Steve engle at Standard Chartered with a blistering note about the fed minutes being reinterpreted. Weve got some breaking news. I dont know if you see it there i home in london, but this is critical. Alone,leaves the rate and we get turkish weakness of that headline. Mr. Erdogan simply doesnt want to raise rates, does he . Anna absolutely. They are leaving their oneweek repo rate. The big picture here is that many economists saw this coming, but also thought the Turkish Central Bank should hike rates because the Interest Rate in turkey is well below inflation, and that kind of makes turkey stand out on a number of measures. They are also spending fx reserves to try and prop up that lira. We were talking about a turkish crisis back in 2018. The lira is weaker now than it was then. We will talk more about emerging markets later in the program. Lira has been stronger the last one he for hours. It weakens demonstrably off of this leaving of rates. Right now, i can do the data check right
A simulcast, bloomberg radio, sirius xm jenna 119. Good morning, semper this go. Good morning, san francisco. On television, worldwide and in london with anna edwards, we say good morning as well. Of marketd set discussions today. Weve almost pushed aside that in 30 minutes in america, it will be the Economic Data point of the week to see if we see continued improvement in the labor economy from the depths of march. Anna anna absolutely. Such a flexible economy, and not the same way as many of the economies here in europe. We seem big moves in these claims numbers, and as we start to see unemployment come down, where will it level off . Thats got to be one of the key questions as we had into the fall. Tom mark zandi joining bloomberg surveillance, the great moodys economist, and he said the Unemployment Rate in america is not 10 . It is somewhere around 14 . Data 12,ly, the yields come in. A virusou to give us update in europe. Mi correct that if you go to paris, you have to quarantine
Injection of liquidity from the pboc. House democrats will cut short their summer recess to work on legislation and on shoring up the u. S. Postal service. This after it warned states of mailing ballot delays are ahead of november. And japan suffers its biggest economic slump on record. This comes after a state of emergency and lockdowns hammered Consumer Spending, production, and exports. We have just gone 6 00 a. M. In london. It is 9 00 a. M. In dubai. It is always an inauspicious start when i have the wrong but i from the very start am laser focused on you. What if the bond market started trading like a v . The ratchet in the bond yield what would that do . Are we under assuming that narrative . Fed all come back to the doing more. Good morning. It is alwaysy, monday and things happen with the cameras. I like that you brought up scott minor. Atsees the 10 year yield cap 1 and he says it will go lower to 0. 5 . Is this record issuance we are seeing a enough to derail the rally . I t
Jobless claims. President trump scrapped his g. O. P convention as the coronavirus rages. Concerns that big tech is on a bubble. Welcome today break europe. The results came out a few minutes ago. 650 million. T was an estimated loss of 250. 1 million. Equinor posted an unexpected Second Quarter profit. They are on track to deliver on their plan for cutting costs of 700 million. It cease 2021 capex at 21 billion. It sees 20222023 at an average of 12 billion. A clear beat in terms of Second Quarter adjusted net and profit. Keeping the dividend and keeping the fullyear capex guidance on change and on track for cost cutting. Those are the main lines coming through. Well speak the the c. E. O. Coming up at 7 00 a. M. U. K. Time. Japan is closed. China is bearing the brunt of the losses. Red on the screen in hong kong and australia. A little bit of a weaker yuan. An increase in tensions between the u. S. And china given the news around the order of the chengdu consulate. Take a look at what
Before we get to your morning brief, would you explain to our american audience on radio and this great ruler in britain . Great uproar in britain. Just in 20 seconds, what happened . So a levels are the exams you do that get you into the school or university of your choice if you do well. Nobody took exams this year of course, which meant the government had to put in place a system. People didnt like being downgraded by an algorithm and the process is in chaos. It has caused a huge political storm here. It shows the competitive column of the u. S. Education system as we stagger back to school. Its a jumble. You know where you were on friday, where you were on thursday. I am watching turkish lira with further depreciation. You have a look at the things to come here. My mind skips to nightclubs and air travel this morning. Those are things that are really driving European Equity markets now. Brief,s of the morning there manufacturing data, estimate is supposed to be around 15. How will