The culmination of a fouryear saga. We are live in riyadh. Manus a warm welcome by where we are expecting nejra to cross to react riyadh. It could be the narrative the changes the global perspective. Billion. Ised 25. 6 what they make trillion dollars today . Way, the day alibaba ipo, they racked up 38 . We are all lined up to support the kuwaiti and i would be Sovereign Wealth Fund and there is an army of institutions in saudi arabia. They are mitigate the risk and wanted to go well. It to doting want well. Nejra the saudis are doing everything they can. And in the u. K. , the focus is all on tomorrows election and people erp poll has made the risk of a Hung Parliament alive for markets. Manus its amazing how we have pivoted so quickly. Ipos, have amco look at oil. Peter navarro,om no indication of december tariffs. Are we ready for that risk . Thats the question you have to ask yourself. Dollaryen, is it really a safety valve . Look at dollaryen. Fx pain index is back to zero looking
Lower on concerns about the health of the u. S. Economy and a number of new bearish notes from new wall street firms hurts the sentiment further. Lets check in on the biggest losers in the dow, which as morgan just said, is down sharply, near session lows, which were 462 points. Its currently down 410 points, as you can see, pfizer down 4 Goldman Sachs down 2. 7 cat down healthily 2. 56. The 30year just hit a yeartodate low of 2. 117 t the. Joining us for the full hour, victoria fernandez at cross mark global investment. Thanks for joining us. My pleasure when you see yields slip like they have done, like they did last week, does it make you want to press the sell button for broader u. S. Equities . We dont want to sell we have that longer term outlook. We think theres a lot of volatility going on and thats going to continue to play out. We are looking at these treasury buys, not just from Short Coverings but outright buying as well but i think you stay invested at this point there we
S p down 1. 1 , and the russell down 1. 05 . Why . One main reason is china. China devaluing its currency. The dollar strengthening significantly. Oil is down big time, look at that, dollar strength, it takes fewer dollars now to buy a gallon of a barrel of oil at 43. 2, down almost 4 . Brent down almost 3 , gold up just a little bit as you see there about a half percent. Mandy is out but sarah eisen who knows a lot about currencies and china is with us today. Thank goodness youre here. I live for days like this, watching the dow and the impact of china spread across the globe. Bob pisani, anything with any china or Commodity Exposure is getting pummeled. Dow up 240 yesterday, down 240 now. Its a wasted week so far. Put them up, Materials Energy and industrials to the downside. Thats the big losers. Some of the obvious names and their impact from china. We always talk about casinos, wynn 70 of revenues in china, and yum brands 50 of its revenue in china down 5 . Those are the easy ones
Not a 3 or 4 economy. Maybe the dollar should not be as strong as it is now. Scarlet and opec has a deal to curb oil production, but they have more to do. Were looking to do better. Scarlet it is all straight ahead on bloomberg best. Scarlet hello and welcome. Im scarlet fu. This is bloomberg best, your review of the most important Business News, interviews, and analysis from Bloomberg Television around the world. Lets start with a look at the top headlines. The week began with change at the top in italy after voters rejected their Prime Ministers proposal for political reform. Italian Prime Minister matteo renzi says he would wait in the early hours of this morning after losing a referendum. He called to push constitutional changes. I think the expectation that the result of this referendum would have a disruptive impact on italy and possibly even on the eurozone were grossly exaggerated, frankly. It was not comparable to the brexit referendum or even to the vote in the united states,
Not a 3 or 4 economy. Maybe the dollar should not be as strong as it is now. Scarlet and opec has a deal to curb oil production, but they have more to do. Were looking to do better. Scarlet it is all straight ahead on bloomberg best. Scarlet hello and welcome. Im scarlet fu. This is bloomberg best, your review of the most important Business News, interviews, and analysis from Bloomberg Television around the world. Lets start with a look at the top headlines. The week began with change at the top in italy after voters rejected their Prime Ministers proposal for political reform. Italian Prime Minister matteo renzi says he would wait in the early hours of this morning after losing a referendum. He called to push constitutional changes. I think the expectation that the result of this referendum would have a disruptive impact on italy and possibly even on the eurozone were grossly exaggerated, frankly. It was not comparable to the brexit referendum or even to the vote in the united states,