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First, china has devalued the yuan, cutting by 1. 9 . Francine that ends a peg to the dollar. The decision led to the currencies against oneday loss in more than a decade. Run us through the Immediate Impact on markets. Absolutely. This was an abrupt move by the chinese. The yuans biggest drop in two decades and a lot of lingering questions, or questions that will spark geopolitical questions that will have to be dealt with with trading partners. Lets talk about the market impact. We begin with equities which saw a more muted impact. The hang seng index now turning negative. The shanghai composite flat. It was higher earlier. That looks like it is basically unchanged. Same thing with hong kong. The dude see optimism in chinese shares on speculation we did see optimism in chinese shares on the speculation that this would boost exports. Not market friendly to those countries that would be adversely impacted, particularly in the as ....
300 billion euros going to the stoxx 600 yesterday, before coming back down. Lets have a look at whats happening in terms of some of our search for safety. This is the dollar rising versus the yen. This helps power through some of the japanese us stocks. That particular haven seems to be somewhat out. Gold, too, coming out o. There doesnt seem to be a rush for that haven, even though we are seeing it selloff. I want to show you whats happening in commodities. Copper is once again trading lower. Check out the miners, a number lower this morning as china pays the price of not enough stimulus coming from the pboc. Copper is off by 1. 3 , oil trading a little bit higher, up 7 10 of a percent. Lets have a look at whats happening in terms of bond market. Yields rise for u. S. Debt. Vogue. T haven in meanwhile, costs coming up for germany. Update,a daily regular down by some seven basis points. Buttoo much concern, remember, not many are buying a liquidity. Lets have a look at what we can see ....
Word of the day for traders. Chinese stocks extended the worst fiveday drop since 1996. The marx apparently unconvinced by the peoples bank of china decision to cut markets rate the apparently unconvinced. Stoxx 60019 indices are down here lets cross to our chief asia correspondent. Enda, a very good day to you. Markets simply unconvinced is the word. Enda unconvinced is exactly right. What the Global Markets wanted out of china was a Circuit Breaker. There is a feeling this crisis began in china. Dona needed to intervene, to something. It does not look like what they have done has been enough. The central bank will need to cut rates further. That the government will need to do more to shore up the chinese economy and turn sentiment around. The positive thing is that china has monday of more ammunition in its arsenal if needed china has plenty more ammunition in its arsenal ....
Concerns. They stopped short of a fullscale breakup, leaving estors questioning how big how quickly she can recover. Thats your Bloomberg Business flash. Matt thanks for a much for that. The president of zimbabwe is said to be step down. After a week of confrontation with the government, the forces have said action was needed to stave off a violent conflict. He is 93 years old. Whats the latest . It seems the situation is extremely fluid. Himself planning to step down. Theres a lot of secrecy. Not a lot coming through in regards to news on a regular basis. But we are hearing news that deal fore is negotiating a he and his wife to leave the country peacefully. This is the one people are looking to to take over at this point in time. Would it be guy what are the southeast south africa . What would they leave behind . South africa would probably be the first destination. Politicians seek asylum enzo oblique from here as well. A w ....