Im on Francine Lacqua. Weve had quite interesting and big political news in the u. S. That started late last night, overnight and first we know that transition is more on its way than was 24 hours ago. Global stocks advancing on the back of that. If you look at what stock markets are taking a positive, the general source of administration acknowledged joe biden was the apparent winner of the election and the move reduced Political Uncertainty in the u. S. , giving biden access to Current Agency officials, briefing books, 6 million in funding and the market. Energy stocks leading the stoxx 600. Travel companies. Banks also notching gains. Haven assets weaker. We are getting some eco figures. Looking forward to speaking to the president of the Ifo Institute shortly. The estimater than of 87. 5. Ifo coming up in 15 minutes. Here is leighann gerrans. Englands National Lockdown ends next week but Prime Minister Boris Johnson says it will be replaced by a tougher threetier system of regional
Shortly. Onhave got hopes of progress a vaccine and signals that they are making progress in terms of the u. S. China trade tensions. Both of those really firmly supporting the risk rally that we are seeing. Let me show you the state of play with the stoxx story. The back ofming off record highs in u. S. Stocks. The good times might not last, according to morgan stanley. They are saying the market is vulnerable to shocks, especially rising rates. Treasuries are on the back foot as we speak. We are looking at a weaker greenback. 830. Dollar at 1. 1 yeah,ps a little bit of a strange one given the wider risk appetite. The folks at pimco saying the gold rally is it played out yet is not played out yet. They believe gold remains attractively valued, especially in the context of low Interest Rates. Here are some of the stories we are watching. Both of the u. S. And china are seeing progress under their phase one trade deal. They are committed to the success of that. Senior officials from the
Testing. The dax is the worst performer in europe after germany suffers an outbreak at a slaughter house and forced to put two districts back on lockdown Strong Demand for tablets and notebooks. This drives the demand for notebooks, chrome books, head phones for more professional use from home and even printers. That trend we see to continue. Wire card shares gain after former ceo is released on bail and germanys financial regulator widen the probe on the firm good morning thanks for joining us. I want to take you first up to the data just revealing that german business morale has risen in the month of june. The Climate Index in june is at 86 86. 2 versus 85 so outperforming expectations. We were at 74. 2 in april 75. 9 in may. We were still below the 80 today, we have soared above it to this 82. 2 level the efo Current Conditions index 81. 3 in june forecasts were firmer at 84. That handle is underperforming in terms of the expectations, 94. 4 versus 87 in june as the business Climate
This is bloomberg surveillance. This is what the markets are focused on. The markets are looking at some of the data out of germany. Business confidence coming in. 86. 2. Instead of the estimated 85. We are watching out for the case surges in the virus. Something i dont look at very often, but we decided to put in aussiedollar. It did reverse gains. It does seem that european stocks are slumping as investors figure out asset types. Now lets get straight to the bloomberg first word news. Here is dani burger. Dani the pandemic spread in the u. S. Is leaving some state officials to consider slowing or even reversing plans to reopen. Infectious disease expert Anthony Fauci is concerned about the uptick. Struggling to pump out its 2 trillion of virus aid. Much of it remains stuck in tokyos aging bureaucracy. Still 40 of the funds have not reached people despite being approved in late april. For loans to Small Businesses, only 14 have been lent out. For job protection subsidies, it is even w
At the same time, it is authorizing sanctions against chinese officials. We will be live with reaction from the forbidden city. European futures prove their resilience after a more mixed session in asia. Angela merkel says it may take time to iron out the details of eus mammoth stimulus package. And lufthansa sets up a showdown with the eu by holding off on a vote for its 9 billioneuro german rescue plan. Cites requirements over landing slots at key hubs. Just under an hour from the start of cash equity trading. Lets look at futures. Instituteat the ifo expects german gdp to shrink 6. 6 in 2020 and then expand 10. 2 in the year after. That is a pretty decent sized contraction, and yet futures are Still Holding higher. Futures up 1. 3 on the dax. It has been a Pretty Amazing week for the dax index. We kicked off up 304 points in change and were up more than 100 tuesday and 150 yesterday. The dax has gained a lot of basically to11,000 11,006 heard 50 yesterday 11,650 yesterday. S p and d