Welcome to countdown this friday morning. I am manus cranny. We are in london, keeping you up to speed with everything that is moving on markets. And we have a couple of Different Companies that are reporting this morning. We are going to quickly tell you what is going on, we have hans nichols standing by. This is one of europes biggest steelmakers, First Quarter estimates coming in at 9. 5 billion, that is below the estimate of 9. 9. What do they earn from continuing operations in the First Quarter . At 243 million, that is just slightly ahead of the estimate at 239 million. But the First Quarter net losses , and terms of profits, there is a net loss that actually beats the sales level, coming in just under the estimate. That is the net loss that comes versus3 million euros, profit obviously a year ago, at 50 million. This is as europe implements tariffs on the chinese imports. This is as they review the with the dealing prospect of a slowing global economy. Flowyear earnings and cash
Manus welcome to countdown. 6 00 in the morning here in london. Manus super tuesday. Anna the picture around the asian stock trading session. The chinese data we have weighing on a number of asset classes. It is talk about what is going on in japan. Japan selling 10 year bonds at a negative yield for the first time. Manus this is joining the club. You have the 10 year yields being negative. The Central Banks have gone into negative territory. We are showing the bid to cover them. Level in the demand this auction. The yield going into the negative territory. Volatility is at the highest and the yield curve in japan is the flattest on record. In thes a dramatic shift perception of risk and what to do in the bond market. Anna a lot of talk about whether we will see fiscal stimulus. D. O. T. Boj easing. Let us talk about some of the other risk assets on our radar. We are talking about mental prices. Getting those numbers from glencore. Talking about the copper price. Down around, shy of ha
Property in china is reasonable despite official stimulus spending, tier one surging higher. Some advice, dont speculate. Let us know what you think. Follow me rishaadtv, include trendingbusiness. Some gains here hot on the heels of what we saw on wall street and in parts of europe. Happy friday a happy friday for the markets after Central Bank Action and Economic Data around the region. Where seeing this dovish fed effect playing out, without japan, of course. Strength coming out of markets heavily dominated by mining stocks. A surging Commodity Prices benefiting from the u. S. To dollar dropping. Up, driven by iron ore miners. Asia, online, southeast dominated by commodity stocks. The straight times up by half a percent, malaysia up by 3 10 of 1 . Extending losses. Affect, a day of resurgent yen strength yesterday , another 3 10 of 1 today. That 110 handle briefly against the u. S. Dollar, the strongest for the japanese currency since 2014. Trading still at that 111 handle. Dollar st
Brent now at the highest levels of the year. Gold, copper, et cetera, and the stocks within that complex have all just ripped. And since february 11th, most shorted stocks in the s p 500 up 20 . This is a massive Short Covering rally. Theres two questions you want to answer for yourself. Is the bottom in . The answer to that right now, only is in will there be an exogenous event that takes you back to the lows. Not an economic event. Recession pulling off the table. Secondarily the question, where do we go from here . Higher. We go higher from here. 37. 50 in oil. Higher from here. Higher in all the names that are tied to the goldilocks formation. Youre shaking your head no. Im on the other side of this. I agree that its a short squeeze going on. But ive got to say that we havent solved any of the fundamental issues in the commodity space, which is simply oversupply. Who cares . Eventually, everybody cares, joe. Nope, wrong. Its about performance, its about Short Covering, the future s
Franchise. We have a rate increase, maybe two more. Ramy and brexit, the date of decision draws near. It will be a shock if we were to leave. There is consensus on that. There is the freedom to find new markets in the world and take back control. Ramy it is all straight ahead on bloomberg best. Ramy hello and welcome i am it ramy inocencio. This is bloomberg best, the most important review of analysis and interviews from around the world. Lets look at the headlines, we start in the middle east. Bloomberg has been reporting on saudi arabias plan to diverse if i is economy and actually reduce its dependence on oil. Diversify its economy and ask a its dependence on oil. Jonathan all eyes on saudi arabia, the economic shakeup has been led by the deputy crown to go mohammed, trying away from the decade of crude reliance. Take us through this blueprint. What do we know so far . We are talking about the biggest economic shakeup since the kingdom was founded in 1932. They will list the company