Appetite for treasuries. Jay powell insists it is not the return of qe. Tension sores in the middle east. Turkey says its forces will move into syria at any moment. Shery lets get you started with a check of the markets. U. S. Futures under pressure, fell. 1 after the s p 500 for two consecutive sessions. Semiconductors taking the biggest hit, they fell the most in about six weeks. We have trade headlines sparking concern about tensions intensifying between the u. S. And china. That is upsetting some of the comments coming from fed chair powell, who left the door open for rate cuts. The dow lost more than 300 points while the nasdaq fell 1. 7 . Lets see how we are setting up in asia. Sophie australian markets have lower, asx 200 opening snapping a threeday gain. Bhp shares among the biggest laggards. Studyssie dollar trading after overnight gyrations on the trade brinkmanship. Confidence numbers for october are due in a halfhour. Nikkei futures pointing to a lackluster start. South kor
Plan designed to fail. Mark britain is set to leave is n the 31st unless it it seeks an extension. Johnson says he plans to leave on that day without an agreement, the British Parliament has passed a law requiring him to seek an extension if no deal is reached. Hong kong reportedly is set to do something it has not done in 50 years, the government will ban the use of facemasks in response to the protests. It will evoke an emergency law that has not been used since 1969. Six decent 1967. Indonesia is promising new rules on indonesia and on labor and foreign investment. The president says that labor law changes will apply to new workers only, which would attract businesses who want to set up shop in indonesia. It would defuse opposition from label group. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am Mark Crumpton, this is bloomberg. Live from bloomberg world headquarters, i am shery ahn. Li
And inflation hopes are fading fast. Then President Trump steps up his attack on his potential election rival joe biden, calling on china to launch an investigation. Later, apple made a pricey gamble on the iphone 11 camera as more people get their hands on the device, we will ask if the gamble has paid off, but first, lets get you a quick check of how markets are trading at the moment. We are seeing u. S. Futures currently unchanged at the moment. It is still early in the session, but this, of course, coming after the s p 500 rose the most in a month. We are talking. 8 gain for the s p 500 as we had Week Services sector numbers, the weakest weve seen in about three years. That, of course, sort of raised odds the fed could be moving, and that led to investors pricing and more rate cuts. The dow gaining 122 points, and the nasdaq leading those gains with gains of more than 1 . We also had financials higher, but a little bit of underperformance that we saw against the broader markets as
Service sector, employment rose slightly and it was slowed by worker shortages, Household Spending was solid. Agricultural conditions across the country deteriorated some of the detail we were talking about in terms of around the country. Boston said signs of slowing were more widespread than they had been in the past chicago said manufacturing declined with a slight increase in growth overall. Kansas city had a slight expansion. New york reported a subdued pace of growth. And dallas a moderate expansion. Tariff guys were mentioned 24 times versus 24. Its been elevated as you know, for the past 1e6r8 months. Steve, thank you, sir steve liesman. Markets digesting the beige book lets go to bob pisani basically flat response here, with the s p down 8 bank stocks still slightly to the down side. The key is to watch the Global Growth commentary. Remember what happened yesterday . The imf lowered its outlook for Global Growth to 3 from 3. 2 back in july this is the lowest growth weve seen si
Paid that change, these are the numbers everyone is watching for. Plus 7. 6 million. What analysts were looking for which was not. 3 2 million. Netflix is disappointing here with its change net subscribers. Caroline thats despite Stranger Things at the game of thrones. Off by 2 now. I think we will have to read through the entire statement before we get a direction. Were going to dive in momentarily but lets dive into the action with our reporters. I am looking at an interesting divergence on the day the s p 500 basically flat down slightly as you all were talking. Look at the Energy Sector down 1. 4 underperforming. Xle only 1 within the one is higher. Not entirely clear what is behind the divergence but it could present a buying opportunity in this year today chart where we have a reliable downgrade. Every time we go above the 50 day moving average, the excellent has productively moved up. Day,is goes above the 50 if that move does happen in the xle. Chipmaker stocks took a hit today