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Brexit could make it worse. Good morning. This is bloomberg surveillance and im Francine Lacqua in london. Lets get to your markets. European stocks are down a little bit, dragged down by basic resources. They seem to be cooling off after recent gains, but the single currency is edging higher. Oil is significant because opec and nonopec producers are meeting in abu dhabi, talking about compliance cuts. Government bonds are bixed with the dollar. Meanwhile come over in south africa we need to look at rand. There is a secret ballot vote on jacob zuma, the president. I think we have the results of that voting at 1 00 p. M. U. K. Time. Reporter chinas trade surplus widened for a fifth month in july. It keeps the spotlight on a trade gap President Trump aims to narrow. Japan has recorded a 36th consecutive surplus, beating economist estimates. That was supported by returns on ov ....
Assertion that no deal is better than a bad deal. I am nejra cehic in london. Good morning. Lets get your markets first. We are looking at the stoxx 600. We saw a close lower after initial games, fairly steady now. See the carmakers really underperforming, down 1. 3 . The asiant happen in session. It is feeding through from the u. S. Car data we got from the u. S. Yesterday. The car sales coming in, disappointing that data. We are seeing it read through to the European Equity session. In terms of dollar and yen, we are seeing a weaker dollar. Ae yen strengthening for third day. I wanted to show you the 10 year yield on the german bund. Went down one basis point, 0. 26 . We saw a lot of demand go into u. K. And german debt yesterday. The 10 year treasury yield is fairly steady. We saw it hit its lowest since february yesterday. The 10year gilts yield reached its lowest since october. A lot of demand for the safest assets among saf ....
Pulse. Live from bloombergs European Headquarters. Lets get straight some breaking news. To 51. 2. Falling the initial rating was 52. 1. They are pretty much in line with where economists were expecting them to be. Repressing them a touch on the back of this great bloomberg ecb scoop. Currencies from emerging markets falling. Monetary policies are turning commodmmodity of itive. The vixx index pretty much unchanged as well. Watch out for that amazing scoop out of frankfurt. Our team there led by paul gordon. It will to paul in just a couple of minutes. Lets get to the bloomberg first word news with nejra cehic. Told aecb officials bloomberg the bank will wind down bond purchases before ending its program. That may happen in temps in steps of 10 billion euros a month. The euro climbed to a threeyear mario draghi said qe will continue until next year. Frey good like says ....
Live from bloombergs european headquarters. We are getting breaking news. The i8 monthly report out. It is important because it gives what they are expecting what theyre expecting that she gives what they are expecting for 2017 gives what they are expecting for 2017. A lot of economists, goldman sachs, just six month ago was expecting the market to rebalance in the second half of this year. They came quicker. What we saw in nigeria and other parts of the world. In its latest monthly report is the first time we hear about 2017. The market balanced in 2017 and cuts the estimate of oil oversupply. This is euro market check. One hour and one minute into the trading day. This the picture for crude oil. A little bit on the downside. A lot of pressure on everything across the board. In one word, risk. That risk is off today. 1 . Pean stock down it did go into negative territory for the First Time Ever. It all has to do with brexit and r ....