Contraction for the australian economy. Worse than anticipated, but investors with a moment shrugging that off. Chinese markets under pressure. Quickly moving it along, having a look at what else is going on out there and doing that, of yvonne. With yvonne lets start with that aussie gdp number. The second consecutive quarter for the three months through june. And thee first first technical recession in 30 years for us trail you Australian Household spending well by 12 as lockdowns and restrictions shut out consumers. The aussie dollar against its u. S. Peers. Theres a new warning about the u. S. Economy with a fed governor ating there is uncertainty head. She told the Brookings Institution that america will be to depend on the fed and policymakers in d. C. As the economy continues to recover from the coronavirus pandemic. She says Monetary Policy must pivot from stabilization to accommodation. Treasury secretary seems to agree with the fed governor, saying the u. S. Economy urgently n
Switzerland, surprised to see the news come from th the blog. Gently axel weber nudging this dialogue forward . Francine it is a publication that doesnt break that much news that often, which is why we are taking it with a pinch of salt, but we understand it was well sourced, and this will be a conversation spearheaded by the two chairman of ubs and Credit Suisse combined. That would be extraordinary. Tom for an american arlenes that for an american audience in the Early Morning for an american audience in the early one, could you imagine bank of america and j. P. Morgan combining . That is the equivalent. There is nothing else going on today, right . Francine not at all. Tom ive got to look at my tiktok. Francine lets get to first word news in new york city with ritika gupta. Tiktok has abandoned talks with microsoft to set its music and video app in the u. S. , now favoring a partnership with oracle. Look moreit would like a Corporate Restructuring than an outright sale. President tr
And germany extending it until 2021. Good morning. Incremental news around trade and the coronavirus is helping some of these assets continue to trade to the upside. He stoxx 00, up. 6 . U. S. Yields are 70 basis points, a little bit has changed there. Looking ahead to the fiveyear option of 51 billion. Then the australians were able to sell 21 billion aussie dollars smashing records. Folks at Jpmorgan Morgan say we could see 100 if shinzo abe bow out. W. T. I. , this is a fivemonth high. Remember that the hurricane is likely to hit some of americas largest Oil Refineries which would imply a shut down for months. 18 billion in potential damages. Coming up, trading the from the economy for the first time. European Exchange Traded funds are attracting the nasdaq. They have attracted more funds this year than funds tracking the s p 500. Lets get to the first word news. Get you to some of the other stories were watching. Germany is extending the job program that kept millons on unemploymen
Surveillance. Im Francine Lacqua in london. This is what your markets are looking at. Markets looking at the Credit Suisse spying probe escalated by the regulator, partially looking at that news. European stocks opened pretty strongly higher. The euro falling, futures advancing. We are getting data on jobs and the economy. If you look at the adp employment report, it may signal that the pace of employment in the private sector may be bouncing back. Coming up, despite a bumper month for many stock markets, 50 of new money has flowed into fixed income. You can hear more about that on our new weekly show etf iq europe, that starts in about 30 minutes from now. Thes get straight to bloomberg first word news with leighann gerrans. The u. S. Economy needs new theulus to rebound from Coronavirus Crisis according to treasury secretary steven mnuchin. He started a conversation with House Speaker nancy pelosi amid negotiations on a relief plan, but he stopped short of offering a fresh proposal t
The single currency crosses the key level for the first time in two years. Philip lane says it matters for monetary policy. Andy Swift Financial regulators and the swiss financial of creditart suisse over spying on former employees. Let us get some breaking news for you. Front, u. K. Housing august house prices rising by 3. 7 year on year. This is according to nationwide. 2 on the increase of month. The month on month figure is 2 . The year on year figure is 3. 7 . Very strong numbers follow other measures of stress. We have a right move for july. Know the reason behind all of this. There was pentup demand because of a lockdown. There was a tax incentive put in place. And perhaps a little bit of incentive to move to quiet, rural locations. All of that lifting housing demand. Solid numbers nationwide this morning. Lets get to the broader picture around markets, have a look at futures. For European Equity markets, fairly flat. If you excuse exclude the ftse. The futures picture giving us