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will we extend gains and go into tomorrow or break below? i m sure you are skeptical of those opec headlines. alix: never going to happen. scarlet: when we came in today, the setup was so grim when you look at european markets. i checked to see which of the national markets in europe was down and up. the only one that gained was kazakhstan. are at the lowest with the europe 600 since october 2013, london since july 2012, paris at the lowest since july 2013. we also saw the dax fall below the 200-day moving average. this index is teetering on a bear market. you can see it is well below that 200-day. bank,n point to deutsche commerzbank, all the banks a drag. in the u.s., one of the worst losers is boeing. probe, notg an sec helping stocks. joe: a very interesting day in the sovereign bond market. in europe, bond yields starting to surge. here is a chart of the price of the portuguese bond. to 89 as the yield surges. people are concerned that the socialist government is g ....
worth almost $4.5 billion. shares jumped the most in seven years. singapore airshow, with the future of asian air travel and the cream of the aviation world in attendance, we are live at the airport. let us know what you think about that top stories by following me on twitter. don t forget to include #trending business. breaking news out of south korea, the central bank has kept its key interest rates on hold at a record low of 1.5%. that is after cutting four times since 2014. surveyed werests not expecting a cut, however in ars have been pricing rate cut very soon after japan adopted a negative interest rate, which kicks off today. again, the central bank of korea keeping rates on hold at a record low of 1.5%. let s take a quick look at the korean trading. down half a percent. the china and hong kong markets get underway in about 80 minutes. singapore, taiwan and malaysia have just come online. here s a look at what is happening so far. we weren t expecting much of a ....
for the price of oil. tom: we may have an agreement it is pretty sketchy right now. javier blas is working on it with bloomberg news. to me, it s a lot of what if. maybe the story will change up in the hour. francine: yeah. we definitely have a freeze. that is why the saudis are talking about the tar minister. now let s get straight to the bloomberg first word news with vonnie. vonnie: in harris, david cameron in paris, david cameron failed to win over francois hollande. france heads a group of european nations, unhappy with his proposals for banks in london. the u.k. has no veto power over euro area legislation. an air raid on a hospital in syria has killed eight people. syrian rebels say russia carried out the attack. the hospital was run by doctors without borders. a warning to the president of south korea, saying that north korea will gain the capability missiles unless the world forces kim jong-il and tu- new satellite photos show china has expanded its activit ....
if you take a look at the , you will see that information technology is one of the groups that is participating in the rally. tech is coming back today. banks are coming back today, as well. we do have to mention what is going on with oil as well. because we had the big overnight move upward in oil prices on the news that saudi arabia and russia had agreed to freeze oil production but then disappointment as that was all they agreed to do. we started to see oil move downward. we are lower on the day. oil drillers are lower today. we did have wells fargo cutting earnings estimates for many of the drilling companies and cutting production targets overall for the industry. we had yet another driller claim bankruptcy. all of that is putting the pressure on and this is one of the groups that is not participating in the rally. alix: what is up with consumer discretionary? why is that getting a lift? julie: different reasons depending on what fax you look at. casinos are doing ....
at this point. a lot of folks off for this vacation week, at least in new york city schools. stocks rally for the second straight is for the second straight day on this low volume but people will take the rally however they can t get it. if you look at this two session rally we have seen, it amounts to about 3.5%, the best back-to-back games we ve seen this month. it is also a broad-based rally. look at the sectors on the move, you have a lot of economically sensitive groups doing well. that s helping to lead the gains. these have been some of the most tattered groups we have had year to date. speaking of year to date, let s look at the tally. the s&p at the lows of the year was down about 10.5%. of ae seeing something bounce off the bottom. the question is will it last and did we indeed see the bottom? and can we define what we are looking at? is that just semantics at this point? has this given us a new chance to define could argue that for many individual compone ....