Youve given up on ok because the other part. Of the economy its true because its to their benefit here i really worry when people talk about new normals and when they talk about the economy youre my friend well who has become normal since 2008 has been completely different from the old normal people have the normal you go back to a balance but really the economy hasnt grown at all since the 2008 crisis all of the growth in g. D. P. All of the growth in wealth has accrued to the Financial Sector to the real estate sector to the one percent for the 99 percent of all theyve gone down and down and down so the new normal is you cant get rich again by housing and join the middle class like a ghost or the new normal is an all of the year increase in wages and debt service in rents and in monopoly prices so that they mark the new normal is the market is going to shrink and shrink into. We look like greece looks in the last 5 years the length of the normal is looking way routes that if and run.
India italy locking down the whole country. Lets get straight over to the markets now, we are joined by Sarah Ponczek. One of the one of the highlights . Helling say the the selling has not stopped. Saw a limitafter we down in futures yesterday, we and at the same time we have new zealand coming on, getting closer and closer, well below the 200 Day Moving Average which served as support earlier on. At the same time, we have seen dollaryen moving closer and now the yen is trading at the highest level. Prior to the president ial election in the United States, and also, the vti crude oil extending losses again after the worst day since the 1991 we have seen absolutely massive moves. Day, we didf the close down 7. 6 and if you look at the different barometers, we have seen massive moves. The average move over the last eight trading days has been 3. 7 , that is the largest going back to 2008, so to put into context the amount of volatility we have seen, the vix also at [indiscernible] lets
Xerox lines up the bridge loan hp. Und its pursuit of citi, and bank of america are cash. Ding the and a checklist and change at the federal reserve. Former new york fed president dudley makes his case for a shakeup strategy kathleen, we are just getting news. Tle bit of breaking taking a look at the south korean economy. Were getting the south korean ovember surplus coming in at 5. 97 billion u. S. Dollars. 7. 39 goods trade surplus at billion u. S. Dollars for the november, falling from just over 8 billion in the previous month. Well be looking at that breakdown for a little more information in terms of how deteriorating exports would have played into that number. In the meantime, all the markets just opened in that open. Hong kong taking a look at the us. For were seeing some flaunk wagses in cash trade in sidney. . S pushing higher by. 1 while we are seeing futures looking higher for the nikkei led the after japan region lower on monday. You see the Retail Benchmark fall the most s
Then we have the 10 year yield down to 1. 86. A little bit of buying in u. S. Treasury pending appeals lord. Guy lets look at what is happening in europe. Stocks are up by around 1 . Bullish as the day has progressed. Every sector is in positive territory. Eurodollar is a little softer, still north of 1. 12, but only, just as you can see. We are getting a bit in the bond market today, five basis is over , unwindingan 10year the moves we saw on december 28, 20 night. Is this going to be sustained . The data out of europe are not great, but from a Broader Market perspective, we are definitely riskon this first trading day of the new year. Does it imply anything for the rest of the year . I very much doubt it. Lets get perspective on where you will potentially be making money in 2020. We are joined by Alberto Gallo, portfolio manager. He is going to give us perspective on where we are going to do well and where we will not do well. Where am i going to make some money in 2020 . Alberto it
Up 1. 4 . It has definitely come off its highs of earlier, and the u. K. 10 year yield down two basis points. In the u. S. , we have erased most of our gains, the s p 500 and the dow in negative territory. The nasdaq is pretty much unchanged having seen a lot of volatility. The dollar index is back above 97. Lets get to Boris Johnsons giant victory. HereBoris Johnson speaking in downing street an hour ago. Johnson i frankly urge afterne on either side of three and a half years, and increasingly arid argument, i urge everyone to find closure and to let the healing begin. Guy the Prime Minister speaking an hour ago. David riley joining us in london. We have seen u. K. Assets responding to the news overnight to this crushing delivery victory delivered by Boris Johnson. Furtherense of how much the u. K. Assets could have to run. David i do think there is some room on the upside for sterling assets. We have taken out two important tail risks for u. K. Assets. One was a disorderly no deal br