Rose. Microsoft saw a better First Quarter revenue, helped by demand for Cloud Services as more people work remotely. Sales through september topping 37 billion. Melbourne, the merge from a melbourne emerges from a strict lockdown. Ours and restaurants are reopening, even home visits are allowed. Shery lets get you started with a check of the markets. U. S. Futures opening lower, down. 4 . This after stocks fell to a three week low in the regular session. We had cyclical stocks taking the brunt as virus cases continued to climb globally. We have the nasdaq composite pulling back of yesterdays losses on the deal around amd. Durable goods orders coming in better than expected. Lets see how things are shaping up for the asian markets. Here is Sophie Kamaruddin in hong kong. Sophie we are seeing losses continue here in asia. Chip stocks very much a focus after amds deal to buy. Earnings. We have results from sony, zte, as well as budweiser asia to name a few. And a straley or, we have had
The forecast was 50 4. 8. 67. 6,ders up strongly, point three. 63 the one disappointment, and this is been true throughout the crisis, employment does rise but it is still negative already 6. 4 46. 4. The numbers are better than expected for most of the pmi but in the case of the headline and the new orders numbers, they are up big. That should be good news for the overall economy it will probably lead into some strengthening about what is happening with employment. Alix if you look at eurodollar you are seeing it take a leg lower. Either way, the dollar is getting a slight bid there. What are we looking for over the next data points . Michael to see if they fall below one million if theres any progress of that front. This is not the week of the survey, so it will not have a bearing on friday but it is the latest point that tells us where we are. Mosts have slowed down and of the highfrequency indicators. The jobs report is what everybody wants to see because it was a feeling that the
Typically this is the time you would see investors plow back into their equity safe havens like tech names. The sectors outperforming our the two that have been hit the hardest so far this year, financials and energy. Financial still off 24 . Energy down 30 year to date. Well asbank index doing regulators rollback some of the rules put in place after the great financial crisis. Banks will no longer have to set aside money when trading derivatives with their affiliates. That frees up capital, and that is always a good thing for banks. Regulators are modifying the volcker rule to allow banks to increase investments in funds. Do not watch not forget to watch for the fed releasing stress test results. Watch apple and disney, apples closing other seven stores in houston after closing 11 last week because of increased virus counts across different states. Disney delaying the opening of disneyland in anaheim indefinitely. It is not the cake and get approval from state officials in time for th
Weakness. We had massive Dollar Strength in the last few weeks, given the funding issues, and everyone just wanted hands on dollars. The fact that that is easing a little bit could give us some hope that may the funding issues have worked themselves out. What is not working out is big tex. I was innto this year, san francisco. You had rbc saying google, facebook, top calls for the year on ad spending. It was an election year, the olympics, it was all going to be a huge advertising year. As we know, the olympics were delayed. Facebook coming out and saying they are seeing a big uptick in usage of whatsapp. The demand for news is there, yet it is not translating into ad sales. The first thing you cut when things are tough is discretionary spending, so firms are starting to pull back on some of that advertising revenue. That is why youre getting at uptick in usage, but it is not translating into sales. I wouldnt be shocked if we got a lot of analysts revising after the olympics are delaye
Good morning ladies and gentlemen. If you will kindly take your seats. Latecomers will be accommodated. There are handovers over on the right you will want to have with you or take away with you. Please help yourself to some coffee. Welcome to use China Business council. This is a press conference talking about our annual member survey, and it will be done in three parts. The first part i will introduce our president craig allen, and then after that our Senior Vice President jake parker will walk you through some of the highlights of the survey and then we will open it to questions. So at this point its my pleasure to introduce you to president alan. Good morning, everyone, and thank you very much for joining us today. My name again is craig allen and on the president of use China Business council, and would like to welcome you here to discuss our most recent survey which we are releasing here today. So thank you again for joining us. So just a couple of words of background at this sta