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
After we had support for the u. S. From the u. S. Congress for hong kong protesters. Potential for confrontation. Chinese officials waiting a trade deal. We got a glimmer, the vice premier was talking about being phaseent about signing a one trade deal with the u. S. Flummoxed by was the negotiating tactics of the other side. Hang seng 1. 5 down. The shanghai composite is also recovering. Ms asiapacific having its worst day in three months. Mitigated by the news coming from the vice premier. A quick look at whats happening elsewhere. Taking a look at how the needle has moved, 1. 73. More scope for Interest Rate cuts in australia, sending the 10 year yield down. Soybean futures, exports for grains in the u. S. Really sagging. We have seen a decline. That has been felt by whats going on with soybean and corn futures. They have been declining out of the last four sessions. Nickel. 9 down. This is a demand story. As we have a slowing global economy, much less of this will be required. It h
Expected job report from the fed. Were going to talk a lot about that this morning. In the meantime, take a look at what happened overnight in asia. The nikkei was up a quarter of a percentage point. Markets higher in china too with the shanghai up. 60 . Hang sang putting in a similar gain. If you take a look at whats happening in the early trading in europe, things are mixed at this point. Dax is up a third of a percent. Cac is up just under. 20 . Ftse is down. 20 and check out crude oil price this is morning, up 1 settling in just under 45 for wti. Among stop stories. 65 billion transaction bayer hiking offer for monsanto to 127. 50 a share. Up from 125 offer. Monsanto acknowledging the latest offer. Calling the discussions con struckive. Have been in talk since may. Bayer believes acquiring the seed maker would position the firm to help farmers produce for a larger population. Well have a lot more on the potential deal in just a couple minutes with an analyst. Other news, volkswagen
Chart. That is all ahead on bloomberg best. Alix hello and welcome. Im alix steel. This is bloomberg best. Rubio of the most important business news, analysis, and interviews from Bloomberg Television around the world. Lets take a day by day look at the week top stories. Starting with a surprising turn in apples legal showdown with the u. S. Government. Department of justice withdrawing legal action against apple. After the fbi successfully bypassed a law without apples help. The fbi has successfully been able to access information it was seeking from the San Bernardino shooters iphone without the assistance of apple. Looks like there was a third party involved that gave them the technical capabilities to do that. Likely some kind of mobile Forensic Experts they had contract with governments in the past. It looks like the fbis drop the request to have apple right additional code to circumvent security ios software. The rumors i have seen is that it is an israeli contractor that works w
Energy situation. It is all ahead on a telling chart. This is bloomberg best. Alix hello. Welcome. Im alix steel. This is bloomberg has to, a review of the most important Business News and analysis from around the world. Starting with a surprising turn in apples legal showdown with the u. S. Government. With drawing legal action against apple. This after the fbi bypassed the log on the iphone from the San Bernardino shooter without apples help. The fbi has been able to access the information it was seeking from the San Bernardino shooters iphone without the us distance of apple. It looks like there was a third arty that gave them the capability. Likely some kind of mobile forensic expert that contracted with the government in the past. It looks like the fbi is dropping the request to have apple write code to certain than to the security features in the existing software. Doing no who did it . The rumors ive seen, a company, cellebrite. An Israeli Company that works with the government