First speech to call for strength, resolve, and courage in europe, but steers clear of any serious policy prescriptions. Good morning. Lets take a quick look at the data this morning, getting set up for tuesdays trade. We have a yen that has weekend toalmost 109 weakened almost 109. Optimism for a trade deal driving the yen up to almost 109. Right now, 108. 77, driving up the 10 year yield, looking at 1. 80 right now on the 10 year yield as investors feel comfortable enough to let go of the perceived safety of u. S. Government debt. You see s p futures gaining once again after we saw new record highs for the Dow Jones Industrial average, the s p 500, and the nasdaq in yesterdays u. S. Trade. It is definitely looking like a lot of risk on sentiment in these markets as we get more and more optimism on trade. Still, equities may have even higher to go. Here with the details is dani burger. We might seeson equities move higher is theres one key group that has not latched onto this rally, a
First to our top story, job numbers came out friday while overall payroll gains were up in july along with a rise in hourly earnings. That wasnt enough to keep stocks out of the red, the worst week of 2019. This as President Trump decided to ratchet up the trade war with china, announcing a slew of new tariffs for the start of september, and dont forget the fed cutting Interest Rates for the First Time Since 2008. A move chairman powell describes as a midcycle adjustment to keep the economy expanding. We have tom thibodeau, the ceo and our editor mike regan. Why were markets caught off guard by the president s escalation of the trade war, when really there has been no end in sight. If you look back to the g20 meeting last month, there seems to be, if not progress, at least 80 escalation of tensions. When we started the week, President Trump was tweeting on monday about china, criticizing them. At that point it didnt seem like he was ready to escalate things with fu catching people offg
A big market move yesterday that started with concerns surrounding hong kong and that means yen found a good bed yesterday. Argentinaocus was in after the selloff after the surprise primary where we thought it unlikely the candidate could make it. The second time of voting since october. U. S. 10 year yield that 1. 63 . Coming up, we talk with the chief executive of Steinhoff International holdings. Do not miss that interview after 4 p. M. London time. Lets get to the first word news in new york city. Viviana Senate Leaders in italy failing to agree on the date for a confidence vote in the populace coalition, leaving the deputy premier happy to wait before consolidating power in rome. Discussions in the Upper Chamber continue tonight. If there is a new election, the commanding lead means he will likely be the next Prime Minister. Global anxiety showing up in the treasury market. Yield on 30 year Treasury Bonds approaching alltime low as the 10 year yield also fell. That one point it wa
The door. Doordash. Survey hear from the monkey ceo. First to our top story, job numbers came out friday while overall payroll gains were up in july along with a rise in hourly earnings. That wasnt enough to keep stocks out of the red, the worst week of 2019. This as President Trump decided to ratchet up the trade war with china, announcing a slew of new tariffs for the start of september, and dont forget the fed cutting Interest Rates for the First Time Since 2008. A move chairman powell describes as a midcycle adjustment to keep the economy expanding. , the ceoom thibodeau and our editor mike regan. Why were markets caught off guard by the president s escalation of the trade war, when really there has been no end in sight. G20f you look back to the meeting last month, there seems , if not progress, at least 80 escalation of tensions. When we started the week, President Trump was tweeting on monday about china, criticizing them. At that point it didnt seem like he was ready to escalat
Few years, is leaving the business. Apple is trading down by. 8 . I want to take you to the gmm function to see what the big movers have been. Down under, australia and new zealand are doing well. Equity outperformance has been a feature, strong markets in the bond market. But equities have underperformed, and that is worth paying attention to. We will see some rebalancing coming in. To give you an idea of the risk narrative, we have this weird market were equities and bonds have gone up, and the yen has gone up. The british pound, not so much, down by 2. 36 . The front end of the u. S. Curve, something that has been factoring in what has been going on with the fed, bullying the fed and pushing it into maybe some of those big cuts the market is anticipating. Lets get back to Deutsche Bank. Reports out that Deutsche Bank is preparing to cut as much as half its Global Workforce in equities trading, part of a broad, another broad restructuring to boost profitability. Bloombergs german ban