hello, a very warm welcome to the programme. let s start here in the uk where, in a few hours from now, the next leader of the conservative party and the uk will be announced. we won t officially know who that is until 12:30 bst but we do know for sure that whomever takes the reins will have a monumental task, both economically and politically. rising inflation and the high energy prices will be at the forefront of voters minds, while businesses will be keen to see stability and a commitment to economic growth going forward. our economics editor faisal islam has been looking at some of the immediate pressing issues. this is the economic reality facing the new prime minister. inflation at 10% and heading higher on these official forecasts. it may even go above 15%. five or even ten times target. in the general economy is already falling and heading for a 1990s style recession, according to the bank of england. the core of it all, energy prices. in international markets having
Abe and prudent talk about territory. Putin talk about territory. Rishaad the dollar is surging over levels havent seen in 14 years. We might be even weaker than that. Ophie the dollaryen was high i did look at jgb, 10 year highest since january. Rishaad gold also slumping, so this is what we have. Sophie lets take a look at how markets are doing today. Haidi the big ones are china, when we get the yuan today. Look at the bond market, the 10 year yield in china spiking the most on record. There are pretty significant moves in income, the 10 year yield on the japanese government bonds surging 0. 2 . That was the highest yield we have seen since january when they went into territory negative territory. The 16 is continuing to play out across asian markets. This is what we are seeing. Singapore stocks are coming online, 0. 3 higher. Withd a very strong day nonoil domestic imports. 11. 5 ,exports jumping and we were expecting a decline of 0. 2 electronics, climbing though the highest in ov
The asx 200. 3 , a fresh record high. Now holding at levels we have not seen since august 5 last year. From consumert stocks today, also real estate. Yesterday was the material players, a switch out there, but some weakness from emerging markets and hong kong. Development stocks are in focus today. See there are only two stocks out of the 50 listed in the black. Elsewhere, insurance players , oil holdinge steady around 53 a barrel, weakness in the shanghai market. Willing to putot money back into equities ahead of the end of the year. The offshore renminbi weaker following the pboc fix today. You are seeing the yen flat after hitting that 10 month low against the dollar, 117 handle. , aterms of the commodities boost in the aussie around. 2 , emerging Market Countries being sold off, so a Dollar Strength story. Down. 2 percent, but mixed in terms of the overall equity picture today. Lets get to first word News Headlines with sophie kamaruddin. Aramco will continue to explore an ipo in j
High, also continuing. Some weakness from casino. 4 , alsoalaxy down Bell International down by 1 , so profit taking there. Shanghai stronger, waiting for figures to come through, up by. 3 . The bond market, we have seen bonds rally quite strongly ahead of the ecb meeting, a lot of expectation that mario draghi will continue to boost stimulus and keep that qe Program Going past march. The australian 10 year note, quite a bit of buying coming through. The australian yield on the 10 year down to 2. 24 . The japanese 10 year, pretty flat,. 1 on the return for the fiveyear. Things looking positive. We are waiting for that china trade data, but the map showing a lot of buying today. Is due to release its latest trade numbers with analysts forecasting a slower decline in exports. Tom mackenzie joins us now. That would be an optimistic sign, wouldnt it, but is it realistic . Moderate improvement is what we are looking for. A full 5 st are for for november year on year in exports. Compare to a
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