Deutsche bank in the crosshairs, u. S. Investigators with the malaysia scandal investment fund. The tale of two listings. Budweiser asia offering is set to price later today. Less than half an hour until the start of European Equity trading. Ftse futures look like this, positive, as if we will get more out of the minutes or Powell Comments we heard yesterday. Storyle catchup, the before that session is a positive one. Lets see where we are on the asian session. A strong session, fully pricing in everything we heard from paolo overnight. The expectations for july have an cemented. The jobs report on friday did not change the fed thinking on what should be done with insurance cuts against the slowdown globally. Higher. Arkets going this is the fx picture. The japanese yen on the rise. The dollar retreating. Lets put up the other side and show the fixed income side. There are bigger questions about what happens to sovereign trade if we look to reinflate the u. S. Economy. In terms of the
Lets continue with these market themes and try and understand where we are this week. U. S. Stocks fluctuating. I think we are building up to the payrolls. Treasuries continue to attract a bid. We are watching the data. Theres not as much now, but there will be more later this week. We saw the weak pmis. Italian tenure debt briefly going negative for the First Time Since the coalition was formed. ,ark cudmore joins us now normally based in asia, now here in europe, for a take on what is going on around the world. You are more bearish than you were last week. Why the change . Ive met a number of clients for oneonone talks, and i think they are hearing the bullish arguments out there. None of them seem to be overly compelling. Think the two main hopes of the bulls is that ultimately there will be a trade deal. I think that argument is not very strong because i think the longer is trump the only person controlling these trade talks. I dont think china once a deal unless they can be seen t
David time for our daybreak first take. We discussed the top three stories of the morning. First up, equities on the rebound. Second, the outflows from the bond funds. Rd, dreamers did not third, dreamers. They did not get to an agreement in the senate. Michael mckee, we want to start with u. S. Stocks. We are back where we started the year, despite the turmoil. U. S. Stocks are where they started the year. Much. An stocks, not so they have lagged behind. Are we in the midst of a rate hike tantrum. We had seen a thin reaction. There are two points here. Performance in five years, that is silly. We went down, we went up. If you are looking at this, you the to see, not so much absolute level, but what kinds of things are being bought and what is being sold. Other assets are highly risky. Did come in and clean out the safelyso you can more move up. Make the case that equities can still rise. What happened the last couple of weeks, was it a tantrum or did weeks the constructive moves . Has
Is this a sign a National Front victory is realistic. And a 60 billion euro brexit will, mps strike back at the austrian chancellors estimates at the cost of leaving the eu. Program. O the this is Bloomberg Markets the european open. Lets have a look at what the futures suggest we will be doing at the start of trade. Looks pretty much unchanged at the start of the trading day. Potential for some bigger markets, the ftse 100, the dax, negative. Slighter not overwhelmed by positive earnings surprises this morning. A mixed back from a host of european conquerors. Lets see the asian section. Yes trillion sx 200 down by 8 10 of 1 . The Asian Session weighed down by moves in commodity related equity markets. That shouldnt take away from the fact we have seen the fifth weekly gain in asian shares. Global equities pushed over 70 trillion. A little bit risk off to what is happening over in the asian equities session. The commodities picture on the other side of this screen, iron ore down by 3.
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