Billionaires index. Raise 30 5ting to billion in hong kong and shanghai. Aviation in australia. Alice springs emerges as the ideal place to store passenger planes left idle by the coronavirus. Shery. Shery breaking news out of south korea. We are getting the preliminary thirdquarter gdp numbers and we are seeing the quarter on quarter the economy has grown 1. 9 , which is beating expectations of 1. 3 and this is also coming after its first recession since 2003. We saw a contraction of more than 3 in the previous Second Quarter. Youre on your, still a contraction of 1. 3 but its a much smaller contraction than was expected and it is also a contraction that has eased from the previous quarter. We have seen growth and strength when it comes to south koreas exports and manufacturing industries. Thirdquarter manufacturing actually growing 7. 6 quarter on quarter when you look at the details in the gdp numbers. We have seen the rebound in china. South koreas biggest trading partner helping i
Performing significantly better than europe, also pointed to stock that has the u. S. Market gains against other countries. We will continue listening to the president and see if he has anything more to say. We are waiting on anymore comments from a u. S. Stimulus package, not to mention ongoing u. S. China tensions as we are getting close to that and of wecheck. Pps tiktok and quick check of stocks trading at the moment, u. S. Futures holding flat after u. S. Stocks surged briefly to a record high, reachedthat 3386 level february 19, before the pandemic. The s p 500 closed 1. 4 percent higher, tech leading gains. Nothing specific driving the rally, Speaker Nancy Pelosi saying lawmakers are miles apart on another fiscal stimulus package. The s p 500 index saw the biggest jump in over five weeks, all 11 Energy Sectors rose. Look at what oil is doing at the moment. We are seeing it under a little pressure, headed to the 42 a barrel level, after jumping in the new york session to a fivemo
India may miss growth targets as the virus cripples the outlook. Intel plunged after its new chip reduction process was delayed again. The company is under pressure as customers increasingly turn to rivals for chips. We are just getting pmi data out of australia crossing the bloomberg. The pmi actually rising to a record high in july. This is a preliminary number for services coming in at 58. 5. Manufacturing pmi also higher, 53. 4 from 51. 2. Composite at 57. 9. A big jump from the 52. 7 in the previous reading. That returnecting to some semblance of normality as part of australia exit the stricter lockdown. Going forward will be key given we are seeing a fresh sixweek lockdown from victoria. Lets take a look at how we are setting up this friday session. U. S. Stocks falling to the lowest in about a week after unexpectedly high jobless claims rekindling worries of the economic recovery stalling. We are seeing more recovery when it comes to trading in futures contracts come up about. 2
Selling but the glut looms over the market. The politics of the pandemic. The u. S. And china continue to trade barbs over their handling of the crisis. Washington says the world has been let down. Breaking news out of south korea. We are getting First Quarter gdp numbers quarter on quarter, seeing the biggest drop since 2008. Young talking about a contraction of 1. 4 . It is still a little bit better than expected. The expectation was a contraction of 1. 5 but it will still be the First Quarter on quarter retraction since 2009. The year on year number rising 1. 3 , is also bigger increase and was expected. It was expected it would only gain 1 . It is also growing this rise of 1. 3 year on year coming after growing more than 2 in the past two quarters, so it is still a slowdown from the previous quarter. We are seeing manufacturing taking a big hit, a contraction of 1. 8 for the Fourth Quarter and also contraction from the previous quarter. We are seeing the hit on retail trade, accomm
Bloomberg asia. Checking on markets, lets head to new Zealand New Zealand to be gainingen for three consecutive weeks. The kiwi dollar has seen a falling for the last three consecutive sessions. Down to thecounting opening in australia. Japans nikkei ending 3 higher. Futuresand make a pointing to slightly higher futures pointing to slightly higher. Manufacturing data coming out later today. An economic slowdown. The gauge slipped to a fivemonth low. Yvonne has been taking a look at this. It may be time to take more action. That it justsigns was not stable. Market juste stock makes things more obligated. In july. Pmi 50 anything above 50 indicates expansion. There are talk of fresh fiscal spending in the picture just to make sure china can reach that growth target by the end of the year. Continuing pressure for the second half. Numbers tosimilar the 50. Deterioration. It is facing more difficulties there. There is a measure of services and construction that turned out better than expect