Opec supply cuts will tighten the market. It is labor day in the United States and canada, the regular band is out for the holiday and ive taken over for the interim period. A little bit of visibility of what is open. What we know is currently offline are the cash, u. S. Equities and theres also no cash u. S. Treasuries. Many firming up by 1 5 of 1 . The folks at jp morgan and Goldman Sachs making an argument around the story. In terms of valuations those are looking stretched. International equities more attractive. The twoyear german bunds with the country selling 5. 5 billion euros of twoyear government bonds thats coming up at the beginning of this month. A weaker greenback and then brent crude hovering short of 99 a barrel. Lets set the scene with assets in china. China builder shares surging with the nation boosting property support. Shares advancing 8. 7 . Weve taken the real estate index after the country cut down payments for homebuyers and encouraged lenders to lower rates on
Youre watching daybreak asia coming to you live from new york, sydney and hong kong. Counting down to the major market opens in asia. Australia has just opened, the top stories this hour, asia stocks extending losses within escalation of the middle east conflict and the feds policy outlook. Rates will still stay on hold while not withholding the possibility of a future hike. It does not feel like it is too tight right now, there is no evidence that policy is too tight. President biden set to deliver an address on the israel hamas war. Xi jinping calling for a ceasefire in his first Public Comments since the conflict broke out. We have the opening of the asx 200 at the start of the session, the first market coming online. What will be driving sentiment is geopolitics, and also jay powell kicking off what we heard from the fed chairman earlier, saying that they will not necessarily see a rate hike in november, but the outlook is a cautious one. And he says that the door is still open. Of
Shery hello and welcome to daybreak asia coming down to asias major market opens. Haidi australia open for trade. Israel and hamas trade lame after a deadly explosion at a gaza hospital. President bidens summit is canceled. Asian stocks are set for mild gains and traders are awaiting thirdquarter gdp and monthly activity read nvidia warns of tighter u. S. Restrictions on ship sales to china. Lets get you to the start of trading in australia as sydney trade comes online. Again of 4 10 of 1 , particularly watching some of these minerals names. The haven deal to buy coal from mines operated by bhp, two names to watch as they come online. Modest upside in the first few minutes of trading. Watching the aussie dollar which saw a bump up when it comes to hawkish buyers. The low tolerance, inflation returning to targets. Michelle bullock speaking at a panel saying the Housing Market has surprised her amid the Inflation Expectations that the Global Economic paradigm that has not changed since t
Traders we up the rate cut bats as u. S. Job data disappoints to the downside. We sit down with the cfo of coinbase to break down the companys firstquarter results. Its good to our top story. That top story is apple. Shares are on track in the moment for the biggest jump since november 2022. The biggestannounced buyback in Company History probably has some part to play in that, but then there is the story that is simple. Things were not as bad for the iphone in the calendar quarter as we thought they might be. And then there is the question, what on earth is apple doing in the round of generative ai checkup lets get to mark gurman. Long day for you yesterday. I think that sums it up. Not as bad as we had feared. But we still have questions about the path forward. What did executives tell us last night . Mark i think you are exactly right, as always. Things were not as bad as we anticipated. Wall street anticipated, with their estimates. But things were not great. They still had about a
State of ai and the regulation with the cochair of the government ai review. All of that and more coming up. We will check on the markets, macro dictated. Flipping between gains and losses. Seems to be being moved by this market, the bond market, yields backup for basis points. Look for the decadelong highs, 4. 5 seven on the 10 year at the moment, about 5 on a twoyear, worried about the direction of travel for the Federal Reserve and a potential Government Shutdown in the red states. Interesting that we see the dollar pushing higher. We expect the fed to have to push back on where some of the inflation pressures have been. The dollar index for the sixth straight day, the longest winning streak. In the face of a stronger dollar, bitcoin higher,. 5 . About of buying in your trading. To get back to the micro today. Ed there are themes, weighing out in the new cycle markets as well. Theyre shuttering the unit of their business that does augmented reality, 170 jobs going with the jobs bein