Focus in china, the unraveling of the chinese stock rally. Seems like things have stabilized after we saw one of the worst selloffs since the gdp eight out of china. You see china targeting large caps, small caps and the latest is kwai chow moutai. Yesterday, climbing back with the stock. Record after we saw a spike in virus cases yesterday. Watching other things with indonesia markets opening up, focusing more on the Bank Indonesia rate cut, cutting rates for the second time as growth sputters, the stocks are up. 4 area strength in the rupiah. Up. 4 . Strength in the rupiah. Nifty, futures pointing to a positive open. Yvonne the Trump Administrationyvonne is turning on some of americas Biggest Companies saying they are pawns of china. Attorney general bill barr says disney, apple and others are working at the expense of u. S. And western democratic values. He said disney and apple have been manipulated by the communist party interchanging strategy to make money. The coronavirus contin
30 in the u. S. In the second quarter. It is looking to be pretty dire right now. The nikkei seems to be the outlier given that they were closed on friday. Haslinda taking a look at where we are right now. We talk about how we are down 3 , the selloff making chinese stocks pretty cheap. At least 20 low the 10 year average. Sti down about 70 . Singapore allies, that stock is slumping after canceling 90 of capacity. Year to date, down about 33 . Crude currently down about 1 on in termsof a 23 slide of crude prices just last week. 1500, way off from what we were expecting late last year, inching toward 1800. Yvonne lets get more context with our Bloomberg Markets coag or, david ingles coanchor, david ingles. He is at home. What stood out to you . Boj firsthad the expanding more than it was originally planning. New zealand with the big announcement this morning that they are also planning to undertake some sort of qe as well. Australia has also widened the scope of its bond buying operatio
Now. Against the possibility this will cause a growth slowdown in the u. S. Nejra division in vienna. Disagreement over cuts. Delegates look to counter the impact of the coronavirus. We are live on the ground at a crucial meeting. Welcome to bloomberg daybreak europe. Lets kick it off with opec ministers in vienna. The first meeting saw saudi arabia and russia split over the prospect of deeper cuts as the coronavirus weakened daily demand. Manus, great to see you. Can they come to an agreement . Nus my next guest says it is kabuki theater. Its painted faces. Its about shock and. Shock and awe. Where will they meet, which road will they travel . Will it be one million of cuts . Three months ago, i was here and they agreed a 2 million barrel a day cut. So what does it take to put a floor under this market . Highness left last night, promising a wonderful recommendation and he wanted to keep us in suspense. They can take us out of the building because of the virus, but they cant stop us f
We start in france, where a pioneering tax on tech firms is expected to be approved by the senate today, after clearing the lower house last week. It comes amid public anger across the continent at tax avoidance by the likes of google, amazon and facebook, who locate their eu headquarters in low tax countries and pay virtually nothing elsewhere. But it has already threatened to spark new trade tensions, with the Trump Administration launching an investigation to see whether the move unfairly targets us firms. The plan, masterminded by french finance minister bruno de maire, is for a 3 Digital Services tax on all revenues rather than profits made in france. It will hit all companies with global revenues of more than 843 million. Around 30 Tech Companies are likely to be affected, mostly from the us. The French Finance Ministry estimates that the tax will raise more than 500 million this year, with that figure rising in future years. France failed to persuade eu partners to impose a euro
We are drifting slightly higher. Dollar seems to be a little bit stronger on the back of asia fx. Continuing to price larger when it comes to sovereign yield. You look at the two, the five, the 10 and the 30 and where they have gone. It suggests that markets have been pairing back what many people have said a little bit more extreme expectations of the fed. Are they going to cut 50 basis points and will it make sense . This is where we are on the two and the 10 and sterling is under pressure. Yvonne twoyear low under the pound here after weak data when comes to retail sales and Boris Johnson on the nodeal brexit. We saw yields pick up after the inflation data. Take a look at the terminal chart. P. T. I. Prices were flat, zero and c. C. I. Prices basically unchanged at 2. 7 is what we saw as well. Continuing to show how deflation is coming back to china. A lot of headwinds here on what the factories are going to do here and how he is going to see or expect to see more factories close in