Disaster. Monetary policy works through emulating aggregate demand and that is important now. Ultimately, there is a job to replace lost income. Our congress stepped in and there has not been a faster or stronger response from congress to an economic emergency since the great depression. The cares act and other laws have been passed to more than offset lost income in the aggregate. There will be people for whom that is not true. You see high levels of savings on the Balance Sheets of households. Not experienced the downward cases we were worried about of mass insolvencies of businesses so far. So far, so good, i would say. There are no full recoveries without confidence. Do, which ipart to think we have done. The path forward will be challenging for a number of reasons, and i am sure we will get into some of them. Congresso do more and might need to do more with fiscal policy. The particulars of that are up to congress and not up to us. It is likely more will need to be done in time. O
Unchanged policy. Coming back from the typhoon slower by 116 points. We are talking about hsbc, one of the laggards here, missing out. The largecaps under pressure, 4819 right now. We are looking. When it comes to dollar dynamics, we did see a stronger dollar, which led to a hit. 379 right. 7 now. The china 10 year yield, we just got the pricing on the dollar bonds. Gold taking a retreat. Brent crude Holding Around 42. Tom lets bring you back to the top story in this region. Xi jinping will bring a major policy address later, in the next 20 to 30 minutes or so. Across the border in shenzhen, to talk about an integrated tech corridor to rival silicon valley. Stephen engle is following the story and joins us from hong kong. Steve, what are you looking for in this speech . Stephen i am looking for a better tagline. They are calling this a chinese socialist pilot zone with chinese characteristics. I think the greater bay is the grander scheme. And xily china wants to jinping with a trip so
Closer to the mainland. Wrapping off the iphone 12. It is bigger, pricier, and supports 5g. It could trigger a wave of growth. Lets get a check of the markets. We are seeing u. S. Futures under pressure at the open. This after u. S. Stocks retreated from sixweek highs during the regular session. Prospects for us fiscal for a fiscal stimulus have remained stalled and we have mixed corporate views. The s p 500 lost 0. 06 , nine sectors were down. Financials leading the declines. We had a positive start for Bank Earnings but they went south of her investors took a look at reserve relief and Regulatory Risk. 0. 1aq composite, down percent, apple shares tumbling after the release of those latest iphones. Giving up some of the big gains we saw ahead of the event. Oil is under pressure, but still above the 40 per barrel level. It held onto gains in the new york session. This after data from china showed robust crude imports but we did get an executive director shuttered restart of output may
Beijings economy. He says the world has entered a transformation period but warns against the closed domestic cycle. Watching wall street, Goldman Sachs, bank of america and wells fargo report later today. This after j. P. Morgan and city shares fall despite surprising to the upside. Very warm welcome to our viewers just waking up. Manus is off this week. A much do holiday and very welldeserved. The pandemic really was maines front and center. We have the latest projections from the imf, warnings from the u. K. Scientific advisor. The netherlands entering a partial lockdown. The pause from eli lilly and Johnson Johnson on their latest medical trials serve as a stark reminder that the pandemic is a perennial Market Driver even amongst the uncertainty of brexit, the tugofwar over u. S. Stimulus, and the noise surrounding the u. S. President ial election which today is now 20 days away. Against that backdrop, the markets this morning a little softer in asia. Xi jinping speaking in shenzhe
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