Yuan strengthening, below seven for the first time in a couple of months. I thought i would point out, uber down 7 even though analysts were quite happy with the results. Guy european stocks ticking higher on the back of that ism data out of the United States. We are now at 404 on the stock 600. The euro is trading a little softer. Interesting to see how far european equities have come. The South African rand continuing to make gains. Vonnie and shanghai, president xis intake president xi reaffirming that his country would open itself up to trade even further. Pres. Xi in order to boost growth at home and create more chinaor global growth, will give greater importance to import. We will continue to lower tariffs and institutional transaction costs. Vonnie we are joined now by bloombergs selina wang in shanghai. Who was xi addressing with this speech . Heard, xi isu reiterating his commitment to reform and opening the economy. You didnt even hear him directly address the United States o
When we saw a massive drop. Union pacific was the rail in the news this morning on corporate earnings. We will speak with lance fritz a little later on. Union pacific beating on many important metrics. Lets have a look at europe. The stoxx 600 down just 1 10 of 1 . The s p down 5. 1 after a very disappointing quarter. Its dragging on the docks as well. I mentioned a rally in global bonds. At 2. 15 10 year yields , just a few basis points above the u. S. 10 year yield. The reason for that is the ecb. We will talk about that, as well as sterling, which is rallying on some brexit news in parliament not getting any new Prime Minister a mandate to go no deal. Meanwhile, a cautious pledge to provide fiscal support if dangerous materialize. We are joined by erik nelson, Wells Fargo Securities strategist. G7 finance ministers. Can anything concrete come out given the concurrence at work among these economies right now . Good point. A i think theres so much in these individual economies that th
A couple of sectors are higher, including financials and energy. The 10 year yield has bounced back a little bit. It is obviously down two basis points now, but still at 2. 05. Topped 1400 overnight. It is back just below that important psychological level. , upe oil rallying up again 10 for the month of june for wti. Guy european stocks are lower today come but volume is sharply higher. ,s you say, quadruple witching but that doesnt have as much of an effect when it comes to index levels. Ratetrading at a higher than the dollar. We got the Energy Complex up. We certainly got a reaction to what is happening in iran. We also got a big reaction to the philadelphia refinery fire. Take a look at gasoline prices, trending up around 3. 5 . Vonnie we have a little bit of breaking news now. Someone else from the Federal Reserve weighing in, saying he was looking for a 50 basis point rate cut at the fomc meeting. Saying top of jim buller he thought a decrease was the way to go. Federal reserve
0.3% when it comes to the stock market. subeuro is trading $1.10. deutsche bank, a real standout stock story today. deutsche is up by 12% today, it s biggest move in more than four years. vonnie: risk assets rallying for a fourth day. china saying it will honor the first part of the phase i deal, offsetting continued coronavirus gloom. earnings and economic data also cheering investors. we are joined by david cook talk by david kotok of cumberland advisors. houses likeg deutsche bank raising their growth targets. are you still bullish on a day like today? david: bullish, yes, although we ve got changing news flow because of the virus. we would agree with the 3600 target. that is due to massive central bank liquidity injection. you have been talking about it on bloomberg. longerhat would allow lower for interest rate slow-growing, but not shrinking, world economy. there are risk indicators. we just talked about one foundation the cdc that has just ratcheted up to an emergenc