The governor of texas warns of a massive outbreak. The imf adds to the gloom, further lowering its Growth Outlook, saying the pandemic will cause even more damage than first feared. Haidi that lead really playing into the downside we are expecting in the asian market session. Lets get it over to Sophie Kamaruddin in hong kong for a look at what we are expecting. Board, pulling up the asian futures pointing to losses of 1 or more amid the imf. Warnings of a deeper recession with japan and the Growth Outlook taking a hit. 1. 2 in theup by red this morning. A down day with trade disruptions back on the table alongside virus risks. Flipping the board, we are seeing bonds on the advance. Aussie tenure yields off by four basis points. Treasury futures to the upside after the overnight flattening we saw in cash yields as the bond market is signaling a more cautious outlook than we have seen in stocks. Check out the dollar extending gains against g10 peers with increasing u. S. Trade tensions
Increasing pessimism about growth. More ceos than ever see a slowdown. Sophie chinas mystery virus is spreading through persontoperson contact. Hubs stepping up passenger screening. Lets turn to selina wang in beijing with australian markets coming online. Selina we did see australian markets red hot. We are now starting to see them drift slightly lower, marginally except for the new zealand up. 2 after gaining 3 since the start of this year. We did yesterday see the equities hit record highs when it comes index price and private equity valuations. So, that would be enough to ring bells in normal times but our strategists say that macro backdrop in australia is dire enough to call this rally into question when you consider the massive wildfires that are damaging their economy. With increasing focused on environmentally sustainable investing, that rally is potentially at risk. I want to check on that a little bit more with this next chart. Thelook at that rally in context of the u. S. C
Thanksa list yesterday to amazon packages. Yesterday was a key point for the nasdaq at 9000 word we also have a record high. 9000. We also have a record high with apple. A good litmus test when it comes to risk. Ecb Commission President that they may be having to have an extension for the transition. Itiing up, we speak to the c chief u. S. Economist and get his outlook for 2020. Lets get straight to first word news in new york city. Israel wheren Benjamin Netanyahu fought off challenges to his leadership. He won a landslide in the race to lead his party. He will lead it into israels third election. It comes amidst an election scandal for the Prime Minister. He has recently been indicted on charges of bribery and fraud. The transition for the u. K. s exit may need to be extended, according to ursula von the lion. According to ursula. She says the plan to secure a trade deal by the end of 2020 is optimistic. And a false alarm japans estate broadcaster, who mistakenly issued at alert say
Climbed down. David both hong kong and Mainland China have come out in opposition of that senate bill which passed this morning, risk off as you can see here, 8 10 of 1 on the nikkei 225. Talking 25,000 for this one as well. China kospi down 1 , hind sang giving up about 230 points at the a sx 200 leading across the region, 1. 3 . Rishaad banks are under a lot of pressure. Also looking up what is going on elsewhere, other Asset Classes in play at the moment. The 10 year yield is unchanged in china, even as we got that caught. The 10 year yield is four basis points down in the u. S. It was only about a week ago we were talking and questioning whether we would get 2 . One thing adding a bit of negativity is the snp active afters, 3 10 of 1 lower a choppy session in the u. S. , retailers really dragging things down, the snp lower all of nasdaq did hit a record high. Cnh is to tenths of 1 lower. Su keenan has your update on first word news. u. K. Prime minister Boris Johnson Opposition Lea
Time for Global Exchange and bring you todays market moving news from around the world from hong kong to frankfurt to london to new york and washington. Our bloomberg voices are on the ground with this mornings top stories. Were going to start with the latest in asia. Trade uncertainty appeared to take its toll on china. The countrys economy losing more steam in october, factory input and fixed asset sales missing estimates and joining me from hong kong is bloombergs chief asian economics correspondent. Give me the rundown of the data weve got. It was a mix across the board with a slump in investment and industrial output miss expectations and on the retail spending part of things we saw the weakness go from auto and turnt and cuggetting the consumer is starting to book now none the pressure of trade war and slowing economy. There were two big takeaways from economists and onen one hand the numbers suggest were probably looking at 6 growth in this Current Quarter and probably shows the