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the quality s from the virus mount. we have one other major story. the u.s. election gets real. democrats face voters for the first time in des moines. taylor: paul, in the meantime i want to take a look at where the u.s. markets closed on friday. take a look at the s&p 500, off about 1.8%. 1%are now down to tenths of year to date. .ake a look at that 10 year we are down to 161. we are below the key psychological level of 150. and look again at the dollar yen here dollar-yen here. earlier we were seeing the strength in the yen, which is trends.sic safe haven take a look at crude. it is down 1%. we were off 5% week before. a fourthlling off for straight week. we have gone from 53 to 63 in a matter of 60 days. yes, opec looking to perhaps bring forward at the next meeting and that impact is expected to be fairly profound with the nikkei futures off more and soul of more than 1%. zealand already trading off more than 2%. we are seeing the impact on currency markets as ....
the outlook for japan as shinzo abe prepared to step down. we discussed the future for global relations with the american chamber of commerce in japan. shery: breaking news out of south korea, the final gdp numbers for the second quarter. south korea contracting quarter on quarter 3.2%. this has been revised upwards from an estimate of 3.3% secondtion, still a quarter of contraction, quarter on quarter basis. we are in a technical recession for south korea. when it comes to the year and your numbers, a contraction of 2.7 percent, also revised upward from a previous estimate of 2.9%. we are seeing now the beginnings of recovery in private consumption. we ve had government stimulus measures not to mention strong public health response to the coronavirus pandemic, but the risks are there. we continue to see the outbreak in south korea and globally. that has affected exports and demand for south korea and a plunge in exports, the biggest drag on growth. we are getting trade ....
beijing. yvonne: it seems like the stress of the markets easing off a bit, which is a good sign. it is how you read the sentiment. is it that the valuations are overstretched, uncertainty over tax reform, also, is it just the end of the year and traders are closing their books? it seems traders are using this opportunity to buy. betty: it seems to be the mantra you keep hearing these days. adding to the media mentions of buy the dip. these markets have been going up and up it is about time for a correction. it would not be a surprise. he seems to be in that camp, once we see a correction, it is time to buy into these markets. we will see how it plays out. in the meantime, let s get to first word news with courtney collins. bhp says litigation continues disaster, butg warns insurance will not cover the extent of its liabilities. andrew mackenzie told investors investigations in the incident that killed people in brazil. there is a degree of urgency in withdrawing fro ....
this is daybreak: australia. we are still an hour away from the start of asia s major market. betty: a brand-new week, but it will be a short week. it is just after 5:00 p.m. in new york. the thanksgiving holiday break already. last week we saw a second decline in u.s. stock. we ended on a red note. the s&p and dow off by about one or two points as well. decline, twoek of an a row since august. it continues to dog investors. where is the fed going to go next year? beheadedl tax reform and will we get it done by the end of this year? these research notes coming through last week. you have this market, nothing seems to bother it. you have something skittish starting to build, it seems like every headline might comes to that tax reform seems to be hurting the markets as well. we get this brand-new trading week started, let s take a look at new zealand where trading is underway. at about 1/10 of 1%. australia, coupled members speaking early this morning about financial st ....
we will hear exclusively from the economy minister in japan. betty: just moments ago, breaking news out of europe, germany s chancellor angela merkel, her push to unite for parties together into a coalition government seems to have collapsed. they were just running up against that deadline. this is going to put germany into uncharted territory. and really puts angela merkel s job on the line. you can see there is immediate market reaction already in the currency markets in particular, the euro dropping right as the news broke about the talks. it was already uncertain if angela merkel could pull this off and it looks like at least for now, the answer is no. we talked about how intense these negotiations have been come and they were in deliberations for 12 hours on sunday. it seems like there is more uncertainty, we could possibly see another election triggered. merkel s job could be on the line. atre was a lot of doubt even the beginning after the election earlier this ....