Hong kong security law tomorrow. Starbucks, pepsico are the latest companies to curtail ad spending on facebook. Tossure on the group crack down on hate speech shows no signs of slowing. Manus 6 00 a. M. In london. 7 00 a. M. In paris, 9 00 a. M. In dubai. It is the best year for bonds ands 1995. Charts,ne in the unchained melody. I wont sing it for you. The fed was cutting rates and get this. I know you will choke on this. 6. 47 for 30 year bonds. I could have retired. 5. 79 . Ht money was good morning. Nejra good morning, manus. I love your trips down memory lane. It is extraordinary we have seen the best first half of the year since 1995. Look, there might be more in the lower orpush yields higher this week because we got fed chairman Jerome Powell speaking to congress along with secretary of the treasury steve mnuchin. Interesting is the disconnect because youve got bonds. To that extent, but also equities bid to such an extent so a different story being told in the equity and bond
Concerned about the move. Airbus against the biggest restructuring in its history. It will cut 15,000 jobs with the majority impacting the main bases of germany and france. 6 00 a. M. A manus in london, 7 00 a. M. In paris, and 9 00 a. M. In dubai. It is the three fs for friday, the fed, the fact she warning, and i thought i would throw in fedex because it is a nice triptych. I want to focus on the fed. Spirit toimbue a new the yield curve control narrative . Open interest in the bond market is the equivalent of 36 billion. The bond boys and girls are locked and loaded for yield curve control conundrum. Good morning. Nejra good morning. We are certainly seeing signs as you point to have that yield curve control trade alive and well in the bond markets. If we look at equities, i mean, best quarter for u. S. Equities since 1998, manus, and it is interesting because if we look ahead and think about where we go next, you can see the profit forecasts taking higher and some saying that will
Wirecard withdraws results, assets missing 1. 9 billion worth of cash. Quality doesnt exist. The group says it is in discussions with lending banks. That has got to be the most stunning headline i have probably ever read. I dont know. Ill have to refresh my memory. Weve got a debate. Jpmorgan says get more selective. Howard marks has done the anatomy of a rally and i think we have gone from flawless to hopeless and back again in record time. The question howard asks is, are we being passionate enough about weighing the risk . Good morning. Nejra good morning, manus. We have been looking through what jpmorgan has been saying, investors getting more selective in the second half and i found the comments from jpmorgan interesting, especially when we look ahead to the potential for yield curve control, there are some asking questions whether it will be a buy everything rally but jpmorgan dont think it will be, do they . Manus they dont. James athay saying fill your boots with everything. Jp
Global recession since world war ii. Senate democrats with a Sweeping Police Reform bill. Manus 6 00 a. M. In london, 9 00 a. M. In dubai. I have two pieces of paper, one is the dollar destruction story, is the bondte one vigilante trade it was not really a bear market, but what i like is he says the market selloff was a panic attack. I want to tell you i have had more panic attacks since 2009. I think they are inextricably linked. Nejra it is always great to kick off the show with an update on how many panic attacks you have. I love the daily comments, he has coined another acronym, mother of all meltups. To classify what happened in the selloff is a bear market is if we are talking about a bear market, you might expect more losses to come. If you see this as a panic attack, you could have faith in further games. Erase see the s p 500 yearly losses. We are seeing green on the screen in asia for several days in a row, but weakness in u. S. Futures. What a stunning move, 45 rally from t
Ad the u. K. Is to planning custom regime at its border. Michael is expected to rule out extending the brexit transition period today. Welcome to daybreak europe. We saw quite a drop, the stop and 12 weeks in the s p 500, declines of almost 6 . Somehow they are saying it will be normal. You see consolidation, gain in futures following a drop like that. Whats it about jay powell . Was it concerns about a second wave . Or was it because of bullish positioning and sentiment getting a little too stretched . Whatever it was, youre seeing the selloff continue in asia today, about 1 or more in u. S. Futures. The european futures firmly in the red. We saw some Dollar Strength in yesterdays session, which speaks to studying somewhat today, a drop of almost six basis points in the 10 year treasury yield. We move up 2. 5 today, and oil set for his first weekly drop since april, being swept up in those second wave fears. As i was saying, he was stocks saw their worst selloff since march, with almo