Francine welcome to the pulse , l ive in london. Im francine lacqua. Coming up later in the program we speak exclusively to the zalando managing director rubin ritter as his company beat secondquarter sales estimates. Francine after that, we will speak to the rwe chief finance officer. Make sure you stay tuned for both these interviews. Manus a rare briefing has been held in china. As the central bank worst to restore calm following the devaluation of the yuan. Francine the currency experience its worst loss in two decades as the peoples bank of china says it would intervene. The Deputy Governor also in charge of the foreignexchange told the media respects the market, fear the market. He did not mention intervene the market. That is probably what he was thinking in the back of his mind. Manus indeed. And try to get some sort of market context. Class test. Lets talk to mark. Weve seen a little bit of a bounceback. Mark lets start with the dollaryuan. This is whatever one has been focuse
Chinas late rate cut. The asian market had to wait to this morning to react to that. Lets get to david inglis. The s p 500 futures in indication of how the u. S. Might go. How was about playing out in asia . David similar. What we saw in asia was the futures down. As the morning progressed, things did get slightly better. Lets talk about the shanghai composite first. It is having one of those violent sessions, it opened slightly higher, swung down 3. 5 , went down to about 5 , now we are up 2 for the day. One cut, thank you, but analyst pointing out for us that he is saying yes, rate cuts help. But trading will 29. 93 is the, number for the shanghai composite. Japan is the big player right now. This is what is really listing the asiapacific benchmark at this point. Have a look of the japanese currency weakening right now. Money is getting out of risk back into the securities. 119. 69 is the number right now. That being said, you put all of this together, it should be a much better day
Meeting of the year with little doubt about what policymakers will do. It is 8 00 a. M. Across the emirates, 5 00 a. M. In london, i am Tracy Alloway in dubai. Angie i am angie lohan and hong kong. Welcome to blommberg markets middle east. It was the oil surprise, but as we look to the next event, its all about the fed on wednesday. Tracy thats right. Ahead of the fed meeting, im looking at Inflation Expectations. This is one of the feds favorite measure of that, the fiveyearfiveyear forward even break. It is nudging above 2 for the first time in quite a while. Oil plays into that. If we have a rally in oil prices, you would expect that two feet in two Inflation Expectations and consumer prices, so it looks like the fed will have to consider that. Almost everyone is expecting a rate rise at this time. Angie that is absolutely right. Drivingng that was markets this morning here in the asiapacific region was oil, but lets do a quick check of the state of play in markets. You can see thos
Will the focus shift from fx to fiscal stimulus . And the hud for the missing egyptair airplane enters its second day in theyve dismissed reports that debris from the jet have been found. It looks like we are going to get a positive start. Watch the luxury stocks. The dax is up by 0. 9 . In 29 minutes time looking solid here in europe. It looks like less concern around the world. This is a lot more than we are pricing in at the beginning of the work week. It doesnt seem to be affecting markets as much today. We have asian markets up overnight. Their biggest backtoback slump in a month. Brent crude oil is rising as well. At 48 56. P there trading almost and parity the dollar index has been earlier. Ttle bit that may be because the slight possibility of a june fed hike has been priced in over the next couple of days. The new york fed president bill dudley says the Federal Reserve is moving closer earlie. That may be because the slight possibility of to raising rates as one of the at one
We will have exquisite interview with the chairman and founder of Colony Capital, tom barrick. We want to check in on the markets. Jon is taking a look at the turkish indices and the turkish lira. Jon equity markets are down 5 . Not reflected elsewhere, you can see markets in europe fairly stable, the ftse outperforming, a third of 1 . There is a big move there. There is a 40 premium offered by softbank or that deal look looks like the ftse gets a nice little lift. Market, the turkish lira, a big move. Slightly stronger in todays session. But that riskoff tone not really reflected in the fx market, it is a weaker japanese yen story. We trade at 105. 62 on the session. In the bond market, this is where things get interesting. Last week, an ugly session for treasuries. Ields up 20 basis points again today, you see bond yields inching higher on treasuries. In the commodity market, slightly softer. 47. 36 is how we trade on brent. Alix there is news concerning lending club. Chiefk dunn wil