Silence. Bloomberg will be covering those events through the morning. Alix 18 years. In the markets, you have seen the s p hold steady, but the churn beneath it has been quite staggering. A huge, unbelievable shift, added momentum into value since value weeen into have seen since 2009. Youre seeing some buying in the bond market. Yields down by about two basis points. Over in europe, couldnt decide on a bond bear or bull day. Time now for the global exchange, where we bring you the market moving news from around the world. Joining us are bloombergs enda curran in hong kong, in london, emma chandra, and Michael Mckee joins us in new york. The Hong Kong Exchange made an unprecedented 36. 6 billion offer for the london talk exchange. Bloomberg london Stock Exchange. Bloombergs enda curran has more. Enda obviously this is a very ambitious corporate transaction. , itably more importantly would be a real test of Investor Perception towards hong kong. Remember, this raises all kinds of questi
Denny, welcome good to see you. Thank you for having me appreciate it. Weve got about a hundred s p names on the tape so far for the quarter and in tech, at least, if you strip out netflix, what has there been to complain about, really . There really hasnt so far. You know, the numbers, particularly if youre focused on companies with Long Duration competitive advantage and you would highlight over the last couple of weeks, weve seen microsoft, for example, put up exceptional numbers, as the cloud transition continues and azure continues to ramp and you know, its just amazing, if we think about the numbers there of their commercial Cloud Business, which is effectively the size of Amazon Web Services. Its a different kpocomposition, mix of business. But both of those businesses are growing 40 at 40 billion annualized its pretty remarkable numbers so, you know, a great area to continue to be in. Microsoft, you know, still trades at, you know, an evaluated but reasonable valuation. Asml pu
The german tenyear 32 basis points. What is that going to do at the end of the day if they rethink that inflation target . David and what does it mean . Peggy collins pointed out the u. S. Is taking a look at the same thing because Central Banks are saying we had this to ,rcent, it is not this 2 it is not working out. Do we have to take a different approach . Phillip morris the latest earnings coming out. It really highlights those that can take this environment and deliver to boost their forecast, and those that just cant and dont have the Pricing Power like netflix. David then you have honeywell somewhere in between. It beat on earningspershare, a little soft on revenue. It does seem to be weathering the storm of trade uncertainty at the moment. Alix in the market, lets look at how that push and pull is playing out. Netflix well off the lows of the session. Eurodollar taking a steep leg lower on the news about that reflation rethink that inflation rethink by the ecb. Money flowing in
Plus, oil markets squeezed again as russia and saudi arabia send more shockwhataves throughe market and china throwing more stimulus at the private sector to boost the struggling economy in the recovery. It is friday, august 4th, 2023 you are watching Worldwide Exchange here on cnbc good morning welcome to the show. Im dominic chu in for frank holland. Lets kick things off with the u. S. Stock futures after the s p and nasdaq turned in a Third Straight day of losses, futures right now showing a brighter picture, at least for now. S p implied higher by 15 points. Dow jones industrial average implied higher by 55 nasdaq up 83 a tech recovery may be in the works. This is ahead of the july jobs report economists are expecting employers to have added jobs at the slowest pace since december of 2020 at just 209,000 net new jobs for the month checking on the bond market. 10 2year yields yields on each up 5. 5 to 6 this week alone. The 10year treasury is 4. 91 . Slightly lower the 2year treasur
Day. Yield unchanged. We are at 2. 79 . Are we hitting the moment we start to breach the pain into the equity market . Crude down 1 10 of 1 . David time for the morning brief. Exxon releases its earnings report. At 8 30, the jobs report will be released. At 10 00, we will see u. S. Durable goods numbers for january and that takes us to our first take. First, disappointing Deutsche Bank earnings. Second, the tech earnings after the bell yesterday and amazon killing it. At 8 30, it is all about jobs and wages. Alix you are talking like me. Lets kick it off with Deutsche Bank because at one point it was falling the most in germany in about six months. Riccadonnais carl and Synovus Trust companys dan morgan. If you look at trading revenue, down 27 , it is not a Deutsche Bank issue but it looks ugly. Carl we have seen that across the Banking Sector among the Major Trading floors. Q4 was a quiet quarter for the markets, and now as we transition into the new year, we have yields on the move i