Debts are about 700,000. The Trump Administration dabs up its attack on chinese tech. Mike pompeo wants to cut ties well beyond just a campaign against tiktok. Alert on start with an the bloomberg. South korea announcing its surplus widening to 6. 88 billion. This is a recovery from the 2 billion level we saw in the previous month and recovery after logging a deficit in april. When it comes to the trade surplus, widening to 5. 867 billion. We have seen south korean exports slump, slowing in july. We are seeing an economic recovery in china and demand for semiconductors. Lets turn to Sophie Kamaruddin in hong kong for a check of the markets. What should we be watching out for in south korea today . Sophie we have more data coming out. Tourism revenue falling for a fifth consecutive month so the focus will be on the consumer sector. Of o have the likes reporting earnings. Consumer sentiment has rebounded for a third month in south korea and online spending will continue to be key as the
Wave. S fears of a second the u. S. Seeing 16,000 cases a day. Hong kong in the third wave right now. All youll futures elevated. You are seeing a risk off move today. Focus on the chinese story. We are seeing a down day even when it comes to chinese stocks. We will see how this plays out. Lower by 6 10 of 1 for the shanghai composite. Asia had their best Weekly Performance in five years. The csi 300 large caps, ada percent of the index has been overbought. Thats the highest on record. We are seeing profittaking here today. Shenzhen, more of that robustness. The most overbought on record. That is still going higher by 1 today. It seems like the bond market is at mercy with this rally as well. Bonds at 306 right now. Yields falling. Bnp paribas saying that 10 year yield could rise to 3. 4 . We are watching other markets as well. Hong kong is a focus today. We saw a Record Number of local virus cases, the most since the pandemic began. They tightened distancing rose again. 150 points low
Million, representing more than a quarter of all cases globally. I want to bring in our Bloomberg Markets reporter, who has been on top of all of this action. What did you notice today, with more record highs it is the usual suspects that continue to lead the way. A story of tech outperformance again. Boarde higher across the when it comes to major averages, but the outperformance came from the nasdaq. A record high. It was up by more than 1. 5 . I want to highlight that even though tech stocks and stocks wasdly were higher, so gold. It has been the highest since 2011. 1800 an ounce. That creates safer assets. The tone is not all risk on. The tech has been a safety trade. They are benefiting from a world staying at home. Todays session was the largest of the large that were leading the way. Apple, amazon, facebook, all contributing the most to todays rally and all four of them closing at record highs today. From a valuation perspective, how overvalued does the tech market look . We are
Its season in orlando despite record coronavirus outbreaks in that state power lunch starts right now thanks the banks and the energy are out performing today as tech takes a breather the nasdaq still up 5 in two weeks. Bob has more on todays market were at the highs for the day. Were close to a bit of a break out. Mondays close, which was the high was 31. 79 were five or six points away from that. Why would it be significant if we get over that thats highest level since the june highs we had. Were looking for a modest little break its a good way the close the week out if we can do that banks are out performing havent heard that in a long time, have you its not going to reverse the down trend for the banks but its nice to see a bit of out performance today. Citigroup, jpmorgan and wells fargo reporting on tuesday its not going to reverse the trends thats good reason for the bank woes out there weve been talking about them a lot in the last couple of weeks. We had capital conconstraints
Restrictions in new york city is boosting education about masks and social distancing. U. S. And china ramping up tensions. Washington rejects beijings claims to the South China Sea and top senators are facing mainland sanctions. Shery lets get you started with a quick check of how the markets are trading. U. S. Futures opening higher, gaining one quarter percent after stocks fell in the regular session. Sharply higher throughout most of the day and then we saw a bearish reversal in the afternoon. Marcus dealt a double whammy with data showing that virus cases surged in california, as they that makes up 15 of u. S. Gdp. Not to mention escalating tensions between the u. S. And china. The u. S. Denounced chinas claims to the South China Sea. The s p 500 at one point hit the highest level since march before falling in the afternoon. Led by tech and communication stocks. The nasdaq composite hit another record high. At the end of the session, the biggest fall in more than two weeks. Take a