Minutes into the trading day. Lets head straight to the markets desk where shery ahn has the latest. We are seeing u. S. Stocks finally add offensive and gains auto after declining for consecutive days. And they are now emerging from a threeweek low. Up. 3 . 500 is the nasdaq is also gaining. So we have seen the s p 500 slump. We have seen the longest losing streak since february. We are out of that. Take a look at the imap function on the bloomberg and you can see what sectors are gaining financially. That is after declining Fourth Quarter was consecutive days. Pricing in a 0 chance of a move when the fed comes out after the meeting. But they are pricing in a 16 chance of a rate hike in july. Lets take a look at energy movers. Oil is now falling for a fifth consecutive day. Exxon mobil is down. 2 . Chevron is down. 7 . Lets take a look at oil. The fifth day of declines. This is the longest run of declines since february. We had American Petroleum reporting that inventory rose 1. 2 Mil
Have a look at where equities are trading on this second trading day of the week. Mmis is the wonderful g function. Global macro movers. The ftse is up by 3 . Switzerland up by 2. 7 . Markets rising by 2 . We have a whole host of currencies rising against the dollar. Norways krone and icelands krone we should not talk about iceland since they beat england yesterday. In spain,lds falling ireland, and italy. The periphery, we have yields coming down. We have commodities rising. It is very much a risk on rally. This is the count against the dollar in the last 12 months. I have the lending day average moving for you. You know that sterling has sunk in the biggest twoday decline on record. It is over 1 . 200day moving average is over the 50day moving average. The 30day relative strength was over, that means the market has oversold. The bond market, money moving out of the u. K. Bond market. Yesterday, the yield on the u. K. Tenure fell below 1 . We had a record low 30year yield yesterday. T
About 30 minutes into the trading day in the u. S. We start with Economic Data. Julie manufacturing get expanded july, but it was at a slower pace. This is an institute of supply management. 52. 6. Coming in at we should mention, the median forecast was 53. Coming in a little below at had what had been estimated. Employment contracted for the seventh month as part of this report. We get the overall jobs report friday. The major averages remain mixed in the wake of this report. Snp pulling back slightly. Nasdaq is trading higher. Goldman sachs cut stock to an under weighted tactical trade, but nonetheless, adding to bearish sentiment this morning. If you look at the groups on the move within the s p 500, Energy Shares of the worst performers, down 1. 9 . We do have health care holding up well. Those of the opposing poles at the morning poles at the moment. Energy is falling because oil prices, which are pulling back for the seventh session in the past eight. Getting close to 40 a barrel
I love that question. If they get a be key getting into friday. Ofathan for me, the bank england leaves forecasts unchanged. The overwhelming majority expecting rate cuts this thursday. Thats going to be fascinating. Alix fascinating communications coming out of the boe. That trickle down into european stocks. Rally into the recent coming off the biggest monthly gains this october. The hsbc Global Equity strategist ben laidler. Lots of red on monday. Thethan lots of green in last five months. The s p 500 has been win, win, win. To kick off this mondays trading is softer in europe, the ftse down about. 1 . The dax marginally in negative territory. Alrightx market, its on this one throughout the week. The cable rate with a weaker pound off the back of some pretty weak manufacturing data coming out of the United Kingdom ahead of that bank of england rates decision. Is coming thursday. The commodity market is just wow, wow, wow. The biggest monthly drawing some down as weith wti kick off a
Theyre merging the china operations with its biggest local competitor. We look at how this move could bring over closer to an pio. An ipo. Lets it over to the market desk. We are holding it is record going the earnings driven on a little bit it just like. It is slowing down. A memosto this is analysts, Goldman Sachs today downgrading u. S. Stocks to an underweight, it is a tactical call here. Not necessarily a longterm but a tactical shorterterm call looking at what we have seen in earnings and valuations. Detach a record before pulling back. We are seeing a lot of movement here. Were this long streak of the s p 500 not moving more than 1 up or down by the close most of the nasdaq is gaining more ground today. If you look at the groups on the move, on the bloomberg you can look at the imap, it is a tug of war. Energy shares are down, on the upside it is tech and health care both are gaining. That is one of the recent the nasdaq is outperforming today. Some of those involved are on the