Expect sharp moves in the very near term. Both of their comments from the pboc but also their actions in terms of the sharp moves that youve seen just before the close suggested theyre not very comfortable with the very rapid pace of devaluations. Other people are saying its part of their long telegraphed move toward more financial liberalization and its a good thing for the market. Where do you stand on that debate . One of the interesting things is that right now its the need to ease because the activity has been weak. I think those two pressures push you in that direction. Our sense is i think while the near term move might have been the Exchange Rate liberalization, as you roll forward, as you think medium term a year ahead i think those pressures from the economic side especially from the view that china is going to have to unwind this big credit build up, that will push them toward seeking that front and weaker Exchange Rate whaend we think about the fundamental economy in china,
Listening . We are going to speak to the banks chief global strategist, peter oppenheimer. Matt where a halfhour away from the european open. Take a look at where we see pictures we are a halfhour away from the european open. Take a look at where we see futures trading. As today, although today, the dax is underperforming. We will see what happens in the cash market. Take a look at bunds. I have a threeday trade up here. You can to the yield over the well, yesterday was a big drop. We dropped at one point, five basis points. When youre only looking at 45, there is a pretty big loss. You see an unchanged trade but really coming down. Just barely inching above that today. A lot of pressure on yields and a lot of pressure on the euro. Guy absolutely good yesterday, a risk obsession that was driven by north korea. You saw some the Technology Stocks getting battered. Today we wondered whether that is going to reverse. Janet yellen speaks later on. We have seen the dollar bounceback as we ha
We will have the latest, but first, lets check in on the markets with mark barton. Mark e. U. Go. Look at the right hand side of the chart. Look at the map. Tories 315. 326 is the number they need. They are not going to get that number. This is not a brexit type of exit. European stocks are rising. Ftse is gaining because of the weak pound. Biggest decline since june 27. Sterling two day chart. That is when the exit polls came out at 10 p. M. Last night. Wed be down as much as 2. 5 . Vote, the expectations were if we got a Hung Parliament, sterling could fall as much as 1. 20. The median forecast. The 10 before the Vote Deutsche Bank set if we get a labour victory, the 10 year goes up. If we get a tory, small majority we go down to 90 basis points. Fascinating times, but its ver y much a localized Market Reaction. Francine thank you so much. She promised strong and stable. But we have this morning is anything but. The snap election gamble has backfired. Losing seats rather than gaining
London. Barton in we are one hour into the tuesday session and docs arising for the second day. They were rising and now it is dipping with the second day of gains. This is the first time this has happened since midjune, but we are down by 1 5 of 1 . The german 10 year yield is rising, it fell by three basis points yesterday because of a more hawkish president draghi. Down for the third and itinst the dollar, is the best performing g10 currency against the dollar so far in 2017. Big stockpile data expected from the eia tomorrow. We should continue to see a drawdown. 1 5xcrude, lower, down by of 1 . Lets get the bloomberg first word news. Reporter President Donald Trump has nominated quarles to be the federal reserves top banking regulator. He was a senior official in the george w. Bush ministration. Quarles, who will be the first person to solve than the to serve and the role of the vicechairman, will be a pivotal part in easing after the financial crisis. Donald trump juniors lawyer h
Lineup today. T first, live pictures from moscow as president putin makes his annual president ial address. We will discuss whether russia, brexit, and a u. S. President could make 2017 the year of total reset for Foreign Policy. We have a little bit of manufacturing pmi. The italian data is significant because this gives us a glimpse in the state of the Italian Economy just three days before they vote. These are the figures crossing our bloomberg terminal. We are seeing the Unemployment Rate staying put for october at 11. 6 . Line withty much in what were seeing in spain. Three days until renzis make or break referendum. Votell discuss what a no could mean. Lets get to the bloomberg first word news. Heres Sebastian Salek. Sebastian glencore will reinstate its dividend policy next year and plans to pay out the minimum annually. The worlds biggest commodities trader has seen its shares trickle this year. The chairman of bloomberg lp and the parent of Bloomberg News is a senior independe