Exchange, we bring a market moving news from around the world. Kong ifus from hong enda curran, we have Annmarie Hordern and emma chandra, and Michael Mckee joining us in new york. I want to show the slowdown. Bloombergs enda curran has more. Enda . Enda i think it was quite weak across the board, alex. The worst single month meeting retail002, which saw the sales side of things confirming that even though a lot of it was due to the slowdown in the car market, the auto market, there is a feeling that consumers are starting to track as well. The activeixed, investors side of it, we saw that lacking, pretty soft reading, setting up the economy for a pretty slow in to the year. Putting pressure on the government to respond. Alix thanks so much, enda curran come in hong kong. Saudi Oil Facilities were attacked. Annmarie hordern have the latest. Tomarie that is right here 5 of global supply, 5. 7 Million Barrels a day, but half of the kingdoms net exports. The biggest infrastructure that d
Hopkins. The president tweeting out the following. Quote, because we have done so well with energy over the last few years, thank you, mr. President , we are a Net Energy Exporter and now the Number One Energy producer in the world. We dont need middle eastern oil and gas and in fact, have very few tankers there but will help our allies, end quote. So has the rebuilding of our fossil fuel industry made mideast crises like these easier to handle . What do you think . I mean, opec used to call the shots in middle eastern terror, middle eastern disruption used to have a major disruption, even back in the 1980s, in our own economy. Certainly in the 1970s, especially when the environmentalists, the epa started. Thankfully because of the fossil fuel industry, the innovation, fracking, all the deregulation thats come across, terrible events like this will have ultimately a de minimis impact on the energy that powers our modern american lives. I agree. We are less dependent on foreign oil but
Hinted more rate cuts could be coming due to the trade war. Steve liesman is at the fed summit in jackson hole, wyoming, but we begin the washington where the president is expected to announce new actions against china. That announcement could happen at any moment. Ylan muay is live with that . Reporter looks like that response is happening right now. The president put up several tweets, including one that said our country has been losing billions of dollars to china every year with no end in sight, and china should not have put more tariffs on 75 billion dollars on u. S. Products thats politically motivated. He said starting on october 1st, the 250 billion dollars of goods and products from china taxed at 25 will be taxed now at 30 he said additionally the remaining 300 billion of goods and products from china being taxed on september 1st at 10 , that now will be taxed at 15 , and he thanks us for our attention to this matter i think markets have been paying very close attention theyv
Inflation object target. It has put a rock under the kiwi dollar, sending it down 48 pips. Im looking at the crosses. 64. 7, 64. 8 u. S. Cents. We were looking for 25 basis points. The wiggle room being created by the Federal Reserve and despite comments from wellknown and of Jimmy Bullard who had suggested they take into account the , he turned aors bit hawkish. David they announced the inflation reaching 2 in the fourth quarter, Second Quarter of 2021. Fourth quarter of that year. They are pushing a goal back. They said this larger initial stimulus, frontloading it. They not only cut, they delivered a larger cut, taking the cash rate to 1 , which should be the lowest on record. Kiwi dollar, headed down. Give or take 1 . Rishaad lets look at the overall markets because that should give a semblance of the Way Investors are looking at all this. Shanghai, up a little bit, it is green. Hang seng down and extending losses we havent seen since 1984. This is a position we have. U. S. Shares
The moves weve seen markets everywhere were rattled by this news look at the treasury market. The tepyenyear went all the w down to 1. 89 . This morning the yield is lower, 1. 847 this is happening as you look at yields rolling back to levels we have not seen since november of 2016 the 30year is yielding 2. 377 the twoyear is at 1. 70 the five year at 1. 648 overnight in asia, stock theres took it hard you will see that the nikkei was down 2. 1 . The hang sens off by 2. 35 the shanghai was down by 1. 4 . In europe this morning, there are red arrows there as well with significant losses. The cac is down by 2. 75 the dax is off by 2. 6 the ftse off by 1. 9 so around the world all of this, people are watching closely to see what this means for the economy. Maybe no better market to see that in than the move in crude oil prices yesterday wti was off by more than 4. A decline of 7. 9 . Thats the worst single day performance since february of 2015 concerns about what this all will mean for t