Bloombergs european and quarters in london. First we have to get to the markets. This is your board. Downsidelittle bit of pressure on these european stocks, down some 0. 4 . Exchanges in austria, germany, denmark, norway, are closed for a bank holiday. This is a picture for the asiapacific index. We had some earnings that came in a little light of forecasts. Overall, the rebounded. , japanesew japan falling, Commodity Prices rallying, with crude at 40 . 85. Lets get to the bloomberg first word news with nejra cehic. Nejra norways 850 billion wealth fund will seek to join a classaction suit in germany against volkswagen following the emissions cheating scandal. Vw andd owns 1. 64 in said it is acting to safeguard its holding in the carmaker. May delayaway increase untile later in the year according to pimcos head of Portfolio Management for emerging asia. That comes as britains biggest s news lobby group cut its forecast for the u. K. Economy, saying the Eu Referendum has put a cloud o
So u no, i get that most of this is overseas, but Credit Suisse is down 45 , and bank of america 20 , and Deutsche Bank as well down. And yes, we saw jamie dimon with his bottom, and we call it the unbelievable buy. And we had greater p for mans, and people were anticipating because of the job owning we would see the rate hikes coming along and then you see the steepening, well, obviously, it looks like june is off of the table, and because of that, the last couple of days since janet spoke, you could watch the financials and see how they react. And doc, no relief in sight today, because the fed is not giving any help to the financials. The wrap on the large banks that make up the index is simple. These are companies that should pay bigger dividends and you should expect less from in terms of the growth, and really no reason to own them unless you think that there is an imminent rate higher not just once, but a cycle, and nothing is tellinging you that is the case right now. That is wh
Headquarters in london. We are just getting some breaking news out of the International Energy agency. They are one of the best barometers to understand the supply and demand balance when it comes to oil. They are seeing market rebalancing despite the record gulf production. Yesterday, we found out that we understand saudi arabia is pumping at record highs. Put it against the disruptions we saw in venezuela and nigeria, and that stockpiling the u. S. Which beat estimates, and this is a picture for crude. This is brent. States iswti in the still below 42. Iea saying the market rebalancing is happening despite this Record Oil Production from the gulf. What they mean is saudi arabia. That is nymex. Lets get straight to the rest of the markets. I wanted to show you the new zealand dollar. We are seeing that higher. Pound below 1. 30. We had some disappointing news for the housing market. Lets get to nejra cehic. Look researched to a oneyear high after the reserve bank of new england cut ra
It is monday. The a warm welcome to program. China, big news over the weekend. The data for january and terms of Foreign Exchange reserves down by 99. 5 billion yuan. The Chinese Central Bank spending money to defend the currency. It was not as much of an outflow as feared. We have not even gotten into the year of the monkey yet. Manus it was not as bad as everybody thought. What we have is a little bit of a picture or our viewers in through this period 2014, 2015. Defending the yuan is the real story that comes through. We are seeing volatility rise. It is the Lunar New Year. We are seeing traders paying more premium for the u. S. The yuan to devalue going into this year. Janet yellen getting ready to speak. That is the big mark on the calendar. She speaks this week. Lets take a look at what has happened in the Foreign Exchange markets. The dollar got a bounce on friday. Holding onto those games on the dollar index. Above 97. Dollaryen, where are we at the moment . We are at 1204 on t
That is the game at the moment fascinating to hear what they said yesterday. We will come back to that in a moment. First up, lets get you up to speed with caroline hyde. Caroline thank you. Brent crude has risen ahead of a meeting between iraq and iran in to ron later in tehran later. The Saudi Oil Minister described it as the beginning of a process. Irans oil chief will meet his venezuelan counterpart. David cameron has edged closer to membership of the european union. With the u. K. Prime minister to in brussels next month, he won the backing of angela merkel. The dutch prime minister, the holder of the eu rotating presidency, also agrees that there was a good basis for a deal. President Barack Obama Says donald trump wont be elected president. He also said the Republican Primary Campaign has alarmed or in audiences, who expect the u. S. To lead the world. I continue to believe that mr. Trump will not be president. And the reason is because i have a lot of faith in the american. In