Jobless claims. President trump scrapped his g. O. P convention as the coronavirus rages. Concerns that big tech is on a bubble. Welcome today break europe. The results came out a few minutes ago. 650 million. T was an estimated loss of 250. 1 million. Equinor posted an unexpected Second Quarter profit. They are on track to deliver on their plan for cutting costs of 700 million. It cease 2021 capex at 21 billion. It sees 20222023 at an average of 12 billion. A clear beat in terms of Second Quarter adjusted net and profit. Keeping the dividend and keeping the fullyear capex guidance on change and on track for cost cutting. Those are the main lines coming through. Well speak the the c. E. O. Coming up at 7 00 a. M. U. K. Time. Japan is closed. China is bearing the brunt of the losses. Red on the screen in hong kong and australia. A little bit of a weaker yuan. An increase in tensions between the u. S. And china given the news around the order of the chengdu consulate. Take a look at what
Bubble. The good morning, everyone. This is bloomberg surveillance. I am Francine Lacqua here in london. The markets are focused on data in the u. S. , stimulus in the u. S. , and for july manufacturing 51. 1, instead of the 50 that was expected. The other thing we are really ,atching out for is gold, 1897 within a whisper of 1900, which will be a big psychological impact. Now lets get to the bloomberg first word news in london with laura wright. Hi, laura. Hi francine. ,rising for the first time about of march to 1. 4 million, but dropping slightly. The data comes as hundreds of billions of federal aid is set to expire. The u. S. Economy could be at risk of a double recession. A Vaccination Program for the protect ait ceases to second wave of the coronavirus. Twice as manyple as last flu season. At shots available for the risk groups will be available to everyone over the age of 50. Disney is canceling the august release of malan and delaying avatar by more than a year. Date. Ime, no
, stocks andcovery futures sliding after unexpected uptick in u. S. Jobless claims. Delay to the stimulus plan means one thing for markets. This may get worse. , china to the u. S. To close its consulate in chen u du. Mike pompeo calls the chinese president a true believer into italian totalitarian ideology. Delay, thisuction follows big drops in microsoft earnings despite solid results. We are an hour from cash equity trading. You can look at drops of more than 1 acrosstheboard in european futures. You have got you are got u. S. Teachers that continue to fall after the slump we saw yesterday. Anna we have got numbers from vodafone out this morning. Lets get to that. 21 organic services revenue, this is the bread and butter of what they do. Down, but the estimate was something worse. There was another u. K. Giant, unilever, also yesterday. They are keeping the guidance for Free Cash Flow prespectrum. There have been questions around the ipo tower unit. The european tower unit is on tra
Together. If you think the increased interest in europe over the last six weeks of so is off the back of the e. U. Recovery fund. Details are pretty good. It means to us that europe is maturing. It is looking a lot more sophisticated. To us, this is something that can run a little further. The market is getting ahead of itself. People are saying this would d to more this is because of the pandemic. Are we going to be back to square one . Or is this Real Progress . I would say it is a little bit of both. Ultimately, this is the first up towards all the things we have been asking that was put into construction mode. Think there is a fundamental improvement. Terms of the long term in terms of a longterm, we still there were still a lot of focus on the old economy sectors, which means it is likely to struggle for a while and you have to remember demographics. The ecb looks more credible than it did a year ago. Plus, as you said, europe is managing the pandemic pretty well. By the time bein
India may miss growth targets as the virus cripples the outlook. Intel plunged after its new chip reduction process was delayed again. The company is under pressure as customers increasingly turn to rivals for chips. We are just getting pmi data out of australia crossing the bloomberg. The pmi actually rising to a record high in july. This is a preliminary number for services coming in at 58. 5. Manufacturing pmi also higher, 53. 4 from 51. 2. Composite at 57. 9. A big jump from the 52. 7 in the previous reading. That returnecting to some semblance of normality as part of australia exit the stricter lockdown. Going forward will be key given we are seeing a fresh sixweek lockdown from victoria. Lets take a look at how we are setting up this friday session. U. S. Stocks falling to the lowest in about a week after unexpectedly high jobless claims rekindling worries of the economic recovery stalling. We are seeing more recovery when it comes to trading in futures contracts come up about. 2