Glut remain. Uber shares rise as it says it is emerging from the virus lockdown. Are getting breaking news crossing the bloomberg when it comes to the new zealand budget. The budget deficit of new zealand at 2. 6 9 billion kiwi dollars 2. 69 billion kiwi dollars. The march balanced budget is just about 4 billion less than forecast. Annette net crown debt has risen dated march 31. That headline number a shortfall of 2. 69 billion kiwi dollars. We know the new zealand economy is better prepared than most in terms of dealing with these extraordinary Monetary Policy decisions, and the fact that the country went into a very strict an early monthlong lockdown, and it has only just emerged from that. We heard from vr begins at talking about how estimates of gdp for the period from the rbnz for the period. 2. 7 billion kiwi dollars, shery. Shery we are seeing u. S. Futures Holding Steady as stocks rose. We have more positive sentiment that u. S. And chinese trade negotiators could be speaking
Official think lowering to a negative rate will not provoke a backlash. Attention on the trade war. The deficit seen widening last month. Lets get a quick check of asian futures right now. In japan we got the nikkei futures pointing modestly higher. A similar story and south korea. While here in australia we have got futures pointing higher. New zealand been trading for an hour now. Not a great deal of action to report. Paul shery ahn u. S. Futures not doing much of the moment. After stocks drifted throughout the session, and then we had a slight uptick for the s p 500 to gain. 3 . We have consumer shares rounding and Energy Stocks were some of the big losers. Losing a lot of ground after that huge surge we saw a 15 for crude monday and continuing to fall below 60 a barrel. We also have banks underperforming. Ahead of thatll fed Rate Decision on. Wednesday ahead of that, we are now seeing the money markets and turmoil. Take a look at this chart on the bloomberg. We saw the rates surge
Country seems to be fueling some kind of negative sentiment worldwide. Tom i agreed to start there for the western world. Its not just about china. There disinflation, we dont need a bunch of charts this early in the morning but the vector of deflation and disinflation in china from the beginning of covid and they did covid differently than we did but im sorry, its disinflationary and get you down to a run rate of a positive 1 even with the present deflation and thats not good enough. Jonathan at the same time, the western developed markets are finding inflation and we had deflation in china and people are asking, we are in it now so how long will it last . Lisa and is this the bottom . It could have a more inflationary time later on. How much does china matter as a disinflationary force for the rest of the world at a time were places like the u. S. Are moving away from importing some of their goods and the eu is trying to be more aggressive with lyft service. And we have budget defici
Annmarie hordern. Jonathan lets get your week started off the back of a second week of gains out the s p 500. Live from new york city this morning commented morning. This is bloomberg surveillance. Positive by a quarter of 1 . The calendars super late this week for earnings, for data. It is super heavy for fed speak. Check out the fed speak for the week. You will lose count of hanley scheduled speeches there are. The highlight of the new york fed president following a downside surprise on friday on payroll. The question, are we quickly reintroducing summer rate cuts after that jobs data . Lisa if they do, how much to the risk exacerbating some of that volatility weve seen in the markets in a way that isnt can use it to any sort of policy . At what point are they going to risk a credibility cut if they Start Talking about rate cuts after trying to push back so aggressively to weeks ago . Jonathan the favorite quote from citi, summer dovin happened so fast. You can sing that later, im no
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