Stifle from the strength of swiss franc. And the reverse takeover in the British Assets in a 1. 3 billion pound deal. Good morning, everyone. Another episode of Worldwide Exchange. Good morning to you, seema . Yeah very good how about you . A lot happening in the gold market overnight. Absolutely. Lets get to the stop story. The price of gold has slump tide fiveyear low. The precious metal was trading as much as 4 lower after the asian markets posted. That mood with randall resources hit the hardest. Spot gold currently off at 1. 6 . And s p down 10 . Northern star down by 0. 2 . And the chinese selling and triggering stop loss orders. 1 million being traded on that very exchange. Thats after the government said on friday that the gold reserves were up 57 from six years ago, abdomen that was a lot less than people had had anticipated. A lot of factors seem to be weighing on the price of gold right now. You also have the fed indicating that they will raise rates sometime this year in th
To impose the reforms being demanded by germany at the moment . That 85 billion euros of bailout figures, they want to see change happening in greece. Guess wasat one of my telling me earlier. Ftse 100 opens flat. Dax flat as well. We are waiting and seeing how greece plays out. They gather to discuss the bailout. And what happens in china . Calm after the storm. For the first time, we see the reference rate in china higher. We start to see stocks, shanghai currently up 0. 3 . We see moves to start to see the market taking action, or china stepping in, saying the market will be based on methodology now. The market will help dictate the foreign currency. It will intervene to help prevent excessive swings. Have bigtly ramifications in malaysia. Malaysia has political issues of its own. We see it down from 1. 7 . This is a key country to be keeping an eye on. Then on the move in the ringgit. Lets look at the foreign currency. This is the story of the week, the renminbi losing 3 against th
The death toll from a massive explosion in the chinese sport city jumps to 44 according to state media. Hundreds more are injured as shockwaves destroy a vast industrial area. Chinas Central Banks reassured markets about the countrys currency. It says a strong economy, sustained surplus and Ample Exchange reserves give strong results to the Exchange Rate. They also dismiss speculation of a possible 10 for the currency. It weakened for the Third Straight day as the pboc lowered its range yet again. However the gap between the guided rate and traded rate has narrowed. Repercussions of chinas move to devalue its currency a big topic of discussion and the negative impact on exporters. However some are taking advantage in the drop of prices. We are up 150 points. The u. K. Index, ftse 100 up 53 while the french markets are seeing a gain of 86 . Been close to 6 off of two previous trading sessions. So not entirely surprising to y today. Lets discuss what this means. John a very good morning
And with all the sports including spanish forward pedro is ready to check in as chelsea completes the transfer deal from barcelona. Hello, in the last hour the greek Prime Minister alexis has formally announced resignation and called for this in a months time and the party were elected seven months ago after pledging to end austerity cuts and agreed to reforms in exchange for a third bailout from international lenders. And speaking just a few moments ago it was the peoples turn to decide who should take the country forward through the next stage of economic recovery. Translator i decided to go to the president and submit the resignation of the government. The peoples exhausted its limit and you with your vote will decide how we represent the country with resolve and courage with the difficult negotiations required. You with your vote will decide if the agreement we have reached with creditors provides the elements for the economy to recover, and finally get rid of these bailouts. Lets
Looking at the spread, the two tens, you would thought it would be flatter, it is steeper. Up 82 basis points and getting a by. 2 percent, longest losing streak for the index since may of 2016, the dollar regains strength. David yesterday Federal Reserve chair janet yellen spoke out saying although she still thought inflation was on its way, the model the fed has been using may be off. Shortfall and inflation is a mystery. As of february of this year, inflation was running just under 2 . Core inflation and then we have had a string of several months in which inflation was unexpectedly low. Dan turuollo has worked alongside janet yellen. Great to have you here. Daniel thank you, david. It has been clear for some time that there is not a working model that on a meeting to meeting basis can give any sort of the size guidance to the fed as to where inflation is headed. People understand directionally that removal of slack from the labor market and the economy more generally will stop pushi