Of significant progress. Now on bbc news, all the latest Business News live from singapore. Typical storm harvey takes its toll on the oil industry. The lip pump up gas prices here in asia . And on South Korean Electronics giant that the green light to test drive automatic cars. Its a friday everyone good morning, asia, hello, world, thank you forjoining us for Asia Business report, im rico hizon. Starting with Hurricane Harvey and it may have weakened but flooding continues to wreak havoc on parts of the south east portion of the united states, some projections show it may be the costliest National Disaster in us history. The houston area is home to americas oil and gas industry, the country s largest refinery will be shut down for at least two weeks and other refineries along the gulf coast are off line as well. Lets take a look at the updated numbers for the oil markets in asian trade. It rose overnight in new york trading but in the early asian trading it is slightly down. I spoke
With 30 minutes to go before the end of the monday session. Stocks are rising after the best since july,ast week all of these currencies are falling against the dollar. Look at the bond selloff continuing, all these yields arising across europe. Commodities, gold selloff continues. Ziemann agreeing to buy mental 4. 5 billion, its largest acquisition since 2014. The German Engineering Company is extending its Industrial Software capability. Share,ll pay 37. 25 a 21 above the Closing Price on friday. Ziemann is pushing deeper into Software Applications that are crucial to running its industrial equipment, shares up by 1. 25 . Rwe posing a larger than estimated thirdquarter loss. Prices slumping in europes biggest market. They reiterated that profit forecast for this year, basically they are on the wrong side of europes biggest economy and their unprotected unprecedented shift towards renewable energy. After listing its Renewables Grid and retail arm energy last month, the focus for this
On cnbc. Im wilfred frost alongside seema moody. Great to see you. A continuation of how we ended last week. By that i mean buying off stocks and the dollar higher. We had a weekend to pause and consider whether that is the right move and markets seem to think it is. They are continuing in that direction, albeit more muted than the huge moves immediately after Donald Trumps election victory. We are higher just shy of 100 points on the dow, 94 to be precise. The s p by 8. The nasdaq by 14. Huge moves last week to the tune of 5 to 6 as a whole. But it is worth pointing out there was differentiation within it. This was not just a move that growth will be higher in all sectors and they will all benefit. It was based on the fact that yields moved higher and with that the sector rotation was clear. Financials are up a huge 11 for the week. But utilities were down. Well have a look at the tenyear note. We are 2. 28, sorry, 2. 22 moving higher. You can see that stock shutting higher in the las
Were decoupling 2. 27 . 30year at 3 . Fiveyear at 2. 6. And i go through all of those to highlight the yield is steepening and continues to do so. Global yields, this is getting interesting. Italian tenyear, 2. 21 . Its moved 18 basis points in a day. You see the biggest weekly rise, oneweek rise for the italian, german and french tenyear yield, we have seen it happen the highest in years. How long . 30 years. But all the strategists said probably five years four or five years ago we were wait iin. Here we are. What was happening the entire time that rates were not going up . We were sub2 . We were stuck in the muck, basically. The greatest thing, i mean, to see the stock market hitting new highs while rates are surging, if youre at zero on rates and sooner or later you have to normalize, if rising rates are going to move into financial assets, you have a problem with stocks going down. Unless you decouple. Rates are going up for good reason, then the stocks go up at the same time. You
Some big winners, it could also start producing some big losers with the dow edging up 21 point, snaep declining marginally, and the nasdaq falling 0. 36 . Before i go into how things are playing out, let me say candidate trump may turn out to be different from President Trump. Candidate trump, what does he want to do . He wants to cut taxes, right . He wants to build infrastructure, build up our armed forces, and be tough on our trading partners. A philosophy that included scrapping nafta to get back at mexico and perhaps throwing tariffs on the host of goods we import from china. Last weeks rally was based on the first part of the premise. You got taxes, you build more and Interest Rates go high, which is good for the banks and theyve continue to rally. You give people more disposable income. Thats good for retailers and travel and leisure companies. You want to pump up our military, you need to order hardware from Lockheed Martin and northrup grumman, to name two. The moves in those