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
Bloombergs European Headquarters in london. Im going to take you to italy now. 0. 1 talian economy growing in the Fourth Quarter versus an estimated 0. 3 . That is a mess as im sure you can work out for yourself. Negative news in the first 60 minutes of the session. Lets bring up the equity market board for you. Equities across europe rallying. Commerzbank, one to watch on the dax. Session highs of over 10 . The stoxx 600 by 1. 73 . The ftse up by 86 points. Lets get to the other asset classes. Dollaryen, 112. 57. Biggest weekly gain since 1998. Your pronova, 1. 12 76 eurodollar, 1. 1276. Brent crude at 31 a barrel. Lets cross over to Caroline Hyde. Caroline jonathan, thank you. Federal reserve chairman janet yellen says the central bank is not to blame for the tunnel that has engulfed Financial Markets this year and is unlikely to roll back its Interest Rate increase. Yellen argued that the first rate rise in nine years had been widely anticipated. Germanys economy sustained its momen
You are welcome this monday morning. I am manus cranny. This is countdown. Lets get to one of the biggest market moves since 2005. The onshore yuan has moved significantly. ,e are on holiday for the week the chinese. They came back and looked at dollar weakness and they adjusted the yuan appropriately. By thejusted the yuan most since 2005. This is the hong kong valuation. Let me show you the actual onshore yuan. You have this quite dramatic move in terms of the onshore yuan. They moved in terms of adjusting the valuation back. This is about combining the information over the weekend, imports declining for the 15th month. The head of the pboc absent from comment for many weeks, dismissing the need to tighten, saying there is no incentive to depreciate the yuan. That is what this move has done. Lets show you markets in terms of what they are doing. All predicated on the view that you may well see the japanese do more. Mario draghi speaking today. It is the first back daily decline in no
Freeze. Our road map begins with global volatility continuing. Jim mcgoggin. And apollo and adt are in a deal. And the death of Supreme Court justice ascalia has creatd a firestorm. First up, stock futures jumping sharply. Saudi arabia, russia, qatar and venezuela agreeing to freeze output at january levels provide that other major exporters follow suit. Crude prices rose off their highs of the morning. Some analysts expected an agreement to cut production. Thats not exactly what were talking about now iran on the tape is saying, maybe, we still want our piece. Thats going to be the question, iran and iraq as well who is also ramping up production to get money, its an expensive fight it has on its hands with isis. Thats the big caveat that Oil Producers will agree. Before this announcement, brent crude was up as much as 5 . Its still higher. The bulls would say, at least were getting diplomacy. This is the first coordinated move that the major producers are doing since the pain began,
And nasdaq all higher. Were close to session highs. So with yesterdays big recovery and todays big rally, is a panic selling nearing an end . Joining us is paul hickey of bespoken investment group. Good to have you with us. What is your take on how this market feels at this point . Obviously an up day is welcome after several down days in a row. This market, the day to day moves are more fickle than a 4yearold. So we get big up moves, big down moves. So i wouldnt read too much into this right here at this point. It is just again, welcome, we have been getting killed all week. Still down for the week. Yes, still down for the week and still down considerably on the year, no matter how many no matter what measure you look at. What signs are you looking for that would mean we have hit bottom . Anything that rings the bell for you . I wouldnt say there is any necessarily bellringer, but, you know, some of the if you want to look for encouraging signs now, you have sentiment measures are ver