Anna good morning from london. Manus cranny is in dubai. These are todays top stories. It is a mixed monday for Global Equities as coronavirus cases and u. S. China tensions threaten risk appetite. Mike pompeo suggests action to protect National Security will not stop at tictoc. Shares did as earnings missed the mark. The group says it will accelerate cost cuts. More to come from our exclusive interview. We will hear from sociogeneral after a surprise sociale generale after a surprise loss. Task force head says the pandemic is in a new phase. It has just gone 6 00 a. M. In london. It is 9 00 a. M. In dubai. Normally it is yusuf and i this time. They were very clear, the single worst economy is the u. K. It is one of the weakest economies globally. They have taken a hit. They gave us a global perspective, a wide range of losses. There has been a big shift in the global economy, but it is not going to be enough to steady the ship. The next three to six months will be critically important
Once again i say good morning to we have been full by randomness. The story of the french banks this morning is absolutely extraordinary. Francine the french banks, but actually hsbc also disappointed. That is why we are seeing a to thebit of weight banking stocks in europe. I know you want to start with your data tom. Volatility for august. Tom lets do the data check as we go into august. I like what kit juckes of socgen says. August has some risk to it, and we start out with a turn. The markets lower, but the nasdaq 100 trading abruptly higher in america. We will have to see how the tech stocks open. In the yield space, it is a jumble right now. Maybe Early Morning u. S. We are not there. As we see the churn in europe and such. The real news is the u. S. 10year inflationadjusted piece. 1. 01. It breached one on friday, or maybe it was thursday. That is a huge indicator of disinflation. Merrick and oil under 40 a barrel gets my attention american oil under 40 a barrel gets my attentio
Spend time on and we have euro area pmis coming in a touch better than expected but im not sure if it is moving eurodollar that much. 39. 80, always a good test looking at command and what it means for the world economy. Point 1764 and we look at her earnings with a couple of disappointments in the banking sector. Joint manufacturing pmi coming in at 51. 8 instead of 51. 1. Lets get the first word news with laura wright. Laura the u. S. Plans to act against a wide range of chinese owned software companies, not just tiktok. Thats the latest from secretary of state mike pompeo speaking to fox news. On friday, President Trump told supporters he plans to ban the app. Pompeo said the decision should come soon. The u. K. Is considering the worst case in a real of locking down london according to the sunday times. It would see at risk people asked to stay at home. The local government secretary says he is not aware of any specific plans to seal off london but the u. K. Will target local flare
Havens. Gold surges with a spot price nearing 2000. Bullish bets on the euro hit a record ahead of todays pmi number. Cash tradings one hour away. Here are your top headlines from the bloomberg terminal. Tictoc terminal tiktok turmoil. Stocks and futures trading mixed. Toe pompeo suggests action protect National Security will not stop with this company alone. Surging baddip on loans. The group says it will accelerate cost cuts. Hear from our exclusive interview with the cfo. 16. 4 billion. They broker a deal for speedway gas stations. Just under one hour away from the start of cash equity trading, take a look at what is going on in terms of futures. Ftse futures down this morning, about. 2 . Dax futures rising. If you were to broaden out this view, you would see an even bigger range. Cac futures are up more than. 5 percent right now. Omx futures are down. 7 . Take a look at what is going on in the u. S. A little bit of a mixed picture as well with nasdaq futures higher this morning. S
Michael its been a while since ive been able to give good news, so i will take as much time as i can hear. It doesnt happen very often, but it did happen in july. Manufacturing data betterthanexpected, particularly in europe with of increase for most major economy. Spain leading the way at 53 point five. Italy at 51. 9, france, 52. 4. The euro zone as a whole comes in at 51. 8. All of those numbers for the most part above what they had been in june. These are sentiment indexes that suggest that look at the comparison between june and july. We dont know whether they really incorporate the rebound in cases. In the states, we saw a much better than expected ism unemployment number of 54. 2, which suggests that maybe it did not capture it, or manufacturers managed to keep going through the covid outbreak. We are just now seeing covid start to show up more in europe again. That is something to keep an eye on. Several surveys show that while overall moment to miss revving up, momentum is rev