0. 75 . No real shockers. Will they or wont they raise rates come september . Some of the language seemed to be upgraded. Some games before raising rates. What will that word mean . Youve got breaking news of u. S. Gdp later today, spain, austria, sweden, all giving us their gdp. Spain rising 1 as expected. Lets have a look at how the euro is faring. We saw the dollar rally on the back of that positive language on the job market, saying the improvement is solid. The Federal Reserve said yesterday, euro lower. Look at the dollar, up 0. 4 at the moment. We are currently seeing u. S. Dollar on a tear. Dollar is going to its biggest monthly gain since march. Lets also check in on oil. We are seeing a bit of a bounce up 0. 3 . Supplies cut in the United States. That seems to be pushing up oil. No relenting to the pain for the oil majors. I could have told you about so many earnings. I could have told you about the biggest Engineering Company in europe, siemens. Thats a beat. Ab inbev, thats
Interviews coming up over the next couple hours. Have ago. Francine we have a lot of earnings. Descalzi,o, claudio about 10 minutes from now. Accors ceo will talk to us at about 10 30. Stay tuned for all of this. Manus shell is cutting 6. 5 thousand jobs, reducing investment by 7 billion. This comes as the slump in crude oil prices continues to take its toll. Francine the company is planning for a prolonged downturn despite an earnings beat, reporting a secondquarter profit of 3. 8 billion. What the oilws price is going to be. It will depend on how demand will grow for oil, how supply will shrink. Run, weve in the long will see Oil Prices Back into the 70 and 90 range. Manus lets speak to bloombergs chief energy correspondent, javier blas. Protecting the dividend, cuts, what did you make . Have you main take away is a change of language. Three months ago, it was about going back to 90 in three years. Now they say, todays oil price will last for several years. It is a significant change
Disappoints with guidance despite a stellar Earnings Report china meanwhile puts a dent in audis forecast sending shares in parent vw lower. Theres a new word around town, the fed saying only some improvement in the labor market is now required for rates to go up. Good morning to everyone. We have so much to talk about today. Lets kick things off with earnings. European markets are rallying across the board amid a raft of corporate earnings. Lets kick things off with the bank shares of Deutsche Bank generalnys largest lender plagued by litigation costs. Investors are optimistic that john krein can set the bank on a different path. Rbs soars to the top of the ftse after the Company Posted surprise profit the statebacked lender speeding up its restructuring plans and booking a 1. 1 billion pound charge in the process. A sharp rise in Second Quarter profit. Weaker performance in the homes market is offset by better results in the uk and United States for santander. Deutsche bank everyone
Over in europe, snapping back, all of yesterdays post, up 1. 2 . The dax fell. Eurodollar, 112. That is not much ammunition. They need for the g7. It is a weaker japanese yen. Yields up a little bit. That is a market that is stabilized. Up a basis point. David lets check in with our bloomberg team. Mike mckee in new york on a possible summer rate hike. We will look at Goldman Sachs to annual meeting we will look at goldmans annual meeting. We will begin in paris with egyptair bound to cairo bound for cairo from paris. It seems that debris has been found. Yesterday, there was a report that it had been found from the greek navy. Not from theat was flight. The Egyptian Army has come out with an official statement says saying debris has been found a few hundred miles north of alexandria, which is the area that is the area with the plane was expected to go down. They found passenger items and bits of the plane. I dont know how long it will be before they can get to a laboratory where they c
I am Francine Lacqua. Manus it comes in just below the number. 53. 7. The Market Survey was for 54 . This is the market Eurozone Services purchasing Managers Index. That is just a shade lower than we had anticipated. Was about 50 . It is still in expansion mode. It is the industrial prowess of germany we are looking for. It has been called into question after we had the vw scandal. We had concerns about china growing. That is why every single piece of data we had is so powerful. Now, glencore shares have sore this morning. We have reports that the commodities giant is talking to potential buyers. Rocked in hong kong and is up over 10 . The company says it is not aware for any reasons for the movement and chairs. The bloomberg chief energy and commodities responder. Up 70 at one stage. Glencore does not know of any reason why this would ramp u p like this. If you look to us 10 days of the Share Performance of glencore, lets not forget we are talking about a 5100 company. They rarely mov