Billionaires index. Raise 30 5ting to billion in hong kong and shanghai. Aviation in australia. Alice springs emerges as the ideal place to store passenger planes left idle by the coronavirus. Shery. Shery breaking news out of south korea. We are getting the preliminary thirdquarter gdp numbers and we are seeing the quarter on quarter the economy has grown 1. 9 , which is beating expectations of 1. 3 and this is also coming after its first recession since 2003. We saw a contraction of more than 3 in the previous Second Quarter. Youre on your, still a contraction of 1. 3 but its a much smaller contraction than was expected and it is also a contraction that has eased from the previous quarter. We have seen growth and strength when it comes to south koreas exports and manufacturing industries. Thirdquarter manufacturing actually growing 7. 6 quarter on quarter when you look at the details in the gdp numbers. We have seen the rebound in china. South koreas biggest trading partner helping i
India may miss growth targets as the virus cripples the outlook. Intel plunged after its new chip reduction process was delayed again. The company is under pressure as customers increasingly turn to rivals for chips. We are just getting pmi data out of australia crossing the bloomberg. The pmi actually rising to a record high in july. This is a preliminary number for services coming in at 58. 5. Manufacturing pmi also higher, 53. 4 from 51. 2. Composite at 57. 9. A big jump from the 52. 7 in the previous reading. That returnecting to some semblance of normality as part of australia exit the stricter lockdown. Going forward will be key given we are seeing a fresh sixweek lockdown from victoria. Lets take a look at how we are setting up this friday session. U. S. Stocks falling to the lowest in about a week after unexpectedly high jobless claims rekindling worries of the economic recovery stalling. We are seeing more recovery when it comes to trading in futures contracts come up about. 2
Selling but the glut looms over the market. The politics of the pandemic. The u. S. And china continue to trade barbs over their handling of the crisis. Washington says the world has been let down. Breaking news out of south korea. We are getting First Quarter gdp numbers quarter on quarter, seeing the biggest drop since 2008. Young talking about a contraction of 1. 4 . It is still a little bit better than expected. The expectation was a contraction of 1. 5 but it will still be the First Quarter on quarter retraction since 2009. The year on year number rising 1. 3 , is also bigger increase and was expected. It was expected it would only gain 1 . It is also growing this rise of 1. 3 year on year coming after growing more than 2 in the past two quarters, so it is still a slowdown from the previous quarter. We are seeing manufacturing taking a big hit, a contraction of 1. 8 for the Fourth Quarter and also contraction from the previous quarter. We are seeing the hit on retail trade, accomm
Loom over the market. And the u. S. And china continue to trade barbs over the handling of the crisis. Washington says the world has been let down. Shery lets get you started with a quick check of how markets are trading. U. S. Futures looking like this. Unchanged at the moment. This, after we saw a broadbased rally in the regular session. This halting a two day slide. We had the latest around corporate earnings showing a little more positive sentiment. Chipotle and Texas Instruments rising on solid result. We had tech leading the gains with the nassau composite seen the best day in about one week, reversing yesterdays weakness in tech and chipmakers as well. We have a little more optimism about the eventual reopening of the economy as well, so we had this pullback in treasuries confirming this riskon move. Take a look at what oil is doing. We saw oil rising from record lows in the new york session. Barrel right 14 a now as President Trump ordered the navy to deploy any uranium boats i
Street, which he must avoid a damaging no deal divorce at all costs. Shery later in Bloomberg Technology global link, we will talk about the Justice Department investigation into whether big tech has been stifling competition. First, thats get you started with a quick check of how the markets closed tuesday session in the u. S. The s p 500 closed at the highest level in more than a week, up 7 10 of 1 . Rising for a second consecutive session. We have some strong earnings coming from the likes of cocacola, united technologies. Not to mention lockheed martin. We also had Investor Confidence that a deal would be struck when it comes to suspending the u. S. Debt ceiling. In the afternoon session, we got news that ambassador lighthizer could be going to china next week for the first highlevel trade negotiations since may so that really spurred Investor Confidence. The dow gaining 7 10 of 1 . Almost every sector in the green in the s p 500 and hit higher by industrials and materials. The nas