Production capacity of chinas immense. The logistics capability of chinas superb and its hard to replicate that anywhere in the world. Nejra and her lagarde enter lagarde. The german deputy finance minister tells us there should be progress on a Banking Union by december. Think its a question whether we will have something definitively agreed in the next two or three weeks. I think the key thing is that there will be progress soon. We aim to see first results in december. Nejra new pickup line. Entice newooks to buyers as he unveils a cyber truck in los angeles. We are live from the event. Manus a warm welcome to beijing. We are wrapping up a couple of days of great conversation. For me, the defining moment was Henry Kissinger when he sat on that stage yesterday and said we are on the foothills of a new cold war. If things are left unchecked, this could be as bad as world war i. The phrase that really caught my mind was, this is a minor crisis but needs to be mastered. Those are the wo
Waiting for trade clarity, markets await updates on the trade war. The pboc says it has space to na manufere if needed. And new pickup line, elon musk looks to entice new buyers as he unveils an electric powers cyber truck that can with stand a sledgehammer but not metal balls, apparently. Lets take a look at whats going on in equity Index Futures this morning. It was a muted and mixed trade over in asia. As we finish the session,s the holding up in that sense. We do see here in europe not Much Movement on the continent. Dax up. 4 of a percent. It had been down to 129 926. Now its coming down to 129. 6. But as the pound loses ground, its futures gain. Still only one or. 2 of 1 . But its early in the session. Down dayld turn into a for u. S. Stocks. Christine lagarde making her first well, her Second Public speech as e. C. B. President in an hours time. But it should be the first on monetarily policy. At least we hope so. Banking integration and renewed calls for fiscal stimulation. For
The world trade coming to an end. We have seen bond yields climb up. Have seen the u. S. 10 year moving out of the haven currencies and haven bonds. The yen seeing more weakness if you can call it suffering. That, bund futures seeing those yields go up as we see prices get sold off. Lets have a look at the first word news. Lets get to new york. We start with the reserve bank of australia. It is maintaining its glass thefull view, reiterating economy is emerging from a soft patch while also forecasting no acceleration in wage growth and inflation barely reach the bottom of its target. Growth oferly updated 2 , rising to 2. 75 by the end of 2020 and 3 in the year after. Embrace of virtual banks is going beyond its own shores. It says it wants to become a regional hub with advanced data expertise. Doing soauthority says will improve banking authorities at home. Managing director robbie menon says Southeast Asia presents a huge opportunity for virtual banks. We see some of these players be
We have been covering the economy, bringing you live coverage from beijing. In the meantime, this is what is happening in europe. Euro area november services pmi falling to 51. 5. Anything above 50 is expansionary but below forecasts. Again, this is for yourarea manufacturing for the month of november. Quite a lot going on in the markets. It is all about the ecb speech and Christine Lagarde. How she means new policies will be taking place. Stocks overall on the up. We had a similar rally when it came to asia. Pointing towards a marginally strong open in the u. S. As investors try to figure out headlines on the trade dispute. Say, a lot of the talk in beijing was on that. The dollar is mostly steady. Lets get first word news in newark city. New york city. I fear this was all going to blow up. Those were the exact words spoken by fiona hill in the impeachment hearings, that is what she told fellow diplomats but that she now understands why he was not involved in security or Foreign Polic
The highs now. You might imagine, schwab and Td Ameritrade looking to get together. That has both stocks higher and has e trade way down, almost 10 now. Guy lets talk about where we are hearing europe. European markets, we are seeing the pound a little bit stronger today, the we have seen a little but of a selling story coming through in the last halfhour. We are also looking at a stoxx 600 which is down by around their. 5 around 0. 5 . Bonds are selling off as well. Yields just a touch higher, but not by much. Earlier on, we were maybe two basis points to the upside, but as you can see, that has now narrowed to around one basis point. Trade is a big theme, so lets talk a little more about it. The u. S. China trade war weighing heavily on the minds of World Leaders and business leaders. Theyve been at the Bloomberg New Economy Forum taking place in beijing. Foothillsstill in the of a cold war. We should pursue common, comprehensive, and sustainable security, and reject zerosum game and