Equity futures a mixed open in asia. A flood of corporate debt sales before the fed decision. Oil surge adding to inflation worries as saudi arabia and russia extend output cuts through the end of the year. Lets get a quick check of u. S. Futures doing nothing right now. We are well into september, but it has been the Labor Day Weekend in the United States so we only had two trading sessions in september. To say session was basically the s p down for tens of 1 . Traditionally some timber not a great month for markets. It is the worst generally unless they have already rally between 10 and 20 . Given that we have rallied, may be able not be so bad this year. We will have to see. Mike wilson says 3900 is where we will end the year. There are bears out there. Nasdaq futures pointing lower. We had bonds seeing yields rally 15 basis points partially because 40 markets Companies Went to market and sold bonds, so a massive amount of issuance that would have depressed prices somewhat. We had a
And chinas Country Garden appearing to avoid default and making payments on its debt. In washington, d. C. , lawmakers are set to return to work with a very lengthy todo list. And President Biden weighing in on a potential strike by u. S. Auto workers. The positive prognosis he is giving. It is the day after labor day and everyone is back to work. You are watching Worldwide Exchange here on cnbc. Good morning. Welcome to Worldwide Exchange. Im cdominic chu in for frank holland. Lets check on the futures following the long holiday weekend. We are off a bit. Dow jones industrial average implied lower 50 points. S p lower by 11. Nasdaq down 71. Checking in on the bond market right now, yields in focus here. Relatively steady around the 4. 2 for the 10year treasury note. Currently 4. 216 for the 2year treasury. In energy, oil prices are stubbornly high, but off a bit this morning. West texas intermediate is off 18 cents. Brent crude futures are d down. 23 . Nat gas prices off 5 right now a
Across the markets. Driving the stimulus, miss confidence. The effect we had, what it did do, nasdaq is up. We continue to see property stocks. Hong kong markets are the first. Theyre cutting down down payments, mortgage rates. Country garden is lifting property, most sectors are in the green. U. S. Markets are closed so we will not see too much in terms of treasuries. The jobs report was talking about moderation. Certainly you are seeing hong kong lead the charge as well as the csi 300. We broke out of declines after the best week we saw since july. We saw seven weeks of gains for the index. In your which is quite rare. We just mentioned. 5. 3 up for the property gauge. Just to reeducate on the welcome stimulus playing out. Lets have a look. We have some important trade data with how the Chinese Markets are doing a deep dive and michelle is taking his place as the last meeting of governor. Rate decisions as well. We will see. It will be interesting to see that the timing cycle may be
4. 9 yearonyear. You are seeing when it comes to the offshore renminbi strength on the back of the dollar strength. Commodities as well, some of these proxies like copper, aluminum seem to be railing on the back of this. Sovereign bond yields, the higher for longer coming back last night after the strong u. S. Retail sales report. Not really seeing that much flight to safety into treasuries. The u. S. Back to levels we have not seen since 2006. Rishaad quickly going to check on the opening and what we can expect out of india. The bot steady. We have the rupee there, very near to the record low we had in the session yesterday. Nifty futures flat. It is about this china data. What does that tell us about domestic demand and manufacturing . Yvonne maybe things are getting a bit more traction. We will take all the good news we can get when it comes to the macro picture in china as well. It was basically the activity data wise the 4. 9 we talked about that. Retail sales was a massive beat.
Both domestically in getting chinas economy on track as well as internationally as the country tries to navigate a tense geopolitical environment. We are also going to see and he is back with us here on a show business report. Thank you for coming back again for us as we continue to track the story as the World Leaders gather there. We are still waiting for xi jinping to speak but in your expectation and estimation what are you seeing will be a thrust of the speech there. This are you seeing will be a thrust of the speech there. Of the speech there. This is a time of stocktaking of the speech there. This is a time of stocktaking on of the speech there. This is a time of stocktaking on both| time of stock taking on both side. Chinas reassessment of the initiative and countries on the initiative and countries on the Receiving End are getting a little concerned about the strings that seem to come attached with it in the form of the slightly odorous terms of some of the debt and the fact t