Relationship for a new age. Good morning. This is bloomberg surveillance. I am Francine Lacqua right here in london. We have a pack show for you. We speak to the former fed governor, randy kroszner, then the economics professor joins us that 9 30 a. M. U. K. Time. We will talk a little bit about regulation. The u. K. Brexit sector, the house of commons will be monitoring that, and any breaking news. First thing is first pure the dow yesterday reaching 20,000, so lets quickly check on your market. This is a picture overall. We are seeing a nice little post. Stoxx 600 gained 0. 5 . I want to show you what happened in japan. The global rally is picking up speed after that landmark for the dow. Gold in boston seeing a selloff. Lets get to the bloomberg first review with nejra cehic. Hasa President Trump enacted two of his campaign promises, it discussing a physical wall along the southern border, and a target on sanctuary cities, those failing to report those violating immigration laws. Pr
Gain in history. How much further can it fall . Multiples are stretched. Talking of that. Snapping up a skyhigh valuation. Snap trading today, getting a multiple that is twice as high as facebooks. Willens uy into will investors buy into the story . Matt people are watching closely. How why were less than a half hour from the opening european trade. Take a look at futures. Very little change here across the board and a little bit of a mixed picture after japans topix hit a 14 month high and as you pointed out, yet another alltime high on the Dow Jones Industrial average. That last 1000 points did not take very long at all. Take a look at bunds and my terminal. Were looking at a selloff again today in budns. Bunds. 286 is what you get for lending your money to the german government. We are looking at 0. 2 . We had some movement in bunds and stock. Markets are on the move. Guy they certainly are. Yesterday, your story about what is happening in the futures is significant to what im about
And this budget is an example. Nick watt reports. We havent quite heard the first cuckoo, but spring will soon be upon us. As the buds slowly sprout, its time to prepare for future climates, both sunny and chilly. That was the spirit Philip Hammond invoked in the lead up to the budget. Expect to prepare for troubled times as the uk leads the eu. It actually turned out that spreadsheet phil is so comfortable in his dream job that we witnessed gag a minute phil as he cracked a joke about the last chancellor, who announced the demise of the Spring Budget. The treasury has helpfully reminded me that i am not the first chancellor to announce the last Spring Budget. 2a years ago, Norman Lamont also presented what was billed then as the last Spring Budget. What they fail to remind me, mr deputy speaker, was that ten weeks later he was sacked laughter so wish me luck today ah, a chancellor who thinks he can deliver a deadly serious budget whilst lightening the mood with some gags at the expens
Even though officials did not exclude the bond buying thing extended. That is what you need to know. David continuing on the top story about the ecb. A many tempora cant a mini tenter hampshire a mini temper tantrum. Gradually tapering away from quantitative easing. We are joined by paul gordon, our editor responsible for covering Central Banks, and guy johnson in our European Headquarters in london. Paul guy, im sorry. I want to go to you. Tell us what the reaction was in the markets over there. Guy the Market Reaction was fairly fierce, to the honest. May of 2013. Be of the market was spooked by thats would have a ecb taper when the Current Program winds down. But the rational heads are working their way through this. Of course the ecb is thinking about a plan for when he needs to wind down, but if you took a look at the latest data, the expectations, in the ecb, the ecb downgrading its projections. The eurodollar rate, but it did not pick up inflation. It is not expecting to meet it
From the asiapacific to new zealand we are seeing losses this hour. Lower on that1 disappointing chinese data. Retail sales. Right now youre seeing a decline in about one third of 1 . Also counting down to the openings in australia. Futures are pointing to a slightly lower open. Plus including being in the second cut from the royal bank of australia. Dropping to record lows. After that chinese data over the weekend. Lets get over to japan tracking futures trading at chicago. We are seeing signals pointing to a lower opening on monday. Japanese yen is still range bound. Watching out for Producer Prices for april. We will break that to you when it comes. Is the story disappointing data from china over the weekend that highlights the challenge facing policymakers trying to reform the economy and cut overcapacity. How bad do things look . In march we saw a slew of positive data. Some would say this is a corner has been turned. The reality is that industrial output and production and retail