Youre watching daybreak asia coming to you live from new york, sydney and hong kong. Counted up to the major market opens. The top stories this hour, asia set for a risk offer, from the july minutes touching intraday highs not seen since october and the end at its lowest level this year. The Central Bank Policy makers are still seeing significant upside risks to inflation, which could require further Interest Rate hikes, and reports of rare protests in beijing as one of chinas biggest shadow banks skips payments on Retail Investment products. Lets switch look at u. S. Futures, stocks to get on the chin today after the minutes from the feds july meeting shows that the vast majority are resigned to at least considering the possibility that more rate hikes will be needed. Some mixed close, but seven at seven lead to the downdraft with some big tech names like amazon and tesla. You could see again, right on the screen, still there, but i would call this unchanged. Markets, the whole world
Spurs fears of a fed hold in december. The fcc opens the door for spot either etfs. Rate rises still on track despite the economy slide. We get to april cpi numbers. Plus hedge fund opportunities. We will get around of of some of the stock picks. Haidi looking pretty muted, tracking losses overnight, u. S. Activity data, signaling the fed might keep rates on hold. Bringing home the higher for longer narrative that has been a drumbeat of the past few sessions. We are seeing equity features across the board pointing lower to losses of more than 1 at the open. Sidney futures down by more than 1 . New zealand with losses of half a percent. We are getting april trade data today for new zealand, ahead of the budget at the end of the month. Chicago nikkei futures softer despite the reassertion that policy normalization is on track despite the weakness weve had in the latest string of data. China futures looking pretty tepid. Annabelle a bit of a downbeat mood and it follows but we had with wa
Thats the lowest since july of 2022. Whats going on here . I think its way too premature to talk stagflation. Thats the word of the day, the dreaded s word. Its premature. That gdp number last week i think will get revised higher. I think the consumer was misrepresented. If you look at all the numbers, the wage numbers weve been getting in the eci today, up 4. 3 year over year, thats great for the consumer. If you look at the pce last week, income and spending grew 5 and 6 respectively. Thats great for the consumer. Manufacturing, we talk about it all the time, i had a whole slew of companies today that reported earnings in the manufacturing industry. And they are on fire. Parts of manufacturing. Why Consumer Confidence then if its so great for the consumer . Why is confidence the lowest since july of 2022 . Something is going on. I think it ebbs and flows, and i think it has to do with, yeah, elevated inflation. Weve talked about that. Its coming under control. I mean, the core pce nu
It is better than the nasdaq which is down by 3. 5 for the week. Dow down 1. 5 . Yesterday was a rough day. It was yields. The next board that we will show on the back of everybodys minds. Investors. Normal people are not saying oh, my gosh. 30 more basis points. We are sitting up and taking notice of the 10year treasury now. How low we were for a long time with the backtoback crises. Right. If you look at the steep curve, that tells the story from the lows. The 2year treasury is the same story. Japans central bank maintaining the ultra loose policy. Bank of japan citing uncertainty with the economies and Financial Markets at home and abroad. This is a big deal. The yen has been vehweak. There have been expectations to raise rates. Governor euda indicated that would be the case. As soon as the end of the year, they would talk about finally ending negative Interest Rates. That has taken place for a long time. Yesterday, ashley spoke with the Prime Minister of japan. We will show you tha
Tenyear note at 4. 556 . Twoyear note at 4. 927 . As you imagine in the energy world impacted by this. Wti crude is not impacted much. Check out crypto. For you trying to watch what the markets may do over the weekend as people were focused on bitcoin since it was trading as the strikes were taking place. 6 66,609. What was the low, mike . Low 60s. I was actually on twitter trying to understand the maneuverings because of the thesis, if you will, around what bitcoin should or should not be in this moment. It doesnt conform to anything lyinearly. This was pretty well telegraphed. You have the broader context which is typically an expected potential escalation of geopolitical conflict is not the thing to really drive the next weeks and months in markets. I do think markets are dealing with other stuff. Right now, a little bit of pressure is taken off because doesnt look to spiral. Oil is in the lied. Lead. The other part of it is were only getting back at the open if this is how it stand