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Of that will be technical selling. The bond market is a little bit unusual not so much happening in yields here, but in europe you are seeing pretty strong support. The time now for the market moving news from our new york team. We want to begin with china and that historic economic slump. Ae first contraction in backdated. We have our correspondent with all of the details. Mike it was actually worse than you expected, 6. 8 decline, the worst since they started reporting quarterly in china back in 1992. The economy has not contracted the fullyear basis since 1970s. We will watch that. One reason the numbers were not worse, if you look at the second number, smaller than expected, Industrial Production of on. 1 , factories returning to work. The problem for them is with the rest of the world unlock and there is nobody to buy their stuff. Consumers are not buying. Lockdowns were lifted but people are still reluctant to go out ....
Plus and russia signaled they want to try to cut output to help restore some balance going on at least on the supplyside of things. So crude of course having a pretty good start to the second quarter. I do want to flip up the board and fold it over into some analysis we heard from muhammad el 5 arian between the risks of the high yield market and investment bond market. He said beware of fallen angels. Theres a risk of some of these triple credits being downgraded to junk. One of the biggest risks is it spikes way above the feds tolerance. You buy what the fed is buying but becareful of these fallen angels and we saw just a slew of those in the last week and i think strategists are arguing it really could get a lot worse from here. David . 12340e9 taylor this is Bloomberg Markets balance of power. Earlier we did speak to larry kudlow, the economic counselor director. Lets listen in to what he had o say. Lets listen in to larry ....
Also taking a look here at the curve as well as bonds like i mentioned, 194 is where we sit on the 10year. Time for Global Exchange where we bring you market moving news from beijing to new delhi to washington and los angeles. Our bloomberg voices on the ground with this mornings top stories. We begin in asia where the chinese president is in macau to celebrate the return to chinese rule against the backdrop of unrest in china and calling for macau to diversify its economy. With the return of hong kong and macau to the moreland, it is completely up to china to handle the affairs of the two special administrative regions. There is no need for any external force to interfere. Alxy joining me is tom mckenzie the china open coanchor. What did you learn by the speech from mr. Xi . Tom he was there to mark the 20th anniversary of the handover and swearing in of the chief executive. Macau as a reminder is the worlds biggest gambling hub ....
These are your markets. A bit of a move sideways for the europe stoxx 600. Mix the data across the world and mixed corporate earnings. If you look at the banking sector, it is one of the biggest gainers. We have a german manufacturing orders and Euro Area Services pmi for the month of october. Better than expected. Anything above 50 means expansion and we were expecting 51. 8. So look out for any movement on eurodollar and the u. S. 10 year yield. Coming up, we speak to the president of south africa. Come alk about s escom at a possible ratings downgrade. But first, lets get to bloomberg first word news. We begin with the impeachment inquiry for President Trump. The actions of Rudy Giuliani deeply unsettled to ukraine, outlining a quid quo pro. This is in exchange for investigating joe bidens son. Julienior ambassado ....
Stoxx 600 after a selloff in Technology Stocks. Meeting, we understand that russia and opec will extend their production cuts. Eurodollar, im looking at that, also pound. Maybe finding an agreement. With some of her possible coalition partners. Later on, we talk italian banks and risk with claudio costamagna. Interview yousive dont want to miss as well. Minouche shafik joins us in her first tv appearance since leaving the boe. I, we will talk with the socgen chairman. Lets get to the bloomberg first word news. Nejra u. S. President donald trump has nominated Marvin Goodfriend to be a governor of the Federal Reserve. A professor at Carnegie Mellon university and a former director of research at the richmond said goodfriend has served on an independent panel o ....