Bullet finish the session there . We will have to wait and see. Some stocks recovering from major losses yesterday, including hunts transport services, having dropped 22 yesterday. Companies like alumina, which gave a negative outlook, really getting punished today, down 16 . The 10 year yield backup to 2. 12 . That is widening the spread. Crude oil above 60 a barrel and holding. The mexican peso had been weakening. It is back above 19. The president tweeting this morning that the Biggest Development in u. S. mexico talks on trade has yet to be revealed. Stephen mnuchin in the last few minutes warning the u. S. May hit the debt limit by Early September in a letter to nancy pelosi. Once again, the treasury secretary warning that the u. S. May run out of cash in Early September. Another develop and, up President Trumps labor secretary out. One week left. Alex acosta announcing this morning he is resigning. It was a surprise appearance by the president. We are joined by our Bloomberg Nati
The june 20 record we had of 29. 54. At 2944. Now at 2966. To 14s fallen back down per ounce. We take a look at what that means for the two tens. Inare spending a rate cut july. Trying to get a lift, yields going out to 10 years. The story, as you know, always continues to be about trade in china. You are looking at dollar weakness relative to you on strength two yuan strength. Asiango over to our conversation, particularly over there with hong kong, we know in the last two hours we had protesters breach the Legislative Council for our global audience in hong kong. We had an update by sophie, on the ground for us. This is as they mark the 22nd anniversary of turning back over from the u. K. To china from hong kongs perspective. We will continue to get more updates from her in about 10 minutes time, where we will be live from hong kong. Guy absolutely. We are watching it very carefully in hong kong. Lets get back to what is happening with the markets. Local Global Equities rallying. We
Few years, is leaving the business. Apple is trading down by. 8 . I want to take you to the gmm function to see what the big movers have been. Down under, australia and new zealand are doing well. Equity outperformance has been a feature, strong markets in the bond market. But equities have underperformed, and that is worth paying attention to. We will see some rebalancing coming in. To give you an idea of the risk narrative, we have this weird market were equities and bonds have gone up, and the yen has gone up. The british pound, not so much, down by 2. 36 . The front end of the u. S. Curve, something that has been factoring in what has been going on with the fed, bullying the fed and pushing it into maybe some of those big cuts the market is anticipating. Lets get back to Deutsche Bank. Reports out that Deutsche Bank is preparing to cut as much as half its Global Workforce in equities trading, part of a broad, another broad restructuring to boost profitability. Bloombergs german ban
That is a message to Boris Johnson if he ends up prime minister. We are seeing a bond rally across europe as well, with yields lower. All over europe, but particularly the more troublesome countries like italy and spain. This on news that the ecb might start qe again and is looking at inflation targets, having a talk about whether that can be changed. We will talk about that in a few moments. Lets have a look at the u. S. Now. The s p 500 is relatively unchanged come about whats going on. Morgan stanley up 3 10 of 1 , the final of the major banks to report. We did see some buying this morning. That has leveled off a little now. All told, Morgan Stanley meeting expectations in some areas. Wealth management the outperform or. The rails index up. We will speak with lance fritz. Union pacific coming in with a great quarter, and this defined what happened yesterday with the transports really selling off on the back of csxs news. The 10 year yield in the u. S. , 2. 06 , dragged lower by euro
That continues to decrease as gold and other assets move higher. A big deal today, allergan up theon the neil that on news that abbvie will buy it. 20 is not as much as the 45 premium that abbvie is offering. Hsbcs ceost guy john flint weighing in on President Trumps trade war with china. Take a listen. When we get past trade, i think it is clear that there is a broader desire to see china contained in some way. I think we will move into a chapter that covers technology, and maybe bifurcation of technology and technology standards. Guy containment. Havent heard that in a while. We are joined by john rochester, nomura asset strategy. Does trump do a sort of kim jongun and walk away . It could go that way. The market is not expecting that, so that is a long dollar trade. In essence, holding long dollar is the better choice of the two because since last tuesday when we had the news of the beating between the two sides, we have , the feddollars often now having 95 basis points in cuts pric