Lets check quickly on the markets. If you look at the markets, and a lot of them are looking at the concerning news or news brexit is going to weigh markets were hoping. The stocks european 600, down and the pound, looking to see if there is any swing on that. 1. 3243. Lets get to the first word news with leighann gerrans. A british official says brexit talks need to show progress by tonight if they are to continue. European unions chief negotiator is said to have denied any breakthrough on the issue of fishing license. Boris johnson is due to speak with the Commission President ursula von der leyen. Donald trump says his personal lawyer Rudy Giuliani has tested positive for coronavirus. The New York Times says the 76yearold was admitted to hospital yesterday. The president wished him well. Giulianis son tweeted his well. Is feeling the u. S. Is said to be ready to sanction more chinese officials over the role of the recent disqualification of hong kong legislators. Familiar,to people
Happening here. We continue with this outperformance from the small caps. We continue with this rotation. Abigail we do, and today is relatively subtle. The outperformance came from energy and financials, which at the end of the day finished higher. Today we are once again seeing movement into the cyclical sectors even though the s p 500 on the surface is basically flat. The nasdaq 100 is lower. You were mentioning the small caps. The russell out another alltime high on the day. You again have investors moving to small caps, value, the cyclical sectors. Theres the financials. Industrials, energy, real estate can materials, all of the sectors in green are the growth and cyclical sectors. On bottom, you have tech and communication services. It is pretty interesting because tech is really being weighed on by apple right now, and they have cut their developer fees by to 15 from 30 . That is a pretty decent chunk of revenue in the past fiscal year, 1 3 of it to those apt of elements. That i
We got a boost from the bank of england a little early around. We will hear from the governor in just a moment. The cable rate, 1. 31. Keep an eye on the critical lines in the sand as we come through tomorrows session. We are starting to see yields a little bit higher here in europe today. A little bit of stabilization may be in the bond market after yesterdays big move, but a much flatter curve. Lets dive into the bank of england decision to boost its bond buying program. 150 billion, a little bit of a surprise. The market was expected 100 billion to be added to the program. Why the bigger number . That was the question i put to the governor. Gov. Bailey i think that was what we learn from our earlier experiences with covid. It is important that we act both quickly and that we act clearly in scale. That was an important consideration for us. The second thing is that we have to meet the inflation target sustainably over time. So a lot of work we did on our forecasts, employing the pers
Surveillance. I am Francine Lacqua here in london. This is what the markets are doing, focused on the lack of stimulus coming from the u. S. They are also focused on the earnings. I see a bit of zigzagging. The other thing i am watching for is the pound. A lot going on, you know, in the next 12 hours, when Boris Johnson needs to decide whether to abandon talks with it eu, giving the clear signal of what he wants in order to remain at the table. We have a pack show today. Talk top at 9 30, we the irish finance minister that wedonohoe, and speak with ignazio visco, the Banca Ditalia governor. Now lets get to the bloomberg first word news in london with leighann gerrans. Hi, leighann. Leighann good morning, francine. The boeing 787 has been deemed safe to fly. The news comes besides a software upgrade, not being done it for up to two years. The max was founded in 2019 grounded in 2019 after two fatal crashes. President trump and joe biden held separate town halls last night, 1000 miles ap
22 days to go until the election. Trump trails joe biden in a national poll. Yuan rally hit the pause. A weakerlowed with than expected fixing. It is just gone 6 00 a. M. Really filled with a lot of fingerpointing as mark cudmore points out. No one really expect money from a major new package before the u. S. Election, but they are betting on a monster injection. That puts our focus on the rising coronavirus cases europe is battling, and attention will shift to london. We will hear about restrictions from Boris Johnson. Lets take a look at how. Monday lets see how monday morning is shaping up. Equities, the csi 300 outperforming. Up to. 5 . There is a lot of optimism ahead of president xi jinpings address this week. That is expected to announce reforms to the upside. Trade,. S. Equities of the bond markets will be closed for columbus day. Lets take a look at what is going on across asset. When you look at the currency space, it is about the yuan. A higher dollar weaker yuan. This comes