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. that s get straight to the market action with sophie kamaruddin in hong kong. sophie: let s kick off with tokyo. topix withand divergence. the end is holding steady. a bunch of event risk including the u.k. election and the upcoming fed decision in hong kong with that tariffs deadline on sunday. a 10 year yield hovering around zero
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 a has signed 197 documents on belt and roa
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 10-year 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 10-year 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,
u.s. slumped the most in six months. i asked after the press conference, and asia fx, the dollar taking a back foot after we saw that whipsaw in the greenback which did go stronger during the press conference. the kiwi catching a bit here today. take a look at what we are seeing when it comes to commodities, a mixed chair. we are not seeing a lot of conviction in these markets. the treasury market has seen a market reversal. what we saw after this segment came out, unchanged what the market wanted. it was more as a dovish reaction. about thealo talked transitory factors on why inflation is so low, we some markets whipsaw. we saw yields pick up, and the u.s. 10 year yield and the curve which had steepened quickly fattened. the dollar getting a little steeper as well. stronger dollar is what we are contending with. we are off a little bit of the high overnight. are we poised for a fourth straight month of dollar strength? we look at the seasonality function on your bloomberg, a
a warm welcome. let s get down to business and we begin in the uk where the chancellor will commit £500 million, in dollars that 677 million, to a newjob support programmes across the country. during his speech at the conservative party conference later today, rishi sunak will promise to double down on help for the jobs market after covid 19 as he extends devil schemes and set “p extends devil schemes and set up during the pandemic so those will include schemes to help the long term unemployed, others to encourage employers to take on apprentices and the extension of the so called kick start programme which kick sta rt programme which subsidises kick start programme which subsidises eligible jobs for young people who are on universal credit. this will be extended by a further three months. let s talk this through now. good morning, duvets. what do you make of this new commitment from the chancellor jervais. of course it is a big day for him with the speech of the conser