the u.k. on lockdown again. is there a bubble intact? what about bitcoin? we will dig into all things crypto as bitcoin sores passed for 34,000 dollars, then pulls back. and, a meet at the google bargaining table. google employees start a union, aiming to take on issues from compensation to ethics and challenging the search giant s leadership. onst, u.s. stocks slumping spikes in cases of coronavirus and before this week s georgia senate runoff. wrap it up for us. little bit of a positive gains in the premarket and then everything went south. nasdaq end thee day in the red by about equal margins. the new york faang index and the stocks index outperforming the major benchmark. a lot of the pain was in those tech hardware stocks. this idea that demand for tech hardware with this virus risk isn t going to be as robust as some people thought. ine of this tech pain chinese companies listed in the u.s. you saw the nasdaq golden dragon index under as well. theyou look under the hood
infections rising not only in europe, but also in specific european countries. let s get to the markets. the focus is also another currencies. euro-dollar on the back of what we heard from christine lagarde. investors toward u.s. fiscal stimulus. the bloomberg first word news. here in london with me is leigh-ann gerrans. is considering fresh sanctions on iran. they may target more than a dozen banks and label the entire finance industry off-limits. the move would effectively leave iran isolated from the global economy. a wrong has already been crushed by the loss of oil sales thanks to american restrictions. french president emmanuel macron says he has agreed to meet the opposition leader of belarus, as he looks to persuade his eu colleagues that he is serious about confronting russia. the eu is holding a summit later this week to discuss potential sanctions against moscow for not cooperating on belarus. fears the u.k. could be facing a long-term increase in the size of the s
investors are back on and betting that stimulus is off and their favorite trade is back in. they, amazon, facebook, are all helping the s&p 500 higher today, having held it back earlier this month. stimulus is not just key to the value investor right now. fed chair jay powell and treasury secretary steven mnuchin making the case today for more stimulus. it looks as though the base case is no additional fiscal support. that is why we are suddenly seeing the rotation back into big tech and bye-bye any value investing. joe: yes. the prospect was already looking dicey for fiscal stimulus. with the new fight in d.c. over the vacancy on the supreme court, that reduces the odds. but even setting aside the market question, we hear from fed chair powell that to get a robust recovery, we need more stimulus. it was expected by the fed we would have it. bloomberg economics is projecting that gdp growth will be 5% slower than it would have been in q4 in the absence of stimulus. again, rot
the u.s. and china clash again, this time at the virtual u.n. meeting. u.s. futures are flat the moment. this after another volatile session. we had stocks rising. one mega cap rebounding. the s&p 500 recovering from an early dip prompted by some comments coming from jay powell. mnuchin spokery in congress today. the dollar touched a one month high. look at what oil is doing at the moment. wti is below $40. we are also looking ahead to the asian section. we are suspecting policy changes to come in the november monetary policy statement. large parts of the market expecting the negative rate to take place in the first quarter of next year. it looks like a modest start to the trading day. cindy futures are looking positive. watching the aussie and kiwi dollars. we saw the u.s. dollar strengthening to the highest in five weeks in the overnight session. repeating that the u.s. economy needs more support and has a long road to travel before it will fully recover from the coronavi
slightly pressured. $650 billion are wiped out in u.s. equities in one day, yesterday. a lot of it has to do with the dollar. on track for the best week since april. that is hurting sentiment around the region. the aussie dollar is hovering around the july lows. you have more calls for a cut of the cash rate from the rba next month. we see yield heading lower in australia. 105 for yourat offshore renminbi. slightly stronger for the pboc. here are where yields are. 67 basis points. we continue to watch what s going on in the aussie 10 year, and the china bond inclusion could happen later on today with that ftse russell. russell wreste. could spur inflows into the market. we are watching commodities with the dollar strength. the metal is falling off. silver, copper and aluminum taking the biggest hit in the last 24 hours. the marketre on action we are joined by our mliv strategist in singapore. question of the day is what i want to start with. what assets suffered most from