Positive open to close out what has been a volatile week plus, more phones, please apple reportedly increasing production of iphone 11 models by 10 the shares are rallying. Also capitalism as we know it, is it dead or how much wealth is too much surprising thoughts from marc benioff and Mark Zuckerberg today. 136 is a good number the Unemployment Rate down to 3. 5. Retail loses 11 k. Manufacturing loses 2 k. Government up 22 this is a number which says to me that the fed can still cut because the sector being stagnant is manufacturing. A lot of that is the fact that the dollar is so strong. It is very interesting, they talked about hey, listen, we have tariffs, dont worry, the dollar is strong and the chinese currency is weak, it makes up for it thats something we have to be thinking about we continue to lose because of the currency so that gives the fed reason ability to move. I dont like that it is all healthcare again reminds me of the old economy. It is also a lot of government wor
Out this new silk road. Whats the environment like in hong kong with the overhang of andchina trade war, the political unrest that led to a lot of demonstration in the last couple of weeks . Can carrie lam shift the focus and gain more confidence among the investing committee as well as government officials. Here more than 5000 expected in the next day or so. We have a lot of guest. Lona ng and simon loong are joining us this hour. They try to build smart cities around southeast asia. Talking about the opportunities for the also simon loong joining us in the 11 00 hour. Talk about fintech, commercial banks and the like. Rishaad lets find out what is going on market wise. The position we find ourselves in overall. Looking at the nikkei up half of 1 . Someang seng seeing positivity, asian stocks hedging higher and higher at the moment. We did have that late rally among u. S. Counterparts. Japan, south korea in hong kong. Chinese stocks under pressure over there. S p futures slipping back
Giant announces an updated product line. Welcome to bloomberg daybreak europe. Good to be back ahead of the most important ecb meeting of the year. Trade ineing a risk on asia, green on the screen for the msci asianpacific index. We have a tweet from the global times talking about china putting measures to mitigate the trade war giving lift to risk assets. We see Sweet Nothings on the s p on a headline level. What has been going on beneath the surface for sector and factor rotation moving from more growth to value. Looking flatres, so another day of perhaps not much to do on the headline level. The big moves have been in bond yields. Jumps into year and 10year. Hitting its highest since august 5, down a touch today but sitting on 1. 66 handle. Great to see you and great to be back. Manus yes, indeed. Yields just off the onemonth high. We will talk about what james gorman had to say. To show the oil market because what has gone on is john out. N, this was the biggest pricing dislocation
U. S. And china are trying to temper some of the repercussions trade war is having. You can see euro stocks gaining 0. 6 . The yen is also a good litmus 7. 81and you can see one of 107. 81. Tomorrow, we also have the ecb to look out for. Coming up, we speak to the former u. S. Ambassador to the European Union. Dont miss that interview at 10 30 a. M. London time. We talk u. S. Foreignpolicy and brexit. Lets get straight to the first word news. U. S. Goods to be exempted from tariffs last year were announced by china at the top of the list are pharmaceuticals and lubricant oils. Beijing is seeking to ease the impact from the trade dispute without lifting charges on agricultural item like soybeans and pork. The ministry of finance says further rounds of exemption will be released. Morgan stanleys ceo warned against the fed cutting too easily but says he supports of the reductions made so far. He made the comments at the Columbia Business School in new york. I have supported the latest fed
Joining us for the hour to break down the market action, keith bliss. Good afternoon to you. Thank you very much, wilf really good to be with you snapshot of today, why are we selling off . Number one, you have low volumes coming into july you usually have the spike in june on the weekly volumes were seeing that today. Listen, you got to say the news is really washing over the markets as it relates to boeing. The downgrade we had at apple, people are getting nervous about what fed chairman powell may say and may not do at the end of the month. I think thats why youre seeing a little selloff in combination with that is we did get overbought in the dow a couple weeks ago are traders talking about the fed and whether they may not cut at the end of the month . Youre certainly seeing that in the discussions that you have with traders and investors alike. Youre not seeing it reflected in the fed funds futures yet still an overwhelming majority of people think were going to get a 25basis poin