Territory. The week has had news of ashares cell a share sell. China puts money on chips to counter rising pressure from washington. It has the same level of backing as the Atomic Program enjoyed years ago. Sophie lets get a check on the set up in asia. Some much awaited pullback on wall street. Asian stocks look set to fall. 1930still Holding Around levels and the yen above 106. But when it comes to stocks in china and hong kong, a drop is productive at least 1 . Softbank is said to be considering a bid for tiktok. In the Semi Conductor space, news that china is planning to support the domestic industry, which launched a billiondollar route in u. S. Chip stocks. Also in south korea, watching for any details of a potential in thecash handout budget that could be announced this weekend. A snapshot of the u. S. Close, the s p fell the most since march, and it was the biggest sincefor the s p june, the biggest drop for the nasdaq since march, with apples market cap falling below 2 trillio
The hearing was set before the bank agreed to pay 4 billion. The race for tiktoks assets aress the globe sees we told its been talking to geo platforms. We do have some breaking news crossing the bloomberg. Current account numbers coming through. We are getting the july current account surplus coming in at 7. 5 billion u. S. Dollars. The trade surplus sitting at 6. 9 7 billion in july and we are watching out for some other developments coming out south korea today. Highlevel officials of the Ruling Democratic Party and the government will be meeting to discuss a second cash handout and potentially a fourth extra budget according to local mode media reports and we are expecting perhaps an announcement when it comes to the social distancing measures as well as the coronavirus update to come. Lets take a look at the fed when it comes to the markets. It was a fallback overnight when it comes to u. S. Stocks and driven by a correction in the highflying tech sector. We saw u. S. Stocks falli
A heavy lockdown and spains catalonia region if the latest surgeon brought a virus infections is not brought under control. And mourning the conscience of Congress Civil rights leader john lewis lies in state in the u. S. Capital. We begin this hour with breaking news out of malaysia a court has found former Prime Minister najib razak guilty of one count of abuse of power in this trial is accused of stealing hundreds of millions of dollars from a solvent wealth fund is facing 6 other charges including some that carry a possible 20 Year Prison Sentence he denies any wrongdoing flaws lloyd joins us now live from kuala lumpur fons whats the latest was happening of course. Well the judge is still reading out a verdict the 7 charges all together in this case hes been found guilty of one charge thats abuse of power the prosecutions case has was that used his position of power to lead the government to issue guarantees and in exchange for that he had received 48. 00 he had received 10000000.
Restrictions in one city, but investors are brushing that off. As well, up firmly part of the Semiconductor Story, looking forward to samsung earnings. Looking at currency, the dollar story almost the weakest in terms of the bloomer dollar index, for close to two years bloomberg dollar index, for close to two years. Down for tense of 1 . Hasonshore yuan strengthened. The aussie dollar up as well. On the next board, looking at gold, futures breaking through 2000 announce. You have the likes of bank of america predicting you could get 3000 in therice next 18 months. Wti up 3 10 of 1 . The 10 year yield has edged up marginally at 62 basis points. You can see there has been a marginal rotation out of chinese 10 year as well, more risk on sentiment in the mainland. Rishaad all right, lets look at one of the biggest movers, 7 . Shares up around one at one point. We have a company that has become the worlds 10th biggest stock. Our guest from aberdeen standard investments. Thank you for joinin
Charges and they carry very heavy penalties. They range from 15 to 20 years in prison he could also be fined 5 times up to the amount that hes received so it could run into tens of millions of dollars now were not sure when sentencing is going to take place the judge could defer that to a later date but well have to wait and see but for now we know that hes guilty of all 7 charges but this is only the 1st of several trials that knowledge it faces in relation to the one m. T. V. Corruption scandal and this trial only concerns the 10000000. 00 he said to have received or hes received the judge that from s. R. C. International a former Subsidiary Company off one m. T. B. A notch it is no longer the leader thats the United Malays National organization the dominant party in malaysian politics but he still enjoys very strong support within the party and also outside of that policy and we saw how high ranking officials including the Party President what court to support not just on tuesday no