Memorial day. Katie and Katie Greifeld in new york. Welcome to Bloomberg Markets. Look at markets on this friday, green on the screen after a disappointing day on thursday. S p 500 higher by. 4 . It felt by. 7 yesterday. We are marginally lower for the week. A look at the nasdaq 100, higher by half a percent. But russell 2000 current the higher by. 6 or so. Lets drill down into eli lilly, boosting its weight loss drug supply. The farmer giant was meant 5. 3 billion will spend 5. 3 billion to make the main ingredient on its with loss drugs. The popularity of this shot has led to shortages. Gaming cardi joins us now with more details. You think about the question to boost production and be able to address the demand. How far will the investment go . Ideally, despite the ubiquity of these medicines it sometimes escapes and it sometimes escapes notice that they are technically in a shortage, lilys and a competing drug from novo nordisk. The idea is to boost the production of the active ing
On the fed Holding Interest rates until at least december. Sec approves trade products tied to ether, opening the door for a spot etf, and we are live at the g7 finance meeting in italy where ukraines allies are wrestling over a deal to use frozen russian assets to support kyiv. We will be speaking to a secretarygeneral later this hour. Lets check in on these markets, global stocks at bonds up for weekly declines. The good news on the data front, bad news for the markets team is a back with u. S. Activity data. Composite pmi, services, and manufacturing strengthening the most, composite and about two years. That led to a selloff on wall street. European futures, a losses of point five of 1 . Consumer confidence picking up for a second consecutive month in the u. K. Losses across the ftse 100. S p futures looking to modest gains after losses of yesterday. Nvidia was the bright spot yesterday across the u. S. Equity space with gains around 9 . Lets have a look cross asset. You did see a
To daybreak europe. Lets get to the top stories. Chinese shares gain after industrial profits surge for the first time in over a year. Chinas property crisis rolls on. The founder of evergrande is put under Police Control. Amazon taken a hit setting president for tech relation and the entire country. The ftc accusing the ecommerce giant of monopolizing online Marketplace Services in a landmark antitrust case. Right here is europe, the ecb hawk telling bloomberg it is unclear whether European Central bank has lifted borrowing costs to their peak. Inflation is full of surprises. As a result, we cannot say for sure that now we have reached a peak and no more increase. The reason is that inflationary measure is on an in recent days we have seen how much Energy Surprises have surprise up. Kriti lets get a quick check on the markets because we have a lot to digest and crosscurrents. We look at the equity market we are coming off the u. S. Session where you sell quite a bit of pain. The s p 5
Two and a half years as blackstone starts the bidding war. U. S. House lawmakers approve 60 billion in critical aid for ukraine as president zelenskyy calls for the rapid transfer of weapons. Translator this bill will send aid to ukraine and send the powerful signal it will not be the second afghanistan. This will strengthen the leadership of the United States. Good morning. Welcome to the show. We start a new trading week and it is a different sentiment for european equities compared to what we saw last week. Just to give you an idea at this stage with the european stoxx 600 trading higher by. 30 . This is quite different as i was saying from last week when the benchmark ended the weekly session down 1. 2 . What were seeing is investors are setting aside the geopolitical concerns and they are focused on upcoming earnings and data. To give you the data points this week include from the United States and germany as well. We will get the core pce from the United States as well which is i
Kriti the magnificent seven driving a rebound in u. S. Stocks. Apple unveiling plans for a new inhouse ai powered chip. Monetary policy, traders reprice the ecb putting it on track to cut before the federal reserve. Christine lagarde insisting the ecb does not take cues from across the atlantic. Wall street Bank Earnings are in focus. Jp morgan, citi, wells fargo all set to report today. It is friday. Were ready for the we can but theres plenty to digest the next 24 hours. We look at the futures picture, broadly positive this side of the atlantic. Euro stoxx 50 futures higher 0. 6 . The ftse 100 seeing green on the screen this morning, higher 0. 4 . Is that pricing in the full story of the ecb cutting . Is that a positive rates story . At the end of the day, the s p story not seeing as much green on the screen, despite that massive rebound in the u. S. Tech space on particular. Usually you would see the asian or european traders hop on that trade. They are not this morning trade lets t