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Itsco prepares to make trading debut in riyadh. Reports say it is considering a secondary listing in asia. I want to get you to some breaking news out of new zealand. We have a fiscal update for you. They are cutting the Budget Surplus forecast. It now sees a budget deficit in 2019 and 2020. And smaller updates after that, specifically 943 million deficit. This is a previously forecast billion dollars. Returning to forecast the following years, but only just. Forecast was for 2. 1 billion. Growth of 2. 1 seeing a sharp wasward revision from what previously forecast as well. 2020 is an Election Year from new zealand, too. Just some headlines there. Thats get straight to the Market Action with Sophie Kamaruddin in hong kong. Sophie lets kick off with tokyo. Topix wit ....
Organization can play a bigger openness andting development. So that the multilateral trading regime can be more authoritative and effective. Later this afternoon, the chain the china side will host an informal wto ministerial meeting. We look forward to candid exchanges that will lead to globalctions to improve economic governance. I am happy to note that yesterday, 15 countries taking part in the original comprehensive economic concludedp or are cep textbased negotiations. I hope the agreement will be into fourthntered added early date. At an early date. [no audio] applause] china will be happy to include free agreements with countries. China r. O. K. Fta and a China Cooperation council fta. Will stay actively engaged in cooperation within the united and , the g20, a pick, move economic globalization forward. China will continue the belt and road cooperation. Today, with 137 countries and 30 international organizations, sign ....
Highest since done already 2018. The market entering a bull market yesterday. People say that earnings will be enough to continue the rally moving forward. And we are watching the commodities space. Ron and steel the rallying. Steel output in china hit a record high. Close to 2 iron four in singapore. And we mentioned the bond story. We see yields taking the work we see this taking yields going lower once again, ahead of jay powell speaking in paris later today. The aussie 10year yields move. Point. Six basis in the july meeting, they said rates ind adjust australia, but it looks like they could take a positive or now. Yvonne that is the move we are seeing across the bond markets. That the see what else we are tracking. Some of your 10year yields, the hong kong dollar is stronger for the first time in seven days of breaking the seven day winning streak. Watch what hybrid does today, it has been falling. It comes out in about one hour. We are also watching. Oil prices, down. 25 . Yvonne ....
Friday following the jobs reports and the apple drag in the amazon drag. Asia though, we are coming off a little bit, if youre looking for us in aligning. 167 on the benchmark right now. A little bit of a pickup following the china open. Indonesia coming online. Hang seng is flat. Oil is very much in focus today. We are coming off a little bit of highs earlier on. We are getting some upside as far as the shanghai contract is concerned. You are getting a followthrough move in wheat prices in the early goings this monday. 2. 5 , 650 a bushel on wheat. Conversations around no recession, soft landing, no landing. Yvonne yeah, you have u. S. Funding needs versus what the demand for bonds overall being weighed on the back of what we saw last week. One of the worst weeks when it comes to global bonds as well as stocks. For some time now, its the start of something. Certainly want to watch. Especially when you are starting to see china not really emerge from this postcovid recovery in the way ....