By. 7 the hang sang was up by 2. 1 the shanghai composite up by 2. 1 in europe right now where there is active trading taking place, green arrows across the board. The biggest gainer is the footsy up by. 8 . Quick check on treasury yields which was so closely watched last week when you saw the temporary inversion in the middle of the day between the 10s and the 2s this morning, 1. 618 the two year is 1. 15 so showing more room than we have seen over the last several sessions. We have a huge week ahead for wall street. Kicking off today, big tech executives testifying at ustr hearings then tomorrow, quarterry lults from home depot, kohls and t. J. Maxx wednesday, fed reports on existing home sales plus reports from lowes target and l. Brands and thursday jackson hole symposium kicks off where, of course, Steve Liesman will be. All leading up to fed chair jay powells big speech which will take place on friday but meanwhile, we want to pivot right now to an update on the big story over th
Protesters withstood heavy rain in hong kong to march for an 11th straight weekend. Organizers say more than 1. 7 Million People took part across the city. The protests shut down major boulevards. Ekendsaken demonstrations were mostly peaceful. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. David it is 1 00 in london, 1 00 in newon york, 6 00 in london, 1 00 a. M. In hong kong. From bloomberg World Headquarters in new york, here are the top stories from the bloomberg and around the world. All eyes on the bed. Fomc chair jay powell will kickoff the Kansas City Feds annual jackson hole Economic Policy symposium. Wall Street Apartments are not selling like hotcakes. We will tell you what is behind the slowdown. And its been a little more than a year since the sports world changed forever after the Supreme Court clear the way for states to legalize sports betting. W
Tom, great to have you as always thanks for the time today. Great to see you, carl. I know youve been leery of the month of august in general did this mornings early tone do anything to change that . Yes and no. I think there are some constructive things that happened today that make myself and mark, head of technical strategy, think were actually in a bottoming, possibly for the month of august. The dollar reverse,ed sharply, and yields turned down, and as you know, both would be pretty big headwinds for stocks as we got into august, its been a rough four days so far, but i think the jobs number was pretty decent and then i am kind of optimistic that were going to get a good cpi report next week. So, thats kind of a road map to seeing stocks do better next week yeah. We have had a lot of chatter today about what cpi is going to bring us i think you could maybe argue the tone is relatively optimistic given what we think used cars and rent is going to do in the coming weeks yes, thats r
Downright unnerving. Were now looking at the other side of what the feds been doing to stamp out inflation, and its a big reason why the dow lost 199 points. The s p shed and the nasdaq 1. 06 . Were going have to learn with not a collapse in commerce, but definitely a slowdown. Along with the decline in profitability that always comes at this particular point in the business cycle. Each day we see more of these cracks. Extremely disappointing numbers from southwest airlines, luv. But there was no love. The airlines margins are being pressured by higher gasoline prices. Its not 250 to 260. Its budget is 270 to 280 ewhich is a huge difference. Southwests revenue per available seat mile, is down rather dramatically. Were looking at a 5 to 7 decline when the company said it would be down just 3 to 7 . That is jarring. It looks like business is finally getting hurt by the sudden rise in oil. Its up in a straight line. And you cant ignore the fact that southwest revenue per available seat mi
Welcome to bloomberg markets. Green day across the screen. The s p 500 up and the nasdaq 100 2 higher on the day. Both indices down on the week but the earnings love it hitting the take and the two year yield 30 basis points and whipped sign for the week but below the 4. 80 level. The 10 year below 4. 50 on the day. Breaking ism Services Data crossing the terminal. We have bloombergs mike mckee with the details. Michael if you are trading on the economy slowing down, keep doing it. The ism Services Number comes below 50, the line that is supposed to demarcate between contraction and expanses. Services pmi 40 9. 4, lowest since december. A rebound on for the moment. Production at 50. 9 and new orders at 52 point two, both down a little from where they had been. Employment comes in at 45. 9, still below 50 and just confirms what we saw in the services and overall jobs numbers that we are not seeing a huge job gain in the recent months. The one thing Everyone Wants to look at, 59 point tw