1 ,s p up by nine tens of tech leading the charge. European markets underperforming but the ftse 100 pushing on gains over the last hour. Most european markets gained early than flatlining into the afternoon. We are seeing a bit of a return to the dollar this afternoon, still trading at the 118. 119 earlier on and security markets continue to be in focus as the ecb suggests there may be rates that could be cut further. Lets start off our conversation on the u. K. Labor market which took a turn for the worse in july. Total job losses climbed to nearly 700,000 since the start of the pandemic. Tois considering plans support jobs as per the government cost Furlough Program ending next month. Businesses need support which is why many of the intervention we have put in place lasts the last through the next year. I have not hesitated to act and create effective ways to support jobs and employment and we will continue to do so. From brusselsg us is Vincent Juvyns from jp morgan. Sunak may be s
Remember on the week u. S. Markets are lower. On the week european markets are higher. Eurodoller trading 118. 30. Taking a tougher line on the link between the Exchange Rate and inflation. The pound continues to fall trading 11787 as we continue to see the stalemate between e. U. And the u. K. On the u. K. s new legislation, the internal markets bill, which will undermind the treaty signed between the Boris Johnson government antie. U. Not that long ago. Alix thanks so much, guy. We are very welcome special guest, we are happy to have him here. Stanley fischer, the former vice chairman of the Federal Reserve. He has just been awarded the first miriam pose yem prize by the m. I. T. College center for finance and policy for his Outstanding Research and leadership in financial policy. Its a pleasure. Congratulations. We truly appreciate you spending this time with us. Not to get right to it but lets get right to t the latest Inflation Numbers out of the u. S. Today, Consumer Prices arose
For shinzo abe. The pound is big today. We are up by 1 . Governor of the bank of england indicating we are going to see the possibility of negative rates. We are, as you can see, seeing a big bid for the yen as well. Dollar is down. Stoxx 600 is low. S p absolutely flat. Kailey i want to bring you news. Mgm resorts, the casino operator, is cutting 18,000 jobs. That cut impacts over one quarter of its u. S. Workforce. It has been a hard time for casinos during this pandemic. Mgm operates not just in the u. S. , the las vegas strip, but also in macau. All macau travel was shut down, they have yet to catch up. Las vegas market makes up half its revenue. Mgm cutting 18,000 jobs. At the moment, the stock is higher by about 4 . Guy back to that story relating to the bank of england. Governor Andy Beshear Lee says there is plenty of room for more monetary stimulus. He spoke at the feds virtual jackson hole event earlier. He talked about what is in the box. We are not out of firepower by any m
That is a big headache for the ecb that meets next week. Alix one of the worst performing currencies in march. Scarlet is here to look at those. Scarlet a new trend. Alix that is me. Thelet i was hoping for return of summer. Weakness in the u. S. Dollar is index felle bluebird fiverounding up straight months of losses. When you look at who performed better versus the dollar everyone except brazil. Commodity currencies for the biggest gainers. Down 6. 3 rial is down 6. 3 . A note published today says the dollar moved further than the shifting growth expectations would justify. The positioning to get the dollar down has been extreme, but what triggers a correction is not for castable. The feds leadership was more pressure on the dollar because lower rates for longer continue to pound the dollar. Forever and a day is the phrase i like the best now. The fed is willing to tolerate higher inflation to get fuller, higher employment. As much as we use the dollar index as shorthand for the perf
Level with the stock down on euro strength adding into the downside for the European Equity markets. We are also seeing weakness when it comes to the cable rates. Not surprising after the war of words that broke out between the european commissioner and the u. K. Government earlier on today. Now, 120 862. 128 point 62. Today we are giving back a little bit of ground. Alix breaking news out of the european commission, the u. K. Has seriously damaged trust and has until the end of the month to amend the violation of International Law and joining us now with more from london, david, walk us through what we know and how this time might be different from the other extensions, deadlines, and harsh words we have seen. It really is extraordinary, an ultimatum for them to backtrack on the bill in london yesterday, overwriting key sections of the agreement signed by Boris Johnson less than a year ago, which she is now saying he regrets and doesnt think really serves the people of Great Britain a