the cash trade is an hour away. these are your top headlines from the bloomberg terminal. traversing course. goldman sachs tell staff in london to work remotely, reversing course after the u.k. government appeal to britain to head back home if they can. temporary power. the ecb says the central bank risks legal trouble if it tries to extend crisis era flexibility to regular bond buying program area and battery day with no sparks. elon musk disappoints as tesla fails to unveil any major innovations, but it does promise a mass-market car by 2023. we are just under an hour away from the start of cash trading in europe. look at futures and you will see green arrows. the percent missed price points to stronger than 1% gain on the major national benchmark indexes here. you can see ftse futures up 0.9%. take a look at u.s. futures. more of a mixed picture there. dow andgreen arrows for s&p futures. nasdaq futures are little changed. slightly to the downside. what do you see on the d
matt: u.s. authorities worn americans to prepare for a can potentially coronavirus outbreak to prepare for a potential coronavirus outbreak. meanwhile, rio tinto s windfall. they report their highest four-year profit in eight years on a surge in iron ore prices, but the company warns of significant uncertainty if the coronavirus persons. and a south carolina free-for-all. democratic presidential candidates turn on bernie sanders and his rivals came to stall the front runners momentum. matt, let me pick up with what s going on with breaking news this morning. we ve got a number of corporate s reporting. let s get to the luxury sector with hermes. 10.7%.s up by the estimate was an increase of 10.7%. that s a redhead line across the bloomberg this morning. still talking about ambition, some commentary coming out of the luxury french business. the ceo is saying it is too soon to know when sales will rebound. there is a potential normalization from coronavirus in china. in china
global oil prices have hit their highest in four months after two drone attacks on saudi arabian facilities on saturday. brent crude has jumped 10% to over $66 a barrel. aramco is the world s biggest oil producer and one of the world s most profitable businesses. around 5.7 million barrels a day have been cut by the attacks, that s roughly half of saudi arabia s oil production. oil prices have eased back slightly after us president donald trump authorised the release of us reserves. aramco‘s affected facilities at khurais and abqaiq produce around 8% of the world s oil supply. bob mcnally served in the bush administration as its senior energy advisor. he s now president of the rapidan energy group in washington. he thinks there are genuine reasons to be concerned about the impact of the attack: (tx vt next as long as the us and saudi arabia on one side and iran on the other remain in this conflict, we will build on a risk premium. it is getting very serious. this is not sim
francine: good morning, everyone. welcome to bloomberg: surveillance. good morning if you are watching from europe and the u.s., good afternoon if you are watching from asia. francine lacqua here from westminster, what a day! this is the day boris johnson becomes prime minister. there is a lot of pageantry today. has her last prime minister questions our in parliament and that she goes to see the queen. she comes back, and then it is boris johnson started to see the queen. in the meantime, we have market movement. euro area july manufacturing pmi is below forecasts at 46.4. services pmi is pretty much in line with expectations that it is a fall from the month before. we also had ugly german data which will impact euro-dollar. this is what is coming up on bloomberg: surveillance. , forve plenty of guests example, the ac malan chairman and deputy chairman at rothschild. he will be with us to talk the latest on oil. we also have robin from chatham house. let s get straight t
we start in osaka, japan, where leaders of the 620 group of the world s top economies are beginning their summit. for global financial markets and the business world at large, the big moment comes on saturday morning, with trade talks between president trump and xijinping. there s been cautious optimism that the meeting could produce a deal to stop a further escalation of the trade war that is threatening the health of the world economy. on may 10th, the us raised taxes on chinese imports worth $250 billion a year from 10% to 25%. china then retaliated with taxes on us goods of between 5% and 25%. the us is threatening to hit a further $325 billion of chinese imports with the same taxes if a deal can t be done, pretty much covering everything the us buys from china. china of course is sure to retaliate again. well, according to economists at bloomberg, if this happens, and all us china trade is taxed, the cost to the global economy could hit $600 billion in 2021. that could m