, at bloombergs European Headquarters in london. Manus ahead, we have two big interviews. In 10 minutes we speak to the ceo of italy secondlargest bank. Paolo. N francine then we are joined by continentale chief executive offers. Manus first, commodities are trading at their lowest in 13 years with oil, metals and crops being effective. Francine supply gluts and the slowdown in china and prospects of the yard the rise in u. S. Interest rates extending the rout. Us is the bloomberg managing editor for commodities. Been oversold are we are expecting bad news . That depends a lot on what happens in china, about how the story develops. We see data that shows a slowdown in the real economy. If you start to feel that, the bearish mood can continue. Links one of the biggest is between china and the producers. We have had everybody through the door. If we look at what the miners are doing and the china story, how does that balance . Will even at these prices, miners will still be making money.
President delivering a speech on the economy. At 10 00, my favorite thing, universe Michigan Sentiment numbers, the soft data read. Because it is michigan, that is why it is your favorite . [laughter] therade at the top of agenda and late yesterday, the commerce secretary announced a trade deal with china, exports of everything from beads to liquid natural gas. Cirilli. S kevin we thought we were going to war with china and now we have cooperation. Gashis influence is natural , which is a bit of a concession in some regard from the Campaign Rhetoric of President Trump in that he is looking at this particular industry the coal industry may be snubbed but they feel this good help jobs. Beef and poultry is where things get interesting. The Iowa Governor is not been confirmed iv senate as the chinese ambassador, but driving the political policy point home. Secretary ross said this will be a 2. 5 billion net gain for the u. S. Economy as a result of that portion. The third point is where it
European equities are trading, 30 minutes until the end of the friday session. Little changed on the day for the stoxx 600, which means its touch and go whether we will rise over the week. We are on track to gain for the third week, which is the best run since january 13, all these currencies are rising against the dollar today. Yields declining across europe today. It busy day for earnings. Lets get on with it, the biggest steelmaker in germany falling as much as 5. 5 earlier. The most since july. It now expects Free Cash Flow in the year through september to be negative, and earlier projection was for slightly positive figure in the current fiscal year. Shares falling despite the announcement for the fiscal profit forecast after including its operating performance and agreeing to sell its brazilian steel plant. On the matter of steel, shares the worlds steer made her steelmaker down 7. 5 after it posted firstquarter profit that double beating estimates amid a rally in steel demand. W
Basis points. The sale is not escape in the u. S. He vix, 6 the fed warning about assetg bubbles. Gold pretty much flat. David President Trump addresses the people of poland in Krasinski Square. Then he will leave for germany for the g20 meetings. Adp Employment Data pointing towards the friday payroll data for the United States. 15 minutes after that, a national jobless claims for may. The fed governor jerome paul will speak about post Housing Finance reform. Said vice chair Stanley Fischer speaks on government policy and Labor Productivity in massachusetts at 7 30 p. M. Eastern. Alix it is good to see you. Split on the timing of the Balance Sheet unwinding on inflation but agreeing over concerns of asset bubbles. Some suggest increasing risk tolerance might be contributing to elevating asset prices broadly. The market volatility coupled with a low equity premium could lead to a buildup of risk to Financial Stability. Noining us is the morgan i want to start with you. Are we assuming
We have a packed and great show for you today. We speak exquisitely to the ceo of italys biggest bank. Jeanpierre mustier. In 10 minutes from now. And in our brexit show at 9 30 a time, and another exclusive and that comes from terra firmas justin king. Breaking news out of china, on a day where we are seeing nervousness on the market spirit and this is what we are seeing on these China Foreign exchanges. For the end of june, coming in 5 trillion, below what economists were expecting. Lets check on the markets. Overall, its the selloff we were talking about yesterday that seems to be continuing. So, were seeing a little bit of a repricing on some bonds. Bund,year german yesterday at this time we were at 0. 49 , then we touched 0. 5 , 0. 57 . That means there is a little bit of a repricing, for example in the italian. You can see this index at 12. 52. Lets get the first word news. Is being seen as suspect behind the hacking of a dozen power plant. A Nuclear Facility in kansas was among