Brussels summit in after concerns grow. Leaders are there to discuss china and belarus. The Fourth Quarter starts with a after its worst ever outage. It says a hardware breakdown is to blame. Good morning, everybody. Some breaking news coming through at the 7 00 hour. Lets go to the closing space and h m. We had these numbers in the middle of september. Pretax profit numbers from the business. Further detail here. 48. 9 . Liquidity remains good according to the Closing Company and they say september sales decreased by 5 in local currency. Many stores have local restrictions limiting opening hours. They currently have 166 stores that are still closed. Given the global stretch of the business, perhaps that is something of an achievement. That is the latest from h m. Get to rollsroyce. We have some breaking news coming through. Proposing a recapitalization to start with a bond offering. One billion pounds bond offering. Be 200 pounds. Ll proceeds. Raise growth they are getting support fro
Opec supply cuts will tighten the market. It is labor day in the United States and canada, the regular band is out for the holiday and ive taken over for the interim period. A little bit of visibility of what is open. What we know is currently offline are the cash, u. S. Equities and theres also no cash u. S. Treasuries. Many firming up by 1 5 of 1 . The folks at jp morgan and Goldman Sachs making an argument around the story. In terms of valuations those are looking stretched. International equities more attractive. The twoyear german bunds with the country selling 5. 5 billion euros of twoyear government bonds thats coming up at the beginning of this month. A weaker greenback and then brent crude hovering short of 99 a barrel. Lets set the scene with assets in china. China builder shares surging with the nation boosting property support. Shares advancing 8. 7 . Weve taken the real estate index after the country cut down payments for homebuyers and encouraged lenders to lower rates on
Barrel. Jon it is interesting to see the mood move in crude. You see cautiousness in stocks, even energy, because of the new Economic Data in the u. S. Digesting it stays higher for longer. The story suggesting candace staying higher as well because we saw canadas central Bank Hold Rates Steady at 5 . This decision was expected but is only the third time in 13 meetings that the bank has hit the pause button. Partly because we saw the economy contract in the second quarter. The bank of canada was not expecting that would spoke of excess demand in the economy starting to ease. In some messaging, there is a hawkish tilt given the inflation fight is not over. I want to bring in clear from the rbc Economics Team to get some reaction. Great to have you with us. What did you make of the fact that on the one hand, they stay steady on the race but do send a hawkish message to the market. Does that surprise you . Claire not really. I start with the decision itself with the bank of canada decidin
Contrarian buy signal. We will dissect the safety trade into the weekend. Time to sell solar . Solar edge sinks. Customers cancel and delay orders, inventory piles. The stock drags down the entire sector. With my cohost in london, guy johnson, welcome to bloomberg markets. There is somewhat riskoff into the weekend and powerful earnings members within the s p from regional to solar, the micro story. Guy the solar edges story making me feel dark. The sun seems to have vanished from the sky. The only thing you can take away from todays everybody is everybodys hunkering down into the weekend. U. K. 30year off a little bit early on, but probably the sentiment at the front end broadly the sentiment at the front end is you are looking for a place to hide out good the gold story front and center of that. On the wiki sentiment is getting pretty bad. We are at the point where you can sort of start to dip your to e in because the negativity. I dont know, you talked to a lot of people, they are v
Guy ok, look at this board and tell me if we just got a massive, almighty blowout payroll number. You look at these numbers and you are thinking, and of the week, nothing really to see here, we can move along until next week. We just got a huge print out of the United States. This is a big piece of data and it was massive. The market in many ways shrugged its shoulders. Maybe we already had the move. Maybe we are thinking about the cpi data next week. The stoxx 600 is up by. 5 . The pound is barely budging against the dollar. German yields are a little bit higher, but we have been off of 3 this week. You look at this board and i do not see a big blowout payroll number. But thats what we got. Alix same deal in the u. S. , with the exception of the bond market. Two year yield up nine basis points. All of that feels very dramatic, but the nothing else at the same time. In the middle of the week, the s p, we were talking about the 200 day moving average, 26 points away from that. We are we