The 10 year yield, a 40 basis point move in just a few sessions. Bonds surge today. Is rapidlyread sinking. The yen stronger once again today, trading right now at 10 5. 78. Guy during the asian session, Central Banks disappearing several surprises. New zealand, india, thailand all delivering bigger than expect it rate cuts to shore up their economies against mounting u. S. China trade tension. We are joined by viraj patel, arkera fx and global macro strategist. What are we seeing at the moment . Are we seeing Central Banks trying to deal with the trade narrative . Why are these Central Banks doing what they are doing at the moment . Are they worried about their currencies . Give us your sense. Raj one, the Global Economy is in a slowing down stage. Theop of that, youve got shock adding fuel to the fire, and there seems to be this race to the bottom with Interest Rates and currencies. It is sort of every man for themselves right now in terms of Central Banks. I think most people are lo
That gives you much better sense of where it is the dow slipped and s p declined and nasdaq lost 7. 4 because of an escalation of tensions in the mideast against britain, the United States and iran and before that the market was doing well you need to understand were about to embark on the busiest week of the year for industrial earnings we will be flooded with new information. If you cant handle it if there is some sort of congregation in the gulf, this might be the perfect weak to take your Summer Vacation on monday we have two important quarters we hear from whirlpool, the appliance maker and hall l halln if the latest reports and revolutionary guards, Republican Guard seize. They seize British Royal tanker. The price of crude barely budged for heavens sake. Maybe halliburton confirms what schlumberger told us this market is not the least bit excited about oil. The banks have told us that the consumer is flushed. We heard that the other day at bank of america but how flushed . Wi wh
The u. S. Team may ahead to beijing for new facetoface negotiations if talks over the phone go well this week. Shery later in Bloomberg Technology global link, we take a look at all the concerns around the facebook crypto push. Why analysts say libra is fanning the flames for critics. First, lets get you started with a first check of how markets closed on monday the u. S. We have equity markets fluctuating between gains and losses, just the finish slightly higher. Investors pretty much focused on secondquarter earnings. We had tech stocks leading the rally with the nasdaq up 2 10 of 1 . Steel stocks gaining ground after white house advisor Peter Navarro talked about an executive order to have Companies Use more domestic steel and iron for federal contracts. Pressure coming from the Energy Sector and financials. A mixed bag of earnings for citigroup which plans to kick off the secondquarter earnings season. Trading revenue dissing estimates. Citigroup leading the estimates. Every member
Lets get a check in on the markets. European equities are pretty flat. The stoxx 600 struggling for direction. You heard and the headlines, three key things we heard. The dovish message from Jerome Powell reiterated and we got better than expected data in terms of retail sales and factory output, pushing the 10 year yield up. It also pushed the dollar higher and we hold on to those gains. The question as whether President Trump can have the weaker dollar at the same time as a strong economy. And can he have gains in stocks as the same time as a trade war continues . As you made those comments, the s p 500 took a hit, dropping for the first time in six sessions. Coming up, we speak to the oecd secretarygeneral. Dont miss that interview live. Lets get bloomberg first workers. Word news. The u. S. House voted to condemn comments from donald trump that are racist. Week, he tweeted for congresswoman should quote go back to where they came from. Trump says he is not racist and does not have
Sonali welcome to bloomberg markets. Lets look at the markets quickly. We have a lot of red on the screen. We have the s p 500 now down about one half of 1 . The nasdaq 100 is seeing bigger can kleins. The russell 2000 even more than that. Its now down about 1. 5 on the day, quickening its losses and thats on the back of higher yields. The twoyear yield just flying higher. Its above 4. 67 on the day. Thats a three basis point move. You have to remember how far weve come. We will dive into the Economic Data we had this morning that is driving the yields higher. Michael mckee joins us now to bring us up mike mike to date. This is a nerd indicator. Business inventories are just out at the moment. Its not a really good number. 0. 0 after a 0. 3 increase the month before. That is down from 0. 4 . It suggests the u. S. Is not building inventories as much as people might have thought. There was a feeling that because gdp has shown inventories declining for the last months that we would see fa