Contraction. Oil pushes higher as russia says it is willing to cooperate on the cuts. Brussels watch. Turkey triggers fears of an eu border kiesels crisis amid growing military escalation in the u. K. And eu trade talks begin amid fears of a breakdown. Welcome to daybreak europe. Kuroda has spoken. The central bank puts are alive and effective. Dollaryen, look at the past five days. On friday evening, so the powell put was activated on friday. Likewise from the bank of japan. The firepower within g7, g20 from the monetary and fiscal point of view. Dollaryen was rolling over. Appropriate support, ample liquidity from the boj, appropriate action in terms of qe. Appropriate seems to be the byword central bankers are latching to. And valueon of wealth last week in the s p 500 so i will not get that excited about a. 5 rally, but it has turned around. Injected liquidity, three rate cuts talked about. You have the beginning of a perception of what is the yield on the s p 500 relative to a bon
Im Francine Lacqua in london. These are your markets. 0. 4 . An markets down a lot of the market put a position that the economy and a lot of the earnings would go through the coronavirus. Not so after the apple news yesterday. There is more concern about the deadly coronavirus trade looking at treasuries, they are rising. Americans reopening after a holiday. Yesterday was president s day. Jumping as much as 24 after unsuccessful bid for the small arrival. This may be the kickoff of banking consolidation in italy and then further into europe. Coming up on bloomberg surveillance, our exclusive conversation with the hsbc Financial Officer on the banks job cuts. First word news. Viviana hsbc is set to slash 80 of its workforce. The lender taking more than 7 billion of charges and suspending buybacks as part of a restructuring plan. Plans to exit some businesses and cut costs. Hsbc still hunting for a permanent chief executive. We also spoke to the lender cfo about the coronavirus outbreak
Welcome to daybreak europe. We will see a little bit of selling in the asian session. A lot of read on the screen. Rates of korea cut kept rates unchanged, but cut its Growth Outlook. The bloomberg dollar index, we have seen an eightday winning streak. The sixthweek high for the bloomberg dollar index. Steady as she goes. Taking a look at equity markets in terms of u. S. Futures. The markets were closed for thanksgiving yesterday. Stock and bond markets. Futures under pressure for a second day. We saw europe close lower, too. Oil, just a little weaker, but it is heading for a fourth weekly gain ahead of the opec plus meeting. Opec and its allies are expected to extend the current supply pack rather than deepen those reductions. Following president trumps signing of the hong kong bill, there is one big question left unanswered, how would china hit back . The Foreign Ministry has issued a threat of retaliation, but they have been vague on details. Beijing will set the future course of tr
Shoot another protester. Turned negative. Saudi aramcos ipo inspectors as oil demand could top out in 2035. The document leaves a lot of questions unanswered. Spains socialists falls short. Sanchez election backfires. Less than a halfhour until the start of the european trading day. Lets have a look at whats going on in the markets, futures in particular. Spain, also the latest in the uptick in violence in hong kong. We will get to the markets to show you what impact that is having. It is having an impact in europe as well. We see expectations coming down for the start of the european trading day. Futures suggest weakness at the start of the trading day. Last week was marked by optimism building around what could be achieved from trade talks. Optimism had to be dismissed by friday, didnt it . We saw President Trump weighing in on where we had got to, or not, on tariffs and rollbacks. That is part of the narrative we are dealing with this week once again. Lets have a look at what is goi
Lets check in on your markets and see how things are doing in terms of yields. You can see the u. S. 30 year yield coming down further. 1. 96 . Yield at. 98 . R i feel like i must be seeing something wrong because that would be insane. It is actually 1. 47. Im sorry, italy, thats what got me off track. I thought i was looking at u. S. Treasurys, that would be nuts, dropping 50 basis points in minutes. That is the italian 10 year coming in below 1 . With stocks opening down and turning higher after we had some positive trade comments out of china. Lets get first word news in new york. We begin in italy, where conte will get a mandate to form a new government after the former alliance collapsed in chaos. The new administration will include the fiveStar Movement and the democratic party. Those rivals have little in common other than a desire to avoid an election. Country isa, the looking to extend maturities on over 100 billion of debt. They want to delay repayments to the imf after a col