For traders and investors alike to say the least. Session lows today 1,085 on the dow to claw back finishing lower by only 357, so folks down here were able to take a deep breath having seen that, but this was all on the coronavirus. It just rattled the market seven Straight Days of selling the worst week on wall street since the financial crisis, all three indices ending in correction. For the week the dow gave up 3,580 points and as investors rushed out of equities and oil, the rig assets moved into the safe haven of the u. S. Treasury, the yield on the 10 year setting a new alltime low, under 1. 2 . Now the Federal Reserve weighed in today, no rate cuts were on the horizon, but Jerome Powell told the markets that the fundamentals of the u. S. Economy remain strong but the coronavirus of course poses an evolving risk to Economic Activity adding the fed will use its tools and act as appropriate to support the economy, david. So, traders basically telling me theyre taking a sigh of rel
We have seen action from the pboc already. They have cut their mlf rate. We are also headed towards the loan prime rate announcement this thursday. All eyes on what the easing measures could look like. Lets look at the Market Action now with sarah ponczek. Sarah it is a mixed picture across the asiapacific region, but it is really just tip japan after the weaker than expected gdp, donna bowen. 7 but well off lows of the session. At one point the nikkei was down 1. 5 . Making its way back to positive territory but still seeing steep declines. Mainland stocks and hong kong stocks continuing to see upside after strong returns last week. Now making up all the postLunar New Year losses. And hong kong hang seng up. 6 . U. S. Futures extending gains after closing at a record on friday. But remember, u. S. Markets will be closed for the president s day holiday on monday. One index i want to show you is the ms ci all country world index, one that houses emerging and developed market stocks. Giv
No change in the lpr. No real effect when it comes to the cnh, the offshore renminbi. 6. 86. Maintaining the gains we have of late. The euro weakening. Keeping an eye on crude. Oilared by the National Company after saying it was commandersone of the of one of the civil war activists from exporting. Got oil field disruptions taking place in iraq. What else is happening in beijing. We join selina wang for the first word news. Selina thank you. The former white house economic director gary cohn says he sees no recession predicts the economy will continue to grow as we move towards novembers election. While president trumps tariffs produce the phase one trade deal they inflicted some damage on the american economy. I dont think we would have gone to a different outcome. I dont think the outcomes helped us get to a different outcome. Did it hurt the u. S. . Its. Totally hurt United States the u. S. Economy is very strong, employment is great but we are missing a big component. Were missing
Markets trying to figure out the fallout from the u. S. Strike meansilled the general for their portfolios. And what it means for the price of brent. Is at theere bryant moment. Gold at the highest in six years. Data. Also getting some Euro Area Services pmi coming into 52. 8 just a touch better than expected. We are at the eurasia summit talking 2020 risk. We will talk to the italian Prime Minister. In the International Rescue committee chief executive David Miliband. Those are coming up on bloomberg surveillance. Lets get to the first word news in new york city. We begin with Australian Authorities counting the cross of newowns on the south south wales in neighboring victoria. Blazes are the generated drive thunderstorms, thousands have been evacuated to Recreation Grounds, converted into makeshift camps. A new top man from china and hong kong, a communist party of thel who is now part anticorruption campaign. After nearly seven months of political unrest. Shows beijings intention to
By 2015 nuclear deal after the killing of its top general. President trump threatens disproportionate u. S. Retaliation should tehran take military action. Aboveextends its search 70 a barrel after the u. S. State Department Warns of missile attacks near military bases and Energy Facilities. Plus, riskoff rules as global stocks trade to the downside, gold searches to the highest level in more than six years. As i said, just under one hour away not from the start of cash equity trading in europe. Futureske a look at this morning after the first couple of days of the year traded in different directions. We are now headed firmly down in terms of sentiment. Clearly, over the weekend, after the attack that we reported on friday, you can see cac and dax. 75 . S down take a look at u. S. Futures. You also see losses there, about three or 4 10 of 1 . To a veryinting riskoff open. What do you see on the gmm . Anna the gmm giving us the same riskoff picture. As you point out, we see futures sugg