On inflation data and the start of the Second Quarter earnings viewe. Viewed that season tracy we had quite a week in markets. We saw this dramatic shift in the bond market starting on thursday that escalated into equities as the day went on. Thats take a look at what actually went down at the close on friday. Take a look at the bonds. You can see the u. S. 10 year yield up to. 02 basis points. Not as bad as expected. This was off the back of the u. S. Jobs number four june, that came in much better than 222,000 in gain of june versus the 178,000 we had expected good german 10year yields also selling off good. Emerging markets bonds also selling off. Not nearly as to medicus thursday. Take a look at what happened in the equity market. U. S. Jobs number feeding into the s p 500, up almost two thirds of a percent on friday. The nasdaq 100 is interesting. A closed out 1 . Remember, that was the big loser at the beginning of the week. If you look at a chart of the nasdaq 100 over the past
The question is where next. Janet faces her semi annual grilling by lawmakers. Ceo garyormer saks cohn is the top person to take her job. While it has risen sharply, hedgings have been their bets. What are we expecting . Look at european futures. We have gains across the board. Up 0. 4 . Far more interesting is looking at on yields, especially considering what we have ahead or bank of canada. Take a look at 83 j chart of the german bund. A threeday chart of the german bund. We have seen moves like this recently. Spike toe saw a bigger read right now, looking at the 10 gain. Investors feel comfortable selling off the perceived safety of German Government debt. In terms of the risk sentiment, that is interesting. Basis points, that does not sell like a big move, but in terms of real money, that is a significant move. In terms of the gmm, lets look at what is happening. The upside for the turkish market. The Australian Market down. The brazilian market, overnight, gaining as well. Toeer v
Once again . A corruption conviction for brazilian president lula sentenced to a decade in prison. He can appeal. What does it mean for the Economic Reform Program in brazil . Matt we are less than an hour away from the start of european equities trading. Very interesting to watch today because for you see the futures futuresuro stocks 50 unchanged. That was the biggest gain since april 24 and globally, stocks have risen once again to an alltime high. Bulls are faring well in this market. Take a look at the bunds. Yesterday we had a big jump in bund yields. Still finishing higher on the day. Now we are just about even right now. Trading at 0. 582. Trades not as exciting, a reversal we have seen in the last couple of days. Yesterday and germany, not causing the kind of tantrum we saw with the french issue a few days back. Ftsi and the dax, entry intoand the the u. S. Markets. The austrian dollar well bid this morning by. 41 . Question if it is a derivative of the australian [inaudible]
The zune the ballot will be held secret. Chinas trade gap widens for a fifth month. Is there anything President Trump can do about it . Matt i want to answer that question, but will value we are less than half an hour from the european open. Futures trading down this morning after a mixed close yesterday. Not much direction in markets the last couple of days and not a lot of direction, meaning futures are already, but not really significant drops. The asian pack down, as well. Booms threeday chart a little, in bunds, gain in yields and today it looks like we are coming up from the open here just a little bit. 0. 462. We have been in this rage with bunds a quarter percent to half a percent. We will see if we can get change in direction. What are you seeing on the gmm. Guy we have got the german trade surplus widening, but the chinese trade surplus widening out. That is something to Pay Attention to. In terms of markets this morning, solid session yesterday for emerging markets, todays s
Markets. It is all about the fed, currency, and dollar. Dollar strengthening versus most of its peers. U. S. Treasuries repeating retreating. Stanley fisher will be speaking to us about two hours from now. That may provide clues on the timing of Interest Rate increases. Gainingsee the european. The volatility index at 12. 88. Lets get straight to bloomberg first word news with sebastian selleck. Sebastian the brazilian president has testified. She spoke about her torture and imprisonment during israels military dictatorship during brazils military dictatorship. If twol be removed thirds of Congress Finds her guilty. Apple is said to be facing a tax bill running into the billions of euros with an eu ruling as early as today. The European Commission is expected to say ireland provide them with illegal aid. Apple said it has nothing to add to previous statements rejecting previous statements. European Competition Commission is scheduled to hold a News Conference at 11 00 u. K. Time. Will