising odds of donald trump winning the reelection as the president visits kenosha, wisconsin. Apples production glitch. They asked suppliers to build at least 75 million 5g iphones for later this year in a sign that demand is holding up. Just under one hour away from the start of cash trading across europe. Lets take a look at what futures are showing yesterday after we closed yesterday down across the board in europe. We are now seeing futures rise. The ftse didnt sure cash in the futures are down. Index seeing the equity closed down with trading higher. Since the ftse missed out on the drop its futures are trading lower. We have gr