Wish we were together again. So the word unprecedented is getting quite a workout over the past month or so. Jack, it certainly applies to what was happening in the Energy Market over the past week. Right at the start of the week the Energy Markets you know what . Lets get weird. I know you think youve seen weird, but how does 37 sound on a barrel of crude oil . Does that mean i can go to a gas station, theyll pea me to if fill up the car . Thats not what it means. In the futures market, each contract has to do with a specific type of Oil Delivered to a specific place at a specific time, and on april 20th when that may west texas intermediate contract came due, you better have had a pipeline and storage tank willing to accept your oil in oklahoma or you got closed with next to zero liquidity. Most people didnt have it, so so we had prices go sharply negative. Now jack if you have a boat that holds oil, thats a nice thing. Funny you mentioned that because on my street wise podcast for b
Far as asset classes. The asian index, down. 2 . Up 16 . Date, it is not too bad, but not the extent of what we saw on the s p. The csi 300 index in positive territory, up. 3 . The pmi numbers, beating expectations. 50. 2 versus estimates of 50. 1. Talked about a possible stabilization of the chinese economy and exports may return. Lets flip the page. Take a look at where we are in currencies. It has been a dollar story. It has been down for three days, the dollar index down by. 1 . For thear, falling Third Straight session, falling to its lowest in almost six months. Gold has been a huge surprise, continues on the upside, climbing for three weeks, largely to dollar weakness and the gold index, silver could be playing catchup. Reminder, some markets are shut today and you have some truncated sessions in singapore, hong kong, as well. We are shut in the next 60 minutes or so. Happy hour comes early for you today. Here is where we were on friday. Big gains. We were flat yesterday and it
Sectors, however, employment was steady to rising in most other sectors. And throughout the nation, labor markets are set to remain tight. And widespread labor shortages were actually reported wage growth, however, something that weve talked about for a long time was modest to moderate home sales front, moderate variation. Now, prices rose at a moderate pace however, some businesses were indeed passing along tariff increases to consumers and i want to take you through a few of the regional comments which we got which in many cases represent an aboutface from the prior beige book in new york, sectors plan to raise their sale prices in 2020. And it rose significantly and they anticipate higher prices among manufacturers. One last thing here, in cleveland, retailers said tariffs put upward pressures on costs. So we have these districts around the country reporting that these tariffs are still working their way through the economy. It could potentially put some upward pressure on inflation
Thats across Bloomberg Television and radio. Manus nejra, very good morning to you. Its daybreak europe. There is only one topic. What is going to be discussed in davos in regards to Climate Change . Theres a wonderful piece. Central banks, does this week set the table for Central Bank Policy . What will the shift in gears from the ecb really tell us about the outlook for inflation in europe . Nejra yeah, theres a fantastic piece on the uber talking about peak decade. This is something that will be talking about peak globalization, peak cars, lots of different topics where we can get some direction, not just for 2020, but the whole decade ahead. Looking forward to those conversations. Us go inside the markets. To the dollar, first of all, and this is the important part. Ch bears are back in arge. Theyre pushing short positions back to the highest levels since may, 2018. Is it the end of u. S. Exceptionalism . Do you fight back against yield differential . We have a major story were tra
Guy johnson in london. Lets get the first word news. China is on a mission to create an Aircraft Carriersized investment bank. They are opening up 45 trillion financial industry would also wants to beef up its own players to go toe to tell giants. At the moment chinas brokers dont have much of an international presence. Adding together the 131 brokers have about as many assets as Goldman Sachs by itself. Germany expects the nord stream 2 two gas pipeline to be delayed but it should be completed in the second half of next year. Costs are rising after sanctions u. S. Sanctions on the project. Of japan and south korea are holding their first formal meeting in 15 months amid a longstanding historical dispute that hit trade in the region. It also had a trilateral meeting between the three. Theyve reached International Cooperation on dealing with north korea. 2019 has been a good year for the superrich. Almostrichest man added 17 billion to his wealth this year. Over 11 billion. , bernard,nn