Great decision rate decisions this week. And gun control on the u. S. Agenda after shootings leaving 30 dead in texas and ohio. Lets get you started with a quick check of market close. It was another day of risk off, not just a day but a week of risk off. We have not seen such losses this whole year. In fact we have not seen such massive selloff since december 2018, before the fed did a uturn and turned dovish grid we have taken Energy Leading the declines, the dow at the lowest level in six weeks, the nasdaq losing a percent or we have the lingering impact of new tariffs on chinese goods imposed by President Trump. We had decent jobs numbers but thel 10year yield around lowest since 2016 as there are more rate cuts factored in. U. S. Futures down. 2 . Lets see how we are setting up in asia. Given that context it wont surprise anyone to see we are looking at a down day in new zealand in a couple of minutes. Off a shade, a quarter of 1 but out of pointing lower chicago. Nikkei futures d
Currencies losing their luster. Lets have a look at this chart. This is telling you about the damage that has been done to some extent with regards to china. Ofs is what we have in terms official pmi. The large ones going into negative. Overall, that is everything. Showing contraction here for companies. More company pmis. All of these have entered into negative terrain. They inhabit. Lets get Market Action. What are you making of all of this . What about this deal . The g 39, i think we get that risk doing that you would have anticipated. A lot more to run. I think market is missing the point. It has nothing to do with the g20 that we had over the weekend. Fed cuttingout the cycle that we are about to get into. That,d with regards to was it a case that we got all of this dovish language, looking at the damage done by this trade conflict . Maybe they will dial back on that dovish term . That is obviously the risk. It is just a perspective of when, rather than is. There could be a lot l
China. The administration is demanding meaningful reforms. Stockpiles continue to shrink. This could lead to rising tension in the gulf. Shery a quick check of the market close. We saw the s p 500 for the most since may. It was already a pretty fragile session for the market. Tensions. Opolitical then we heard from Jerome Powell and also the st. Louis fed president. Investors did not like what they heard. Check and communication stocks are leading the decline. We are also seeing the nasdaq down 1. 5 . U. S. Futures are not doing much. Lets see how the markets are shaping up. Sophie were looking at a tenuous beginning. These are nudging higher. The yen is looking study. Study. Eady. Steady. Goldman is seeing the silver lining, raising korea and taiwan to market rate. Australia onowered Bank Earnings risks. Stocks are nudging higher. This is head of the argan decision. We are seeing 10 year yield holding steady. The goal rally is taking a bit of a breather. Paul lets check on the first w
And that was a lot more than what the survey had been for a gain of 1. 2 but this is the start of trading here we have got with the broader index or the nikkei 225 that is back above the 40,000 marked them. We have been fractionally below that over the course of the week but certainly, the stock moves we are seeing here echoing the u. S. Session overnight as we did have jay powell delivering the first of his testimony but certainly indicating that the path for rate cuts is clear later this year perhaps. So that is playing into the dynamics around the dollar weakness that we have seen and the yen off that. We are fractionally below that mark. As you said, that is positioning as well that is coming into play around expectations for the boj to be exiting and something that is really going to put pressure on them perhaps as you say are the wages data we got out because we had labor cash earnings rising year on year more than the survey. Real cash earnings were still in contraction territor
Youre watching deprecation coming to you live from new york, sydney and hong kong. Counting down to asias major market opens. Australia has just open for trade, the top stories this hour. Asian shares poised open higher after that this comes from fed officials, oil and gold Holding Gains in the aftermath of attacks on israel. Benjamin netanyahu says that retaliation has started against hamas as militants are warned they are prepared to kill hostages. Plus, xi jinping meets u. S. Congressional leaders facing criticism for chinas stance on the middle east conflict. Look at how u. S. Futures are trading in the Asian Session, not a lot of movement after we saw the s p 500 gained ground in the new york session. We did have Energy Companies really leading today given that oil prices were higher in the new york session. We are holding at 86 per barrel and they jumped more than 5 . We continue to watch the implications of a wider conflict in the middle east. Although the u. S. Has said that it