All report Record Numbers of daily deaths. We are getting set for samsung results. We will find out how the pandemic has hit south korea smartphone makers later in the show. A look at how we are shaping up this thursday session. We will start with u. S. Futures. All eyes really looking at the fed, looking at jay powell. He said this is particularly the biggest economic shock in memory for the u. S. Prospects for further monetary stimulus, just incremental progress when it comes to negotiations, more fiscal stimulus, i should say. Chicago nikkei futures looking unchanged. It is a massive earnings day in japan, expecting results from hitachi, panasonic, as well as waiting on japanese retail sales. Retail sales coming out of hong kong later on. That is expected to be another grim picture. The yen, wonderful 97 is where we are. Steady below that one of five handle, the dollar coming under pressure from that super dovish fed and the dovish comment from fed chair powell. 41. 37, getting that
Focus in china, the unraveling of the chinese stock rally. Seems like things have stabilized after we saw one of the worst selloffs since the gdp eight out of china. You see china targeting large caps, small caps and the latest is kwai chow moutai. Yesterday, climbing back with the stock. Record after we saw a spike in virus cases yesterday. Watching other things with indonesia markets opening up, focusing more on the Bank Indonesia rate cut, cutting rates for the second time as growth sputters, the stocks are up. 4 area strength in the rupiah. Up. 4 . Strength in the rupiah. Nifty, futures pointing to a positive open. Yvonne the Trump Administrationyvonne is turning on some of americas Biggest Companies saying they are pawns of china. Attorney general bill barr says disney, apple and others are working at the expense of u. S. And western democratic values. He said disney and apple have been manipulated by the communist party interchanging strategy to make money. The coronavirus contin
Expected to drop 24 year on year. The futures are looking slightly lower, down four points. We are looking at some of the currencies. As david would say in the last hour, the bloomberg dollar index is on track for its worst july in a decade. A more dovish start from the fomc. No big surprises from the fed, but the lower mantra weighing on the dollar. The dollar index is flat, at least for now. Wellussie in his flat as aussieyen is flat as well. We move on to the commodities and the yield story. The question marks around oil were in focus as well towards the end of play yesterday. You saw a reduction in the u. S. By about 10 billion barrels. That gave some support to crude prices and wti, currently flat. Gold is now 5 10 of 1 . The 10 your yield on year, still below 60 basis points. 57 is barely moved, risch. Rishaad yep. Global coronavirus case is approaching 17 million. More than 660,000 people have died now. The states recording 150,000 fatalities. California, florida, and texas post
Markets i treasuries as well. The aussie 10 year yield down 16 basis points and money rush into the end. Oil in a bit of a freefall once again. Brent crude down more than 6. 5 . We areke below 20 and watching indonesia here in particular just coming online. The stock index drops re. 5 . Once again, we are seeing a lot of these em volatilities, back once again. We are watching the pboc after that interesting move to cut the seven day repo rate by 20 basis points so they are joining in on the stimulus ways. Lets get more on this with david ingles coming forward. We are watching u. S. Futures in particular continue to head lower. Lets start with the 7 billion injection into the system. I mean, quite a bit. David yes. A couple of things i guess to get out there. You dont normally see a reduction of this magnitude from the pboc. You also have to consider the fact that we know the economy is not doing well and in fact, the latest forecasts now suggest quarter on quarter, you take the median.
Peak fatality rates could come in the next two weeks. Haidi brent crude is at its lowest price in trading since late 2002. The australian markets have just opened. Lets get straight to Sophie Kamaruddin. Sophie shares opening lower in sydney. We are seeing and struggling australian in vectors australian economy goes into hibernation. It should strengthen gdp 10 this quarter. As for new zealand, 14 quarterly contraction in the Second Quarter before rebounding as officials wrap up. Buying Corporate Bonds from tuesday. Off more than 2 . Nikkei futures in chicago under pressure. Analysts believe the economy is already in recession. Japanese Prime Minister shinzo to fund the biggest ever stimulus package. Futures sinking more than 2 . Worries about Economic Growth and dwindling demand also playing out in the oil market. Wti testing 20. Flipping back, President Trump is still speaking at the white house, where earlier he said he would extend the guidelines for americans to distance themselve