Welcome to day break australia. Im haidi here with paul. Paul jay powell reinforcing the feds wait and see approach. Oil extending its rally after opec plus sticks with current supply goods. Haidi taiwans chipmakers are set to resume work after an earthquake caused maim damage. Paul lets look at howie shaping up for this thursday in the asia pacific we have just opened for trade in australia, in the early going, just higher by a few points at the moment. Well keep and eye on a few stocks today. Rio tinto, after the Sovereign Wealth Fund expressed concern about the deforestation impact of a bauxite mine in brazil. Gold topping 2,300 an ounce for the first time. Not a lot of movement in yields at the moment. Dewid see yields in the u. S. Slipping a lit a. F. L. Jay powells q a following his remarks. Well get to that in a moment they have aussie a bit of a bep fishery from rare u. S. Dollar weakness, 65. 66 at the moment. Lets take a look at how were doing for japan. Futures right now a l
Names like cocacola, pepsi, hit especially hard. We will focus on all of the green because thats really the story today. Nasdaq, another spot to take note of today. The outperformer as well this week. Even apple up nicely despite the midweek downgrade a strong week for alphabet and nvidia as well. Take a look at those three, having pretty good gains. Leads us to our talk of the tape. Whether the storm clouds for stocks are about to pass, as earnings season kicks off in earnest next week. Lets ask tom lee. Fund cofounder and head of research. Welcome back. Good to see you. Its been a while. Great to see you, scott. I will start calling you prescient tom. I hope you dont mind. Because this morning, at 10 23 in the morning, you said possibly this is the flush, bottom line, possibility equities reverse into the close, well, it looks like you called it, tom. What do you think about this reversal and what it means . Well, i think if we think about the data for the past week, the stagflation
Guest it is a possibility, but of course it is not necessarily what saudi arabia does this year , but what it does over the next three to five years and how possible it is to accomplish the 2030 andof the vision a National Transformation plan, and to adjust for the new realities of growth. The new realities of growth is that saudi arabia could very well go between two to 3 as it adjusts its economy. It is not really is saudi arabia goes into a recession, but what happens over the next three to four years and how the economy adjusts and how the private intor takes a new step this new Business Environment that saudi arabia wants to create. Yousef a lot of this comes down to physical consolidation, as well, what they are trying to do Fiscal Consolidation, as well. That is why they are reinstating a lot of the allowances and bonuses. In terms of the shakeup in the royal secession we saw over the midsummer, to what extent is that going to slow down or possibly accelerate Fiscal Consolidatio
Sicking bids as part of its plan to win the economy off of oil. They are seeking bids for his First Utility power project. Guest it is a possibility, but of course it is not necessarily what saudi arabia does this year, but what it does over the next three to five years and how possible it is to accomplish the ambition of the vision 2030 and a National Transformation plan, and to adjust for the new realities of growth. The new realities of growth is that saudi arabia could very well grow between 2 to 3 as it adjusts its economy. So basically, it is not really if saudi arabia goes into a recession, but what happens over the next three to four years and how the economy adjusts and how the private sector takes a new step into this new Business Environment that saudi arabia wants to create. Yousef a lot of this comes down to Fiscal Consolidation as well, there are 20 make sure the citizens do not become too happy with some of the cuts. Which is why the reinstated a lot of the allowances an
Had a slight beat on revenue. But they did better on earnings per share, 1. 24 as opposed to 1. 19. Thats the first of several to come. Now we want to go to our morning brief. Were going to continue with retail sales reports, as we have macys out at about 8 00 this morning eastern time. 30 minutes later, its weekly initial jobless claims in the United States, plus Producer Prices coming up for the last month. And at 10 00, as alix mentioned, bill dudley holds an economic briefing on Regional Wage inequality. Finally at 1 00 this afternoon, the u. S. Treasury is going to auction 15 billion of 30year bonds. Throughout the day, people on both sides of the pacific are following developments in the potential conflict between the United States and north korea. To take us through the perspective from asia, were joined from hong kong by our chief asia economics correspondent. Give us a sense of how it looks over there. What are the possible effects that people are expecting of a possible confl