The 71yearold veteran politician will succeed abe shinzo who has resigned to deal with health issues. Suga supported abe as chief cabinet secretary for more than seven years. He says he will push forward abes policies to deal with the coronavirus and revitalize the economy. He also vows to push forward administrative and regulatory reforms. The emperor cerememonially endorseded suguga in his cabine line with the constitutional requirements. Suga will hold a News Conference at 9 00 p. M. Local time to talk about his priorities and the challenges hes about to take on. Well bring it to you live. Now heres a quick look at the life of the countrys new leader. Reporter nearly every day for the past eight years, Suga Yoshihide has stood here taking questions from reporters especially in a tim they faced tough criticism to unpopular policy decisions. The top spopokesperson seemed unflappable. Reporter then he took this step into the glare of the public eye. Suga unveiled japans new era name. R
Increase the budget gap by 1. 6 trillion this fiscal year. We knew it would be expensive. We now have a number. Act, to makeres sure we get relief to individuals and businesses affected. Romaine obviously, a lot of folks are looking at what is happening with the budget. We did close higher again. How much you want to read into these numbers, that is up to you on a personal level. The nasdaq 100 did close higher on a yeartoyear basis. Losses itll of the had i believe going back to march 20. Of buyinging a lot here. David, when you take a look at not only the earnings season but some of the rallies we have gotten out of some of these things. Names like tesla, amazon. I can sort of understand why some investors would look for a little bit of safety and growth. We may be getting a little too far ahead of ourselves. How these companies are going to perform in an environment where business spending might look a lot different than what we are used to seeing. David those are two very different
Abramowicz. A special edition of bloomberg surveillance. What is the title of this program . Market chaos. We are going to do two things. We wrap around the date of where we are now in terms of assets. Of course, good conversation. Jon ferro, start framing with us. We will start with the price action. Huge moves in the equity markets. The biggest oneday drop that we have seen going back to december of 2008. S p 500 futures continue to roll over in the hour or so after that. In the bond market, you know all about it. Treasury yields settle down, coming down basis points. A monster move in crude. Sunday evening, lower on brent by as much as 31 . Lisa, this is the one i know you have been watching. Debt,opin highyield that is the biggest drop going back to 2009. Lisa when you look at past market routs, they always say that credit leads. A canary in the coal mine. This time, it was not. Some people think it is at the epicenter of what is to, with companies that are heavily indebted getting
Holding this up is primarily the defensives in the utility sector, some consumer staples. Mcdonalds providing a little bit of a drag. Take a look at what is happening in the treasury market. Bond bulls undeterred. A lot of folks said this is going to be a dip buying opportunity, and that is what you are seeing. A lot of uncertainty that had driven the bond rally prior to that selloff, brexit, u. S china trade, those have not been resolved, but you will see the bond bulls remain active in this market. We saw the dollar knocked down a peg. You are going to start to see the price action like this. Take a look at gold. Gold actually had a little bit of a bid earlier today. Now it is flatlining, but holding at that 1500 an ounce level. A lot of analysts say that when you talk about the fair value of gold, they are looking at 1600 allers to 1800 an ounce. Guy lets talk about the brexit thing. Basically, the pound hovering around 1. 29 versus the dollar. We are a little way away from the 1. 3
Imf decided to take a viewpoint on france. They downgraded the growth. French banks are all lower this morning along with renault. Factory orders are low. We have a little bit of news. We are waiting for the stock market to open. 2014, there is going to be a loss of 1. 6 billion. Why . It is down to hungary and romania. 40 higher provisions than anticipated. 2. 4 billion euros. They are writing down the values of the romanian businesses. Gold. The reason why i put gold is because we have traders that are the most bearish in four weeks. We do a Bloomberg Survey every week. Gold after allon of the data that we had yesterday. Nonpharm payrolls. 1. 3 . Pped 2 . Jet up can you get on the seat every time a jet takes off. 92 . That is up from just under the 90 level in the past 12 months. 63. 4 company carried million passengers. In currencies. You have the swedish kroner. They surprised by cutting their 50 basis points. One dominant theme. Where does the dollar go next . After those unemploy