In china. China rolls out its fiveyear plan, promising to build a tech powerhouse. Coming his party also wants greater sustainability. At the ecb says more stimulus is coming as eu governments proposed new virus lockdowns. It says bond buying and support wont seize until the covid wont cease until the covid crisis dies down. Shery quick check of the markets, u. S. Futures coming online under pressure, down 1 after disappointing markets in earnings. We managed to end the session higher by more than 1 , s p 500 gaining the most in two weeks. We had strong data to surge Third Quarter u. S. Economic growth and a decline in weekly jobless claims. That recovery in the u. S. , setting us up for a recovery in asia as well. Look at new zealand trading at the moment, ever so slightly higher, asx futures pointing to a gain of. 4 , reversing declines of 1. 6 we saw thursday. Nikkei futures pointing higher, a little weakness though in seoul. Top story, plenty of action after the bell in the u. S. W
Territory. The week has had news of ashares cell a share sell. China puts money on chips to counter rising pressure from washington. It has the same level of backing as the Atomic Program enjoyed years ago. Sophie lets get a check on the set up in asia. Some much awaited pullback on wall street. Asian stocks look set to fall. 1930still Holding Around levels and the yen above 106. But when it comes to stocks in china and hong kong, a drop is productive at least 1 . Softbank is said to be considering a bid for tiktok. In the Semi Conductor space, news that china is planning to support the domestic industry, which launched a billiondollar route in u. S. Chip stocks. Also in south korea, watching for any details of a potential in thecash handout budget that could be announced this weekend. A snapshot of the u. S. Close, the s p fell the most since march, and it was the biggest sincefor the s p june, the biggest drop for the nasdaq since march, with apples market cap falling below 2 trillio
And california all marking new highs. Australias second largest city is back into lockdown as infections search. Surge. Officials say significant action is needed. Shery we saw this years longest rally come to a halt with the s p 500 selling off for the first time after a fiveday rally. Over an have concerns Economic Impact of the pandemic and virus cases rising. 10 of the 11 sectors on the s p 500 lower most of them down by 1 . At onedaq composite, point, touched an intraday high and finished. 9 lower. Get the Dollar Strengthening and haven demand really stopping that supply brace base. We are seeing further pressure and headed towards 40 a barrel. This is ahead of storage data later this week. We do have accrued inventory reports. Those numbers are coming out later this week, and in the meantime, a survey showing a gap in supplies has expanded, showing how depressed demand is at the moment. Lets see how things are shaping up for the asian markets. Mixed andutures are kiwi stocks are
As well as up. Romaine you really have to go back to the lows we were in in march. What was an improbable rally of 40 less on the major indices, even with the big selloff, if anyone used february and march as an entry point, you are still up 20 . Taylor in the last hour seeing this final hour of trading was crucial. To see yesterdays big selloff was or something indicative of more selling to come. This last crucial hour, really important to show us where sentiment is. Speaking of sentiment, look at this chart. I wanted to give you an update because we talked about the record low ratio on the put call back to the earliest this week back in nine years back to 2011. We got an update, the ratio is right in line with the one year average. Fear would be higher if the put call ratio was higher. You are not getting the type of fear perhaps we were starting to see yesterday. Lets take a look at the individual stocks that were moving, lululemon, i always want to see what is moving to the downsid
And any barriers to goods and workers should now be removed. U. S. Business is pleading for help as demand and production fall. The president calls says that china will pay. Shery we are looking at how markets are trading. U. S. Futures are under pressure after we saw the nervous rebound in the trading session. The s p 500 slipped between small gains and losses. We have energy in a discretionary stocks leading the gains. We actually saw the nasdaq composite really rising more than 2 because of bargainhunting going on. Twitter andtesla, netflix as well. So we have seen a little bit of upside, especially the energy sector. Take a look at what oil. Is doing it just hot its best day on record. In fact, climb back most of the clawing back from most of the losses we saw earlier in the session. We are coming back from the lowest level in 18 years. This has the president said he would get involved at the appropriate time in the state of between russia and saudi arabia. We have seen the u. S. G