Street, pretty lackluster. The bond market is where the action is. Us the flattening of the yield curve taking place. There is almost this final push for this to happen. Yield on to an tenure treasuries just 50. 6 basis points, closing to this decade low which is reached on december 6. A small part of this really coming from markets shifting to a new benchmark, one of the biggest single session shifts. The final flattening push, it appears to be Money Managers that essentially want windowdressing to tighten up their portfolios before the year finishes. That is the bond market. A look at what is going on with the start of the trading day at singapore, taipei, and kuala lumpur. Its get a look at what is going on and how things are shaping up. Lets kickoff with the open in besti with clocking the they in two weeks, continuing the advance. The years games have not been able to claim the 11,000 mark given some investor caution around iphone sales. We see stocks under pressure, and in kuala
Supplier are raising concerns about harsh working conditions. Lots to talk about. Stocks coming back on weaker footing. A volatile ride when it comes to the equity session. Were seeing a little fragility to trickle into the markets. Always volatile when it comes to the crypto space. Bitcoin falling up to 25 . This is a live look at the main cryptos we have been searching. Were seeing a ripple. Falling as much as 40 . A fear as we get the regulatory down. Toth korea deciding whether question the legality of cryptocurrencies. We have china working to play whackamole to clamp down on some unofficial Trading Platforms as well. That is always the story we are watching for you on bloomberg. Looking at the broader markets, we are seeing the caution play out. 30 minutes from the opening in china. Coming online. Lets get it to sophie to see how we are faring. Caution indeed. Halting a threeday ride. The dollar is being stented by the rise in the euro. The dollar in particular. Set for a six day
August but straight to macys earnings out right now. Julie hyman has the latest. Are they in fashion . Julie stion mark get it . Julie i do get it but not so much. Low estimates at the extreme for cents, a drop in earnings yearoveryear and looks like sales are down by 1. 5 . Most of the analysts i had seen were looking for flat slightly down, so this could be a bigger drop then had been estimated. It also looks like if you look at the company on the sales basis, just a net sales basis, those numbers down 2. 6 at 6. 1 billion. That, too, is worse than estimated and the company decides weaker than expected Sales Performance in the first half. There have been activist involvement for macys coming from starboard capital, pushing the capital to spinoffs of real estate holdings, a similar thing to what we saw happen at sears. Acs has not done that but they are announcing today the sale of one of its properties in downtown brooklyn to tishman. This is something analysts have talked about, it
Quite a nice return to form. We have had a couple of difficult days, factoring in the chinese story, and the s p has been knocked pretty hard. At 1 10 of 1 i dont feel does justice. Atwere down really sharply one point and then we bounced back quite strongly. You can see it here this is the recovery we saw yesterday on the s p 500. You can see its lower as a result of whats been happening in china. Equities back in form. The chinese devaluation is a storm in a teacup. Veryine Central Banks, rarely do they come out and have a press conference. Or briefing that they were stepping in when the market is distorted, they say. An amazing quote the Deputy Governor. He says, trust the market, respect the market, here the market, and follow the market. How much should the market now be fearing this chinese market, or indeed starting to trust at once again . Guy we are getting a few numbers coming out as we speak. The adjusted that income is 543 million. Thats the german utility below expectation
Says it may do more. Is china next . Referendum two weeks away, the u. K. Housing demand drops at its fastest pace since 2008. Threatsbrexit undermining the foundation . We are around 30 minutes away from the european oaken but we also have this coming up in brussels by mario draghi. What are we listening for . Asking the Vice President of the European Commission what he expected to and heom mario draghi says he thinks the ecb will urge structural reform, especially in the southern mediterranean countries well urging more fiscal stimulus from northern governments. What was a surprise to me this morning was that the director general said they have no contingency plan here at the European Commission for annex it from the European Union. I thought it was quite amazing so optimisticll that this vote will go over for the remain cap that they do not seem to have they do not seem to want to let on that they are even thinking about the possibility of an exit. Guy im sure that they are but neve