Yields have continued to fall in italy. Stocks in europe. We will provide the details in a moment. The s p is up around. 5 . A stable day. We are seeing a rotation back towards the tech stocks. The top the stoxx 600 benefiting from the ecb largess, which were now expecting more of. The stoxx 600 up 1. 12 . Aboutyou are talking Christine Lagarde saying the ecb will be there for the second wave of the virus. The Central Banks primary tools will likely stay the same. Lagarde while all options are on the program, the have provenros their effectiveness in the current environment and can be dynamically adjusted to react to how the pandemic evolves. They are therefore likely to remain the main tools for adjusting our monetary policy. Alix joining us from frankfurt is paul gordon, who leads bloombergs western european Central Banks coverage. Bdp is getting the most out of that statement from Christine Lagarde. Yields down. What was your biggest take away about how she said she would support th
Europe, up by 2. 5 . Todays number from barclays, very strong. We are going to hear from jes staley a little later in the program, our interview from early round. The pound bouncing around all over the place. We were into 1. 31. I think this is broad Dollar Strength rather than anything else. Take a look at the bloomberg dollar index. Alix rising covid cases impacting the economic data. Composite pmi for the euro area dropping below the 50 mark, which shows contraction. Meeting. O ecbs next joining us is john hardy, Saxo Bank Head of fx strategy. Does 1. 18 make sense for when you consider the rising uncertainty . John of course, the pressure should be on the downside given the covid resurgence. I think the general take on the could be that if we are seeing this democrat sweep scenario, we are positioning for a weaker dollar for some time in the future. Anything looks fair between 1. 17, and to me, this is the upper area of where we should be. We shouldnt be doing anything and eurodoll
Pelosi helping a little bit. She was sounding a little more optimistic on stimulus in the united states, the s p trading down by 0. 9 . Tech is underperforming a little bit, but we saw a lot of call buying yesterday. The pound is recently is reasonably well bid. Big day tomorrow, as Boris Johnson speaks to ursula von der leyen. We are expecting a u. K. Briefing after the eu briefing this afternoon. Crude off of its earlier lows. Now down only 4 . Alix part of that may be, as nancy pelosi speaking earlier, says the trump diagnosis changes the dynamic in the stimulus talk. Stephanie kelly joins us from Aberdeen Standard Life investments, their senior political economist. How does it change the dynamic in stimulus talks . Stephanie it is kind of tricky because if you look at the nature of these negotiations, it hasnt is been republicans debating with the democrats. It is much more around President Trumps desire to get fiscal stimulus, and certainly in light , this diagnosis could shift th
Continue to hold up well. Temporary laidoff workers in some ways have been brought back. 6. 6 million jobs. Guy no surprise the bank of canada has left the key rate at 25 basis points. So untilontinue to do capacity is absorbed. There is a huge output gap that exists in United States and globally. That needs to be sorted out before we see any sort of rate rise. Mirror whatting to is happening in the United States on an imminent. Many suspect on unemployment. Many suspect we will see the bank of canada mirroring what we have seen from the fed with a focus on average inflation. Atx we are taking a look elliot management trying to block chevrons takeover of noble energy. You have elliott trying to block the companies. Chevron is trying to buy noble energy. They got shut out of the anadarko deal. Both stocks are holding on with gains in the market. I dont know why they would try to break up the deal. Nevertheless they are trying to break it up. Turning to the vaccine and the race for the c
Lets dig into the numbers. Paul is joining us right now, a professor of economics and a nobel laureate. And michael mckee. He broke down the payroll numbers early on. Eye,his really caught my the Unemployment Rate. Mike more people in the Household Survey got jobs, fewer people laid off, even though the labor reports rose during the month. Overall, as you mentioned, 1,370,000 jobs created, the forecast was for 1,350,000, so the economists got it right with their consensus forecast. In the biggest jobs categories, retailing at a 249,000, professional services 197,000, 147,000 in education, and 134,000 food and drink workers got their jobs back, but that still is 2. 5 million below the number in february. Construction at 16,000. That raises the question given how strong the Housing Market is, on whether we do not have enough construction workers. Manufacturing wasnt strong, but added only 29,000 jobs. Of theting fact, 24. 3 people working in august worked from home through telework. The