The election in taiwan is set to lift markets. The victory moves the island further away from chinas influence. Saw stocks. S. , we falling, treasury yields falling with the disappointing december jobs report. We had hiring data lowerthanexpected. Wage growth the weakest in more than a year. The s p 500 fell for the first time in three days. We have industrials and financials leading the decline. Oil posting its biggest weekly loss since july. We had geopolitical tensions in the middle east fading a little bit. We have the dow being pulled down by boeing down. 5 . The new ceo officially taking charge on monday. Lets see how things are shaping up for asia. Offline. S we look to a week that will bring us chinese gdp and a decision from the bank of korea. We will check on korean trade and indian inflation. A mixed session mostly to the downside after a week reaching a high. It was a turbulent time for oil as well. We saw crude cap the worst weeks in july as the risk premium is fading and
An aussie market, had a lot of conviction yesterday. It look at some of the other and allrtainly sterling this, perhaps some doubts about brexit again, if there will be a hard brexit. There are reports Boris Johnson is planning to legally block the brexit transition from extending past january 2020. Have at the moment unnamed sources, but theres always the risk of these losses being clawed back later in the day. , they havego, yields gone up to 1. 88, we were just that one point 87. The hong kong dollar is something david will tell us about in just a little bit. We dont often see that, do we . It is the fed, but it does not mean you cannot make money. We are on the longest rally in five years. Trade. Ly incentivizing the head of asiapacific microstrategy at state street markets, great to see you. We are climbing over walls of worry. What is the other wall ahead of us . We have a few. As we come into the latter part year, iear into next actually see we are in for another strong period,
we start with the latest market action and as the trading day began in asia the pound started to slide down nearly 5% at one point against the us dollar that s on top of the 3.6% dive on friday. investors are running for the exits as fears mount the new government s shock and awe tax plans for the uk economy are too big a gamble. on friday the chancellor, kwasi kwarteng, announced historic tax cuts, and the biggest increase in borrowing since 1972 to pay for them. there is now calls for the bank of england to take emergency action to calm rattled markets and bolster sterling. so let s look at how the pound is trading now. it has been hovering around just over $1.05 but one hour ago we were looking at the pound buying $1.03 so it has recovered a tiny bit but not much and you can see that the markets in asia are fairly mixed and we have the price of oil edging lower as well. joining me now is simon french, chief economist at panmure gordon. is at panmure gordon. this what
Rishaad they are coming out of the bottom of the hour, half past 9 00 beijing time. Production retail sales, lets put all of this into context. We have seen the movie gradually to the downside as we chart this of the last five years. Recovery flatlining. 10. 3 growth. Industrial production for china slipping through 6. 3 . In september. That they are falling just below what was anticipated by the environmental factors. Winter is coming, they are facing more curves to improve air quality. Slightly, 10. 4 . Two point percent is at least the expectation. 10. 3 is at least the expectation. Haidi they are leaning towards less of the factory driven growth and more of the retail sales consumer consumption. They continue to paint that picture. We finally got dropping the loans and credit numbers from the previous month. The headline is that the deleveraging process is underway. Expectations but one note out from Goldman Sachs, it is a calendar issue. The production cuts ahead of that 19th Part
Easing to combat stubborn inflation. Devaluation, the prospects for a global use of it. Tell me what you think of our top stories. Follow me on twitter rishaadtv, use trendingbusiness. Bank of korea, no change. David this was expected. Deals, survey, 19 economist thought they would stay put. That is what they did. 1. 25 . They surprised us with a rate cut in june, a unanimous decision to hold in july, and this is what we have. The south korean won weakening at 1100. There we go. Charthave a longerterm of the south korean won. A bit later on, we will be getting the press briefing out of the bank of korea. Economys in mind, the is faced with a 19 month slump and exports. It does not help it relies heavily on that. Plus, when you consider the say on thehat they strength of the currency. It is asias bestperforming currency in the past month. Exception i stand corrected, the exception of the polish and brazilian currencies. A lot of things to watch out for. No surprise here. Later on, we wi