The recovery is under threat from the covid19 resurgence. Frydenberg says the other plumbing rate will jump in the coming weeks. Economy and the government handling of covid19. A look at howake we are shaping up for a new trading week in asia as the market continues to search for direction. U. S. Stocks trading close to fresh highs. We had the stock market up for a fourth straight week friday amid albeit light volumes. Up. 2 this morning and asia and we are seeing positivity going into the start of trading in japan. We have one report Prime Minister shinzo abe is headed back to the hospital so we will continue to watch that story. And the potential applications for policy continuity. Japanese yen Holding Steady at 105. 86, with a rebound in the friday session. Rise in u. S. Treasuries. At 42. Crude trading 49, ending the last week its advancering in asia. Shery lets talk about china. Beijing is offering support to strengthen hong kongs role as an International Financial center. For mor
David in 2018, qantas reported a profit of 1. 2 u. S. , its largest ever. Shareholders were awarded with buybacks and dividends of 360 million, while employees were showered with 50 million of bonuses. That was a far cry from the 2. 7 billion loss announced in 2014. There is no doubt. Todays numbers represent the year that has passed that we have now come through the worst. Alan how do you do . Nice to meet you. Welcome to qantas. David tell me about the turnaround. How did the plan evolve . Alan we had probably the perfect storm there around 2013. The conditions are important because we had high oil prices. They reached over 4 billion, the highest we have seen. We have simultaneously tried to take massive market share and being funded by a number of foreign airlines, extensively funded. We also had, because of a very high aussie dollar, a lot of International Carriers flying into australia. It was a perfect storm in all of our businesses. David joyce announced a 2 billion costcutting
Bloomberg daybreak australia. We are counting down to the market opens. Treasuries tumble with corporate debt sales flooding the market ahead of the fed decision. Oil surges as saudi arabia and russia extended cuts. Softbank is seeking under 5 billion in a downsized arm ipo that is still to be the worlds biggest this year. Lets get a quick check on wall street. We have only had two u. S. Trading sessions in september. The hope is this september might be different from previous ones because we have had a rally. Some strategists are saying we are going to see a drop from here. We can see now s p futures have opened up and headed for another down session. The two year yield for 95, that might be a little bit surprising. 40 companies tapped the debt markets just today alone. A huge amount of issuance and that definitely weighed on bonds. My take this number with a grain of salt. The dollar index continues to rise and is impacting currencies including the yen which topped 147. Another stron
Also announcing a Share Buyback worth 300 million. Always lots of airlines pu ns. , in theof up and down bond market, this chart 6473, a constant worry for Market Participants when they look at the highyield corporate debt markets represented by the white line. We have seen a declined in the highyield Corporate Bond etfs. That has some worried whether this decline will spillover into equity markets. That does not seem to be the case when you look at the gap between highyield debt and 10 year treasuries. Range, has stayed within represented by the blue line, and that is reassurance or market watchers, seeing the highyield behaving like what we are seeing in treasuries, so not likely to be a catalyst if there was more market turmoil. We dont see contagion when it comes to the credit space. The price action after the fed minutes, we got more clarity, but towards the late part of the session, yields picking up on the 10 year, stocks tumbled, the dollar reversing come so it seems like there
Caroline has the story of the day. Blackrock. And they are working. Assetbacked securities are different. That may come as a shock. The bond buyers that we see. The european valuation is below the counterpart in United States of america. We are looking at confidence data a little later to drop and we are looking for unemployment in germany. I will join you for those numbers. We are looking at unemployment to fall and were going to look at the data. Lets look at vivendi. No real reaction from vivendi so far and the market. Lets turn to the companys on the move this morning. You have telefonica and telecom witha doing a batter oil gdp. Royal with gdp. The assets are lower and Telecom Italia is lower. It is a 20 stake. Caroline will take you to the numbers. Telefonica is up a third of 1 and they have trumped the gross levels. I leave the honor of taking you through the details of the deal. This is one of the bigger companies. Their fees are up 11 . They are a Global Player in the sector.