At the open. S p looking to be up by 1 point, the nasdaq off by 1 1 4 points overnight in asia, japan was closed for a public holiday. No trading or the nikkei most of asia was digesting Economic Data out of china the Second Quarter Economic Growth gdp slowing to 6. 2 , also coming off 6. 4 in the first quarter. Thats the weakest pace in 27 years. Industrial output, retail sales data also fixed Asset Investments were all above forecast chinese shares were down before the data was released. Then they turned positive. Overnight in europe, we are looking at i thought we were going to follow asias lead, pretty much flat across the board. The dakotas is off by 4 100 of a percent. The treasury yield market, the twoyear note 1. 845 . Just mention on the china data that markets responded better to the data for the first portion of trading in asia and europe and weve just sold off a little bit in the last few hours. As you pointed out that was just for june. Gdp for all three months it did see
Gear what they just did thats getting a lot of buzz today. Then, watch out verizon. Why Silicon Valley may be asking, can you hear me now . Well explain. It is monday, july 8th Worldwide Exchange begins right now. Good morning and welcome to Worldwide Exchange im dominic chu. Brian sullivan has the day off futures right now are lower, but theyre off the worst levels of the session. Well have more on that coming up but first, to our top story this morning. One of the Worlds Largest banks announcing a massive overhaul. Deutsche bank is pulling out of its globals equities in sales and trading business as part of that move. Its an 8. 3 billion Restructuring Plan the german lender is also slashing 18,000 jobs across the globe. Cnbc is in germany in frankfurt with the latest. Why are they getting out of the stock, sales and trading biz and what are the plans reporter actually, Deutsche Bank has had quite many years now of low profitability of losses and on going problems to stay competitive
Honor to cross the line. Time for the summer davos, we are live this hour. First lets get you started on the check of u. S. Futures at the moment, just begun trading, up 1 , a surge for the easing of trade tensions between the u. S. And china. The talks are back on track, not to mention that he also provided some relief for huawei. Keep a close eye on the chipmakers in asia trading this morning. Seeing the chinese yuan gaining against the dollar three consecutive sessions of gains. Small risk on moves as we see the japanese yen weakening for a fourth consecutive session. We are seeing safe haven currency is being dumped with , the aussie dollar gaining a 10th of 1 , very much related to trade in china. Risk sentiment at this point. We are seeing again futures gaining 1. 3 on that risk on moves. Opalso have a fabulous photo opportunity with kim jongun of north korea at the dmz. We are seeing sydney futures up. 3 . We have the rba policy decision decision policy decision with most expect
Youre watching daybreak. Asia coming to you live from new york, sydney and hong kong. Were counting down to asias major market opens the top stories this hour. Asian stocks set to follow wall street lower as strong us retail sales signal rates may be higher for longer. Dollar strength sinking apac currencies to this years low decision day for the reserve bank of new zealand. With cooler inflation and higher unemployment supporting another hold. Plus, china said to mull cutting stamp duty on stock trades as defensive reaction to a surprise rate cut shows president xi facing more tough choices. Lets take a look at us. Futures now down. The stock market had kind of a tough day today. Were seeing now some green on the screen. However, just basically still pretty much unchanged. And in fact, the the feeling here was that retail sales in the us stronger than expected. Why wasnt that good for stocks . Because Neel Kashkari, part of it at least, president minneapolis fed says he doesnt think t
Economists were expecting at least a 4 . Property investment is a sore point, still eight. 5 down. Worse still 8. 5 down. A slight pickup in the jobless rate. I cannot seem to find a be. It seems like a miss across the board on activity numbers coming through. We are still waiting on some other numbers. In some ways we thought this would be soft but not this soft but the rate cuts in the seven day. Markets are not really reacting as much. Yvonne currency continues to be something traders are ignoring, pboc fixes given the pressures we are sitting on the currencies. Yields are taken higher globally. We could be seeing a scenario of 754 china but looking at how markets do say were seeing slight declines so taking it in stride right now. Maybe a cushion in markets in terms of sentiment. The retail sales print is the lowest we have seen since last december. National bureau of statistics should start their press briefing to give more context. And we have helen chow out of bank of america. W