Contraction for the australian economy. Worse than anticipated, but investors with a moment shrugging that off. Chinese markets under pressure. Quickly moving it along, having a look at what else is going on out there and doing that, of yvonne. With yvonne lets start with that aussie gdp number. The second consecutive quarter for the three months through june. And thee first first technical recession in 30 years for us trail you Australian Household spending well by 12 as lockdowns and restrictions shut out consumers. The aussie dollar against its u. S. Peers. Theres a new warning about the u. S. Economy with a fed governor ating there is uncertainty head. She told the Brookings Institution that america will be to depend on the fed and policymakers in d. C. As the economy continues to recover from the coronavirus pandemic. She says Monetary Policy must pivot from stabilization to accommodation. Treasury secretary seems to agree with the fed governor, saying the u. S. Economy urgently n
Although probeijing officials have said we should not be too concerned, it will lead to stability in the city. 7 . Sci asia pacific down it is certainly something of a riskoff mood, following off what we saw toward the end of play on friday in the u. S. The nikkei is down more than 1 . In the mainland, you have a bit of pressure as well a despite industrial profits up 6 coming in over the weekend for the month of may. On to the next board. We will be looking at the currencies. A bit of dollar weakness. On friday it reached its highest level in four weeks, but it has since come off slightly, leading to a bit of strength for the offshore currency here in china. The korean won is up about plan to 01 . On to some of the commodities we are looking at. Wti has been under pressure as the demand story as we focus on the rate of infections, 10 million infections, 500,000 deaths, you can see that it is lower today. Gold, science that investors are preparing to cross through 1800. 0. 64 . Year yi
Also, the u. S. Closing off the borders be at lets take a look where the markets are. Asia, gains in the u. S. And europe, that surge overnight, the best day in six weeks, european stocks doing their best in two months, vaccine optimism boosting investor sentiment. The csi 300 is up. If you take a look at chinas oil demand, which is set to be back at precrisis levels of consumption, it is said to be fully open as factories open and drivers are back on the road. Rebounding, the benchmark opening the door for , whiches of alibaba could prove to be a boost for investors we have the kospi higher by about 2 for investors. We have the kospi higher by about 2 . And in southeast asia, we are keeping a close eye on the jakarta composite index, currently trading higher. Indonesia, the governor is expected to cut the benchmark rate by about 25 basis points. Gains pretty much across the board for singapore, as well as malaysia. Rish . Rishaad haslinda, more on donald trump here, escalating his thr
Rescue, is it really going to do very much about the problem . Futures pricing in the fed rate cuts at three for the rest of the year but of course this as more governments are taking action and coming to the rescue with fiscal measures. Speaking nowr abe saying japan will take bold measures if needed. He is also saying he will soon announce policies tackling school closures. Schools are in hong kong and now japan will follow suit from march 2. Let us get a quick check of the markets. Equity markets are giving into the rest of the global selloff. The cfx 300 is often the low of the day. But still down by more than 1 . The hong kong hang seng also testing the of trend that had been in place since august. Japanese equities bearing the brunt of the selling. In a correction position. Off by more than 3 just today. As np futures are rebounding just a bit. Up about 0. 5 after the worst day since 2011 and a decline of more than 4 . I want to take a look at some of the risk propositions. Repre
Struggle overall in the market. Opec finally cut production, this has been two years coming. Why does that matter . Inflation expectations. On redeker laying it out and Morgan Stanley today saying you get more shale investment in the u. S. And that is why this decision matters. David particularly if the deal holds. If they actually do it. Alix if optimism moves the prices that will move Inflation Expectations. My interview with james morgan, Morgan Stanleys ceo ways in on the trouble at Deutsche Bank. We will be discussing geopolitical problems potentially weighing on the market. We have an interview with jack lew. Jonathan is standing by. We see a monster rally in Energy Stocks but futures are negative. Jonathan it is a strong bid for european equities. The ftse 100 up by one percentage point. The dax pushing higher by 7 10 of 1 . The risk on feel in the fx market with a weaker japanese trade. 1 is how we this commodity market is absolutely fascinating. A market, yes. A collision, a c