Of japan and china ahead of this weeks g20. Welcome to bloomberg daybreak europe. I am anna edwards. I am manus cranny. She brought chocolate and tried to bribe us all. Lets get back to markets. Juneing news, the india manufacturing, 50. 9, versus 51. 6. We will wait for the u. S. Manufacturing later. Anna all kinds of pmi today. Euro btv 439, the oil market. Dawn. Butchery at day, ther the eighth longest winning streak since 2013, why . Paused for have the first time in 24 weeks. , the pace ofe shortening in the market, just for the moment has abated. Anna you couldnt believe that small move could be so significant, but apparently so. We will talk about oil in a minute. This is the picture on the msci asiapacific. In china, rebound sparking interest in chinese stocks. Going to russia, germany, the g20 looms large. Meanwhile, the bond connects starting. Tokyolitical story in could be significant for the National Debate in japan, but the yen does not know which way to go. What is abe do
Does this put tax reform even further away . Theuncertainty for abe, japanese Prime Minister pummeled in the election. Has this weekend his position ahead of next years vote . Or is this just a protest vote for what is happening in tokyo . We will try to get analysis on this throughout the show. We are less than a half hour away before the open. The start of q3 is the fair value on your bloomberg. London looks like it will underperform. Keep an eye on the commodity stocks today. Looks like it will be a positive start when cash gets going later on. Lets show you what is happening with jim and. This is the picture we had. Performance from the south american markets. Gst comes in fourth, thats a big story. This is one of the key policy agendas. The market is trading higher this might. Peso is it down. There are risks, inflation risks surrounding the gsp story. What about the rest of the policy agenda . We will talk about that in the back half of the show. Lets catch up with what we need t
London. We have a little bit of data out of london. We understand by speaking to people familiar with the situation that goldman will review its commodities after the worst start in a decade. They are looking into why they were on the wrong side of a trade when it comes to oil and some of the other commodities. One of the commodities had to make a huge correction and lost three to four months. We will update you as soon as we have any more news. In the meantime, lets go straight to the data. I wanted to bring you the stoxx 600. They are rising in light trading. This was one of the longest winning streak of 2017. The dollar is strengthening after they were start to the year since 2006. The ruling party was defeated in tokyos elections and it is the first day of chinas bond link to the rest of the world. The yuan. 6. 7867. Lets get straight to the first word news. Reporter Philip Hammond will today use a speech organized by the confederation of british industry to tell Business Leaders t
Points to the president s minimum plan. Is there any cut better than no cutpn . n . . We have been stein and [inaudible] i think hes being realistic. Think about that. That 15 number, we dont have to go that low. Competing ground. Were not competing against the Czech Republic. 25 . The Czech Republic is glad you said that. Retailers are paying in the high 30s like 38, 39 . They would love 20 . I would like to see taxe cuts fr legitimate small business. I think we can give them 15 of the large multinational global corporations, 25 . Eric i dont know. I love charles painted death, but im just saying, you start out the gate with a number that substantially higher than the proposal thats likely coming in, its only going to go up from there. It will only go up from there lets talk about why was 15 in the first place. States, on average, have a 5 rate. You add five and 35 which is the present rate, you are at 40 . To get to 22, the average of the european countries, youve got to do 15. And
Thank you for reminding us it is tuesday. I nearly said monday. Just about caught it. Lets check on Global Markets this tuesday morning. A muted session overseas as well look at u. S. Futures right now. They are indicating a higher open, which would technically mean a new high for the s p 500, which right now is up about 4 points in premarket trade. Dow jones seeing a gain of 40 points. Nasdaq up just about 12 points here in premarket trade. I think the story from last week was the trump reflation trade was back. We got between 1. 5 to 2 of gains. The bond proxies underperformed, and banks led the way. The one part of the trump trade that did not take part was the dollar, which we can come into more detail later. Lets look at the tenyear treasury note. Yields spiked in the middle of last week. They did settle by the end of the week. For the week as a whole yields were up. They did rise late friday and over the weekend, 2. 45 the yield there. Patrick harker the latest fed member to add