Change his mind about approval. Latery powell will say that the u. S. Economy is improving, but has a long way to go before fully recovering from the virus. The st. Louisrom fed president this hour. Haidi investors are waiting to hear from fed chair powell. But we know the gist of what he is likely to say given that the commentary has been around how recovery will be, managing expectations. The recent fairly positive data points we have gotten. S p active futures after the session overnight really erasing some of those earlier losses as well. Some of the gains we have seen trading flat at the moment. U. S. Stocks fell. Could have been worse if not for that rebound in tech shares stemming the losses. It did get close to that threshold to be considered a market correction. 0. 1 ires down by should say by 1 at the moment. Japanese markets are closed for a second day this week for the autumn equinox holiday. ,ydney futures down by 1 trading in new zealand down by 0. 1 . Victoria has come o
Yes, that is a correction. The dow down only 5 or 6 . That is not a correction. Jonathan correction emits massive rally correction amidst a massive rally. Tom i will get you something from tiffany. Jonathan i look forward to that. Data coming later. Lisa i am very curious to see with the jobs picture will be. To toms point, this is not a fullblown recovery where people are looking at a risk on feel in the markets. We will get the july job openings data, which is the leading indicator for jobs growth. Selling 35, billion of 10year notes. Also today, congress is taking a look at the u. S. China economic and security review commission. Very interesting to hear what the bipartisan proposals could be about legislation to potentially penalize china for transgressions. I really want to emphasize the bipartisan aspect of this. Youve got President Trump coming out against tiktok and wechat, and former Vice President joe biden coming out today with a proposal to levy taxes on u. S. Companies tha
Shortly. Onhave got hopes of progress a vaccine and signals that they are making progress in terms of the u. S. China trade tensions. Both of those really firmly supporting the risk rally that we are seeing. Let me show you the state of play with the stoxx story. The back ofming off record highs in u. S. Stocks. The good times might not last, according to morgan stanley. They are saying the market is vulnerable to shocks, especially rising rates. Treasuries are on the back foot as we speak. We are looking at a weaker greenback. 830. Dollar at 1. 1 yeah,ps a little bit of a strange one given the wider risk appetite. The folks at pimco saying the gold rally is it played out yet is not played out yet. They believe gold remains attractively valued, especially in the context of low Interest Rates. Here are some of the stories we are watching. Both of the u. S. And china are seeing progress under their phase one trade deal. They are committed to the success of that. Senior officials from the
On the value of its new business, following the fall since it listed the most. We will be joined by the ceo. Reports amid rising u. S. Tensions and fears of backlash from the white house. More challenges may be growing closer to home. Lets get a quick check of the markets with sophie kamaruddin. Stocks with a subdued start, futures lower. Kiwi stocks higher by 0. 2 . At m a, andlooking south korea raising a red flag. In sydney, stocks hit a fivemonth high. Qantas hosting its first loss in six years and warning it will not make money in the next financial year. 2000 after retreating on the fed minutes. The index going since jumping the most since june on the fed. One analyst said he does not think positioning is stretched, but even with broad dollar weakness, asian currencies have underperformed, but record forex reserves are one key reason. Steady afteryuan retreating from a sevenmonth high, retracing gains it has seen since last month. Focus, callsira in for the central bank in turkey
Pattern meeting globally at the jackson hole symposium shares in wpp jump as the worlds biggest advertising slump. Tiktoks ceo quits quiting a changing political environment after actions to ban the video app. We are tracking the hurricane laura after the storm made land fall in louisiana with a 20foot storm surge. Crude was cut ahead of the storm. Just incredible when you talk about 20 feet and the language thats been mentioned. That most of the parish could be under water and the word unsurvivable has been used some of the houses are built on stilts particularly on the texas coastline. The oil industry has been interesting. 90 shut down similar to katrina. Mostly brent that is picking up the action matched against these concerns has been the covid19 impact that has tracked the reaction in the range so you wont see the impact close to 46 on brent prices and just above 43 this morning. Not getting any traction in the read Nbcs Jay Gray from the gulf coast. The most powerful storm on th