Coronavirus cases and political tensions. The Trump Administration rejects beijings claims in the South China Sea, accusing it of bullying. The u. K. Is set to ban huawei from its 5g mobile network. The plan would mean British Companies need to remove huawei infrastructure by 2027. Welcome to the program, everybody. Lets check out the futures. Lots of moving parts in terms of the market action. Lots of geopolitics to talk about as well. We have futures pointing to the downside in europe. We have to play a little bit of catchup with the united states. Lets get to some of the breaking news out of the u. K. That is certainly going to be one of the focuses in our program. The u. K. Economy shrank by 19. 1 in the three months ending in may. Getting a three month figure. Main manufacturing production rising by 8. 4 . Somecoming out manufacturing facilities coming out of the Strict Lockdown measures, working out how to manufacture in the current environment with covid safe practices. Mayecono
And irelands Pascal Donahoe is chosen at the next eurogroup president. He says the focus is to bring back jobs. I will play my part in working with all members of the eu eurogroup to make sure this group makes the contributions. The challenges are great but we will prevail and will overcome we kick off the show this morning with a major oil report crossing the latest is that the organization has bumped up its 2020 Oil Demand Forecast today but it has warned that the spread of covid19 has posed a risk to the outlook. Steves been pouring through this document and has all the analysis ill be honest, not every page i think its 81 pages i have from our friends at the iea. Its pretty much what the doctor told us oh, gosh, we interviewed him on stn a few weeks ago. The situation at the moment is its halftime in the year, of course theyre hoping for better out of the second half of the year. The commentary is casting a shadow and quite interesting. Saying, look we think things are going to reb
1 . Bdps are faring relatively well. We are waiting to see what is going to happen on the back end of this week. Storyl be a significant as we get a rating based on the 750 billion euro rescue fund. You want to Pay Attention to what is happening. , potentialbig supply for it to strike. That is another factor that we need to throw into the mix. What we have coming up later, we will speak to the outgoing boss of the euro group. He will be joining us to give us his take. And wille the governor be transitioning over to the ecb. We will talk more about the fiscal side of the equation. That is for later. Lets talk about what is happening now in the markets. We are trying to figure out earnings and that macro picture inthe stimulus package europe. Bilal joins us. Lets talk about europe and expectations going into this week. Clearly, expectations are high. We are waiting for a deal to be done on the 750 billion euro package. If we do get back, there could be a new rating in europe. How would y
In the last 10 days. The u. S. And china trade new barbs. Washington rejects chinas claim to the South China Sea. Top u. S. Senators are facing mainland sanctions. Haidi u. S. China sentiments dominating again with the grim overlay of rolling back restrictions around the world. This is how we are shaping up when it comes to u. S. Futures contracts, up by. 2 after what was a truly volatile session. We had the s p 500 touching levels prepandemic and we also have the nasdaq hitting a fresh record before finishing in the red and we spoke about tesla being a huge part of that tech eventual close lower. Nikkei futures up by. 2 percent. Sydney futures escalating in the red, point 8 lower, looking like a set up of. 5 lower, this as we are expecting an announcement today that the fed of New South Wales will ease back those restrictions when it comes to indoor gatherings at pubs after cases coming from the pubs. It is now over 20. New zealand trading modestly higher, about. 25 . Some significant
Boost as shares jump more than 10 in their debut waking up europes dor mont ipo market President Trump threatens to call in the National Guard as violence erupts in minneapolis for a third night. With protesters setting fire to the Police Station over the death of george floyd. Asian equities and the week mostly lower as President Trump talks tough on china saying he will issue the white house response to the hong kong moves later today. We are not happy with china we are not happy with whats happened all over the world, people are suffering. 186 countries, all over the world they are suffering we are not happy a very warm welcome to street signs. I want to kick off with fresh data just crossing the wires in italy. The final print, it has been revised lower. We are seeing 5. 3 , thats the quarter on quarter contraction in italy in q1 thats against a preliminary 4. 7 contraction year on year. The contraction stands at minus 5. 4 compared to 5. 8 initially redibted we are seeing worse nu