The stoxx 600 up by 0. 7 . It has not given up gains of yesterday. The ibex continues to outperform. It has been one of the most beaten up during the covid crisis. The s p is down by 0. 8 percent. Crude is still up, trading at 42. 82. This demand expectation goes handinhand with the travel story, but crude stocks in europe are some of the best performers. Oil certainly gaining on a number of fronts. We continue to see what is happening in the bond market, and we watch this very carefully. I think the german bond market increasingly, certainly over the last day or so, feeling like it has been driven by what is happening in treasuries. Treasuries moving up to that 1 mark, having an effect on what is happening in germany. Interest overwith the next few days. It is only tuesday. Alix thanks for that. It was an ugly close yesterday for the u. S. As guy was mentioning, eu negotiators reaching a deal on the longterm budget, expected to add about 2 to the eus economic output in the coming year
With the election less than two years away. Welcome to bloomberg surveillance. I am manus cranny in dubai. The Global Equity rally rolls on. The inexorable roller. We have some breaking data from the euro area. Pmi at 50. 5. The market had preliminary suggested a number of 50. 1. We saw the german numbers on Services Come in at 52. 5 from 50. 8. This roll up in the equity rally is marching on. One hundred billion euros for the recovery in europe. 1. Have a new date, november the politicization of the vaccine has never been more. That trumps any china rhetoric of building up their tech and chip ability. They are going to use the power of the atomic bomb, as they said, to get there. 10 year yields,. 66, back at the level that they were when jay powell spoke. The glaly re when jay powell spoke. The global rally rallies on. There is this reluctance by the bond market to reprice with the exuberance of stocks. Is it about the dollar or the euro . The euro has been dropping for three days. It
Spend time on and we have euro area pmis coming in a touch better than expected but im not sure if it is moving eurodollar that much. 39. 80, always a good test looking at command and what it means for the world economy. Point 1764 and we look at her earnings with a couple of disappointments in the banking sector. Joint manufacturing pmi coming in at 51. 8 instead of 51. 1. Lets get the first word news with laura wright. Laura the u. S. Plans to act against a wide range of chinese owned software companies, not just tiktok. Thats the latest from secretary of state mike pompeo speaking to fox news. On friday, President Trump told supporters he plans to ban the app. Pompeo said the decision should come soon. The u. K. Is considering the worst case in a real of locking down london according to the sunday times. It would see at risk people asked to stay at home. The local government secretary says he is not aware of any specific plans to seal off london but the u. K. Will target local flare
Market. We begin with the big issue, a solid job report clouding the feds next move. Looks like rate cuts are off the table. It is hard for them to say, we are still going to cut. When i look at these numbers i keep going, why, why cant we wait . Maybe the trade war is not weighing on the outlook as much as we feared. I think you will have to reprice to a certain degree less than three cuts. The good jobs data report pulls people back wondering what the fed will do. The fed is in preemptive mode. Does the fed to get in front of the eightball or behind the eight ball . It comes down to the discussion, do they want to make insurance cuts . What are we ensuring ourselves against . Jonathan to discuss, we have peter tchir, iain stealey, and noelle corum of invesco. I want to begin with you. It is the number one question following the payrolls report. What does the jobs number on july 5 mean for the fed meeting on july 31 . Noelle no doubt, the payrolls number was strong across the board bu
Solid job report clouding the feds next move. Looks like rate cuts are off the table. It is hard for them to say, we are still going to cut. When i look at these numbers i keep going, why, why cant we wait . Maybe the trade war is not weighing on the outlook as much as we feared. I think you will have to reprice to a certain degree less than three cuts. The good jobs data report pulls people back wondering what the fed will do. The fed is in preemptive mode. Does the fed to get in front of the eightball or behind the eight ball . It comes down to the discussion, do they want to make insurance cuts . What are we ensuring ourselves against . Jonathan to discuss, we have peter tchir, iain stealey, and noelle corum of invesco. I want to begin with you. It is the number one question following the payrolls report. What does the jobs number on july 5 mean for the fed meeting on july 31 . Noelle no doubt, the payrolls number was strong across the board but we dont think it means much. We think