Americas top Infectious Diseases expert says he is confident we will have a vaccine by the end of the year as infections slow and california and arizona, but florida reports record deaths. Secretary of state mike pompeo praises australia for standing up to china as the traditional allies strengthen defense ties. Shery thats get a quick check of how markets are trading at the moment. U. S. Futures opening to the upside, point 1 , this as stocks fell. We had traders assessing corporate earnings, not to mention contentious negotiations on a legal stimulus package. We have the s p 500 nearly raising money. We had traditional sectors gaining grounds. Real estate, utilities performing while energy declines. We had worse than expected results from a few companies 3m. Uding mcdonalds and the nasdaq composite also lost more than 1 . Tomorrow is the big antitrust showdown. We have the big tech giants including jeff bezos and Mark Zuckerberg testifying, so we will be watching that closely. Take a
Infections heading towards 16 million. Hong kong says the situation is increasingly severe. Has extended the Wage Subsidy Program beyond september to protect the economy from fallout from coronavirus. Shery a quick check of how the markets are trading. We are seeing u. S. Futures kicking off unchanged. This after we saw u. S. Stocks rally amid encouraging vaccine news, this time from the university of oxford and astrazeneca. The s p 500 finished at the highest since february, turning positive for the year. Tech and discretionary stocks outperforming. The vaccine optimism sort of faded. We have a very Competitive Landscape that failed to impress. Risk was revived in the afternoon session following improved u. S. Infection numbers. California and arizona reporting a slow down infections. We still have that stayathome defense rate being back with strength. The underperformance from the russell 2000 very pronounced, while the nasdaq also finished at another record high. Take a look at what
Yesterday, where you saw Peaceful Protesters essentially pushed out of the way by police using tear gas and stun grenades, and there has also been, by the way, a significant targeting of journalists by the police in the United States in these protests, as well, you should say, as some looting. Yvonne that is right. Close to two weeks of this now, and when it comes to the markets, they continue to avoid or shrug off the risk the rcn, whether it is the u. S. Protests or the geopolitical issues. Another day of gains in the asia pacific, up the past seven of eight trading days. Now, there are signs of overheating, the asian stocks the most expensive in 10 years, and just watching the msc i, one point now, jakarta just coming online watching the msci, 1. 3 now, and we are bracing for a cyclone to hit mumbai. It could be the biggest storm in a decade, and flights are canceled. And you may remember that we dropped to Single Digits in april. Taking a look at currencies, it was not much, a doll
Rage on with record temperatures forecast this week. Forleen a positive week stocks, but what a volatile day on friday, as news coalesced that a phase one trade deal has been reached between the u. S. And china. But questions emerge about just how tough it will be. Nevertheless you can see after an upanddown day, the major market objects index eat out small gains eked out small gains. Although it is nine out of 10 weeks the s p 500 has been higher. The nasdaq getting. 2 . 17. 5 points. Apple a big gainer on friday, 1. 3. 16 . Anestalling the tariffs, unequivocal plus for apple and the chipmakers who supply parts. The u. S. Bond markets, what a volatile 48 hours it was. You look at the lefthand side of your screen and you can see how bonds sold off on friday as news was coming out that yes, some kind of trade deal was in place. In fact, early friday 10 year treated as high as 1. 9 . Emerge, bondsns started rallying ending at 1. 82 . This is a big question as to what asian bonds do next.
In hong kong demonstrators clashing with police. Doubts grow over Masayoshi Sons investment record. Topics question his strategy after a series of expensive setbacks. Desktop banks question his strategy. Staggered open, not seeing a huge amount of action. We are up. 1 . Looks like a positive day rolling a flat close of u. S. Equity markets friday. Good news from the u. S. China trade dispute, seems to have been priced in. New zealand has been flat all morning. Seeing modest gains for nikkei futures as well. By s p is pointing higher. 1 . We have also had out of economic the midyear and fiscal outlook. The surplus budget is falling, narrowing a little, same story for the following year and the growth forecast, the government trimming. 5 . A lot of data out of china. We will have new home prices, fixed assets, Industrial Production among others. Later on we are joined by the australian finance minister. He will be joining us on daybreak asia to discuss the budget and a look. For now lets