Welcome to daybreak australia. We are counting down to asias trade opens. Record highs for stops cuban by big tech. Boj refrains from signaling hikes. Haidi investors are focused on an updated dot plot and rate cut. Paul philippines president tells us he wants to avoid worsening ties. Staggered open. Market flat now. Ozzie yields went lower after we heard from the reserve bank of australia. The bank saying it is really nothing in or out. They seem to have found support. Weve been trading in new zealand as well. The market looking like this. Public holiday although we will have futures trading in equities and bonds. Not a great deal of movement in futures. Yen is weakening. 150. 84 at the moment. Haidi look at u. S. Futures, flat trading. That session was interesting. We had gains ahead of the fed. We expect the fed to push back as the economy and surprises. Fresh record high, broadbased rally. Energy is the best performer as we see a rise in oil prices. Wti above 83 dollars, propelling
It, where people arent going to say joe who . If you feel you can do it, you should do two. It gets you to the point where you need to be you will you are revealing i can give you a hint the average real heat feel was 115. And you werent out west . No. Thats a dry heat. This is a humid is that hot a place called the golden isle you have to google it. What state . Georgia heat index 115 . Yes you can fly into jacksonville. Why people go there in august . I dont know i havdont have an answer you have time coming up . It may be a good time of year to go to georgia quite the price to pay to get a couple months off. You have some experience dow is up 53 points right now. Continuing the snap of green after what had been more diff difficult. Maybe it is joe being back s p up ten points and nasdaq by 46 stocks sliding in asia lets mention treasuries this is what is interesting. Green in equities. Look what is happening with 10 and 30 the 30 at 4. 26 there are people who are concerned about the
Economists were expecting at least a 4 . Property investment is a sore point, still eight. 5 down. Worse still 8. 5 down. A slight pickup in the jobless rate. I cannot seem to find a be. It seems like a miss across the board on activity numbers coming through. We are still waiting on some other numbers. In some ways we thought this would be soft but not this soft but the rate cuts in the seven day. Markets are not really reacting as much. Yvonne currency continues to be something traders are ignoring, pboc fixes given the pressures we are sitting on the currencies. Yields are taken higher globally. We could be seeing a scenario of 754 china but looking at how markets do say were seeing slight declines so taking it in stride right now. Maybe a cushion in markets in terms of sentiment. The retail sales print is the lowest we have seen since last december. National bureau of statistics should start their press briefing to give more context. And we have helen chow out of bank of america. W
Before we talk about markets. Ecigarette maker juul, which, pardon the pun, almost went up in smoke last year, bankruptcy. Were hearing the company is seeking to raise about 1 billion here and it is working with jeffries to do that fundraising effort. The company had a bite had about 800 million in revenue in 2022. The hot headline is they are looking for about 1 billion in funding there. We will get you more details later in the show. That aside, and smoking is not good for you just in case, markets right now, not really up in smoke but we are coming up to lows in the day. Were down for a third day. China opened up and is providing some left to these some lift to these markets. We will flash it on your screens in a moment. Down for a third day. Certain sectors are picking up the slack,. 5 to the downside still. But were stable here. You had a big drop in u. S. Markets overnight, you had a melt up on yields with a 10 and 30 year continuing to move up. We are now closing at 4. 10. It re
As to the longer rates narrative. Pets on a november fed hike rising to about 60 . Apple sliding the most in a month under reports of some government chinese agencies banning the use of iphones. We get japans travel outlook exclusively from the ana ceo who tells us that demand from china is soaring. If you look at u. S. Futures, it looks to be shaping up in a fourthdown day. The asia session could change that. We are early in the session. They are pointing lower. I just want to give that warning right now. It looks like we might see little bit more weight to bonds. Yields higher once again today after all of that data. Service is showing a lot of strength but also strengthen prices paid, which is perhaps the most troubling aspect of this whole thing. That adds to inflation. With oil prices assize they are at the moment, thats another troubling factor for those worried about inflation. Those include some fed Board Members and some fed president s including Susan Collins and jim bullard.