Cash trade. Here are your top headlines from the bloomberg terminal. Trumpa on the defensive. The president stands by his handling of the coronavirus on day one of the Republican National convention. Says democrats are still blaming America First Nikki Haley Says democrats are still blaming America First. The chinese arrives in europe today. Demandsla merkel answers from russia after it was putin critict the was likely poisoned. We have figures crossing the wire right now. The German Economy shrank 9. 7 in the second quarter. The initial estimate was for a drop of 10 point 1 . This is a second look here, and so it looks like it is a little better than expected. Still, of course, a massive drop , the quarter over quarter figure. The yearoveryear figure is a drop of 11. 3 , so a big drop in the german gdp. That the bloomberg economists expect a rebound in the second half, and of fullyear drop of about 6 for 2020. Lets take a look at what futures are telling us after the new record highs
In terms of pmis. May look ata data august manufacturing pmi, 51. 7, in line with expectations. Economists were expecting 51. 7. The dollar dropping to a two year low. U. S. Features climbing after chinese manufacturing data that indicated exports are underpinning a recovery, and the euro leading the charge against the dollar. The weaker dollar fueled commodities with copper climbing. Lets get to the bloomberg first word news in london, this is laura wright. Expectgermany does not economic fallout from the coronavirus to be as bad as previously thought. The updated forecasts are officially released today. Europes biggest economy has staged a rebound after collapsing in the Second Quarter. Global trade is on course to recover more quickly than the 2008 financial crisis, according to germanys institute for the world economy. It said shipping volumes are back at levels faster than it took after the lehman collapse. Argentina has received support to restructure its overseas debt , that pav
For keeping employees you know in in their job up until october 1st and theyre using that as a way to get some more free money but here warren buffet was like he was outbid by the fed and he said hes throwing a temper tantrum saying well dumping all his Airline Stocks immediately the entirety of it a huge loss dumping his bank shares again because the fed is the biggest player there hes not going to he knows that this next crisis thats coming hes not going to be able to do Goldman Sachs sort of deals again where he got a huge preferable you know return in exchange for bailing them out in 20082009 so here hes doubly shorting the dollar but he cant like hes Warren Buffett he doesnt want to get in trouble with the authorities i say he cant just openly short the us dollar they openly kick in a stand on their face but what hes doing is by going along japanese conglomerates and including one of them by the way which is. Called the itochu and it was founded in 858. 00 but among Japanese Tradi
Hong kong Police Arrest a media tycoon and prominent activist jimmy lai after the u. S. Penalizes the citys chief executive carrie lam. 15 ,s in next digital get dip 50 only to reverse losses. The inflation debate. Investors look ahead to u. S. Ppi and cpi as global debt with subzero yields top 16 trillion. A ton of negative that out there. Bob prince tells bloomberg a pickup in inflation would be mind blowing. Frome under an hour away the start of cash equity trading in europe. Lets take a look at futures this morning. Looking at gains across European Equity indexes,. 8 of the gains you seen on the widely traded euro stoxx 50 futures, also on ftse futures. In london. Dax in frankfurt. Looking at games on the u. S. Futures picture. Tradings p minis stronger than nasdaq futures, but you still see green arrows, so it could be a risk on monday to kickoff the week. Lets get the first word news with laura wright in london. Gates billionaire bill says it is mind blowing the u. S. Has not imp
There is no return to lockdown here. Europe shouldsays not return to full scale shutdown to avoid another hit to the economy as french daily cases hit levels not seen since april. Tech continues to drive gains. The nasdaq hits a new record, propelling stocks and futures even higher. Pfizere news on a vaccine serves as a tailwind. Plus, biden vows to end the darkness. Calling his opponent a National Embarrassment. He promises to support the working class and reform taxation. Look at the futures right now. In terms ofains tech stocks in the u. S. A new high. Now we see a little bit of a mixed picture with ftse futures pointing down, but continental futures are on the rise. Back all gaining. Lets take a look at what u. S. Futures are showing us. More green arrows. Almost 0. 2 percent on nasdaq futures right now. Alsond dow futures are gaining. What are you seeing on the gmm . Anna it seems that markets, investors taking a glass halffull approach. You can see some of those markets doing we