T overnight in asia, it was a mixed session. Japan was lower, maybe due to strength in the yen it was off by 1 . The hang seng higher by 1 . South korea was higher as well. Europe positive as well, but not by much. Look at crude oil, wti, i just saw 52 53. 71. Higher by a half percent. Brent at 56. 65, nat dgas above bucks. Here. Heres whats going on this morning. Gold prices jumped more than 1. 5 during yesterdays session, bringing the yeartodate gain above 10 . Look at this hour right now. Well show you whats going on. You know, its up. It continues to rise. Looks like its close to a oneyear high. Continues to speak to whats happening. Thats also on the concerns of tenyear treasury, moving back below 2. 30. Gold tends to perform well in a deflationary environment. Which most investors dont understand. I dont understand that, but its supposed to be an inflation hedge. Its the reserve currency in a deflating world. I think the big story is oil. Oil saved the s p over the last couple of
Months and sees 2. 9 growth this year. The Organization Says emerging economies are a source of uncertainty, and their performance has implications for the rough field. How china reaches the objective that they have in mind has a lot of implications from their supply chain partners, for commodity prices, and for advanced economies. At thelets take a look markets. Hong kong and china are currently closed, and here is how they were trading in the morning session. This is the picture in sydney, tokyo, and india as we wait for indigo to come online, its ipo at 12 30. I will be back in half hour. Time now for bloomberg west. Cory i am cory johnson in new york for my work wife emily chang. This is bloomberg west. The owner of match. Com is here. Match. Com has filed for an ipo. A proposed chip industry merger comes under fire. Elliott management wants to break up. One plus one is indeed more than two, maybe more than 2 billion. But first to our lead, yes, looking for love from investors. Ten
Improved offer which has been accepted by the board of the irish. For our top story countdown will be live in athens bringing you every development from the greek capitol in the wake of the historic election which is sweeping the antiausterity party to power. Welcome. Its 6 00 here in london on this monday morning. Five years from the start of the biggest bail glout history. The people of greece voted against the belt tightening measures that came as part of the package. The antiausterity party won the general election putting the country on a clix course with the e. U. Addressing a huge crowd of supporters the leader said that greece had quote turned a page leaving behind five years of destructive austerity, humiliation and pain. The latest figures show hes set to fall just one seat short of an absolute majority and will have to negotiate to form a coalition. Lets get to athens. Good morning. An historic night for greece. It was an amazing night i have to say. I was outside the Head Q
Market. For once the market reacted positively, not negatively to objectively good news and tempered its excessive negativity which is how the dow managed to rally 213 points and s p climb 1. 16 and nasdaq jump 2 . What do i mean by rational reactions to actual positives . How about concrete tips . I have argued that what is freaking people out and making them panic out of all stocks is not the downward direction of oil but the velocity of the move. I think oil can keep going lower because there is too much produced. When oil pauses in decline as it did today we see investors come out from the sidelines and rationally buy the stocks of companies that benefit from Lower Energy Costs including the consumer Package Goods names, the retailers and restaurants. Im going to give you a list that you love later in the show. For years the price of oil had been held up not by demand but by a cartel. Opec. When a cartel is busted up thats good for all consumers, even as it is naturally terrible fo
Funding from School Nutrition programs to a variety of welfare programs and in their place of budget that might mix those sequestration cuts but promises to make up for in domestic cuts everywhere else. Democrats already cried foul and even republicans to get their shot to morrow saved me very careful. But what i like about the house approach is the recognition of what we face bottomless using a play scrooge consider theyre still asking congress to spend 43 trillion over the next 10 years about 6 trillion less than we are slated to spend now. That is still a lot of money and the cuts are really just cut in the growth of spending not our right cuts in aggregate spending for any year. It is braver but i would not go out on a whim to say it is pray for foolhardy. Is an important step in the important direction that offers a path to entitlement cents a not servitude but a budget that recognizes map that understands the addition and subtraction. Last night at this time i was deboning republ