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
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
The nasdaq was lower but it is catching up. And the dowup. 9 up by about as much. The dollar index is stronger. Still below 93. Two of the better performing stocks, brownforman which is the topperforming stock primarily thanks to a surge in spirits and of course, the Michael Jordan news. Rally,g with the equity citigroups Tobias Levkovich recently raising his target on the s p 500 to 3300. He joins us now by phone. Thank you for joining. We are a little bit higher than that right now. There is going to be a leg lower to this market. It is still going to hold up somewhat into the end of the year. We are not going to see a crash according to you. Tobias the best way to put this is the fed is going to prevent it in many respects in terms of policy initiatives where there is this fascinating feedback loop phenomenon where stock prices go down, he will start getting very worried. People will start getting very worried. It will ebb and flow. It is unlikely for the markets of the you about 40
Surveillance. I am Francine Lacqua here in london. This is what the markets are looking at. We are trying to look out for any spot here in europe. Are am looking at what we in general focusing on, of away fromare that key data hours away from that key jobs data in washington. Of course labor day holiday, gold taking higher. Now lets get to the bloomberg first word news in london with leighann gerrans. Hi, leighann. Leighann good morning, francine. Avoiding a Government Shutdown right before the president ial election. Sources tell bloomberg House Speaker nancy pelosi, treasury secretary Steven Mnuchin and made this in full agreement on a phone call on tuesday. They were on a stalemate after virus relief to hold up a virus a stopgap spending bill. Meanwhile, Financial Aid to shore up the financial recovery, according to chicago fed president charles evans. He said the stalemate in washington is a significant downsize risk to the economy. Even with the deal, evans down beat on the econom