Live from bloomberg studios here in london, i am anna edwards. Lets remind you what an amazing 24 hours it has been. We still have the Chinese Market falling as we said in our headlines. Lets put that into broader context. U. S. Futures, looking ahead to where we are heading in this. Tory perhaps things looking a little bit more positive as we move towards the morning. This is what the futures tell us at this very early stage. It says what we expect to see in the u. S. Market a little bit later on. Theyre in mind that we saw some stubs some substantial selling, the dow jones closing down by 3. 6 . The s p 500 down by 3. 9 . What a roller coaster ride it has been over the last 24 hours. We saw corrections on the s p. That particular index down by 3. 9 on monday. Andes of 7 over two days at one point in the trading day, down more than 10 from their highs in may. Lets put the trading day in the u. S. In some context for you. What yesterdays session meant. Insaw the measure of stress the m
The euro coming low once again. Phenomenal. We see the euro being seen as a haven. We are currently up almost 5 in the euro. Were choosingthey the euro instead of the pound, the frank, the dollar. Now, we are seeing it take lowered. Lower. O is going meanwhile, commodities recovering ever so slightly. What a selloff we saw. Crude was at 38. 72. Still below the 40 a barrel mark. Nevertheless, a little bit more optimism coming in. Copper is basically flat this morning. It had been taking that little bit higher after the dramatic selloff we saw. That has been playing into the equities that i want to show you this morning because we have had some phenomenal earnings coming out. The big minor, bhp billiton among them. We will see it move higher. Because it keeps its dividend promise. To theemaining committed dividends. They are reducing production in the oil and gas area. Production cuts and our other three pillars. Iron ore, coal, and copper. 52 slump in profit. Sales down in excess of 20
Of this , beatingclimate 108. 3 estimates and expectations. And the estimate was for 102. Francine better than expected. If my calculations are right and they may be wrong part of the survey was done in the first couple days. The for the market rout bef ore the market rout. Expecting to be lower than estimates because of the china factor. But confidence at 108. 3. Manus chinese shares have plunged again. Routteepest fourday since 1996. The markets europe, have rebounded. We have more on that with Caroline Hyde in a moment. We also have richard frost. He is in hong kong. What is behind todays rout . Richard yeah, hi. Fairly astonishing day giving the heaven losses the heavy losses we had. Decline. What appears to have happen is after the government expended so much energy and funds to shore up the market following the rout last month, they seem to have disappeared. Heavyat weve seen is losses with some of the largest companies, including petro china, chinas largest company, which has lo
China is now falling back on its major levers to stem their biggest decline since 1996. The shanghai comp positive dropped 7 overnight before policy moves took place. They came in after hours. The besthat some of minds have been saying about china. I tell people be cautious because i dont think china can come up that easily with a solution overnight. Complicated situation and Financial Markets is not the first thing on the radar screen. Thats why this market is trying to find its own level and its clearing at a much lower level than most people have expected. I think the market is very oversold. Over 1200 new lows, 12 month lows on the new york Stock Exchange. Usually, this occurs at the end of a bear market. This has occurred at the beginning. This is a signal that something is very wrong. Dont get excited, take a few days off, wait for the market to stabilize and then come in. Dont be afraid to buy when everyone else is selling. Dont do it in a rush, take your time. Julie hyman is wi
Since december. A big day for housing. Well get new home sales in an hour. After an historic day which saw the dow fall minutes into the trading session before closing down 588, futures are serging. Chinas central bank announced its lowering the Bank Reserve Requirements by. 5 . Its the fifth time in nine months theyve done this. The question is what are we going to get out of it . I thought the more important story than the cuts of rates is that maybe theyve stopped the game of trying to prop up individual stocks. The stocks are just not companies that you would theyre buying sock pickup truck. Theyre buying web van. And i think whats going on is this may represent a more serious attempt by the Chinese Communist party to put people to work or something. They could spend their money fixing the sewer systems. Maybe theyll start doing serious work to help their economy. Does that mean today is your chance to get out, to sell your least favorite names . Yes. I have to tell you, when i see