But the e. U. May challenges deal with china. Up ad Morgan Stanley wraps big earnings week for u. S. Banks , with a beat. We are live from the Morgan Stanley global Alpha Investment conference in hong kong. Us trillion markets just open for trade. Sophie. Sophie asx us trillion marketst open for 600 the top smock the top stock market so far this year. Broadly speaking, asian futures are pointing higher and regional stocks are headed to a seventh weekly gain. We will see if the u. S. Tech rally feeds into asia, given bullish guidance. We did have alphabet joining the 1 trillion market cap club. Fed expected to stand pat on rates. Looking ahead to the chinese gdp report, futures in singapore closing higher after a three day drop was posted and the offshore yuan is headed for an eighth weekly rise. Thea top forecaster says yuan will in the year is one of asias worstperforming currencies. Shery lets go to first word news with jessica summers. Jessica the Senate Begins the formal impeachmen
We have an important interview coming up. But first, lets check in on the markets. The institute has cut its growth forecast. We did have worries about germany and the labor market and some of the things internally. That has a lot to do with trade. A lot are saying that if you look at the composition of the world, is probably the European Union that takes the brunt of all of these concerns. ,uropean stocks are fluctuating but if you look at the stoxx 600 , investors are trying to figure out exactly what kind of clues they will get after these miserable manufacturing numbers. Coming up, a great guest lineup here in italy. We speak to the former italian Prime Minister. Well also talk to the chief executive of a general of generale and the chief executive of campari. Now lets get straight to first word news in your city. Hong kong protesters were planning a fresh round of disruption after clashes sublease shoot a demonstrated for the first time in the demonstrations began. Local media rep
Just continuing to track a bit higher. Were sitting at levels we havent seen since 2013 for this bond here. Certainly the question is, thage station that thage decision that were getting from traders, when were going to see the b. O. J. Start to cut or hike rates, were hearing them say the same three moves this year could be possible. We are getting close to the 1 market. Continuing to track the 10year yield at levels we havent seen since 2013. Really does play into the currency dynamics. Again today in the stherks yen fractionally weaker against the dollar here, trending back again closer to the 157 mark. Stocks wise, look, were a little high right now but fairly range bound on the session. That points to what were saying. Nvidia numbers are yet to come out. You mentioned the cleveland fed president , three rate cuts could no longer be appropriate. What does that mean for the dynamics of japan as well, that we continue to track. And also Rafael Bostic saying he expects a higher steady
There is a situation in texas and Mark Crumpton is with us. Mark Tropical Storm harvey is not letting up on houston. The fourth largest city in the United States has been inundated with floodwaters and an additional 20 inches of rain is in the forecast. Has drifted into the gulf of mexico and set to crash the shore of the texaslouisiana border. To pop houston reservoirs are overflowing two houston reservoirs are overflowing. They are both at record high levels due to days of heavy rain. Army corps of engineers officials have been releasing water from both but it wasnt enough to counter the rain, overspill floodwaters ways. Officials say more homes and streets will flood as a result. President trump is promising texas will get emergency disaster aid quickly. He says there will be a very Rapid Reaction from congress, in his words. There are signs that might be a political fight over the money. A Top Committee member suggests he wants to cut spending to pay for the response to harvey. Ref
Across the board europe is mostly lower, the ftse 100 getting a boost, modest. Big boost in rates thats a story as well, the ten year note yield, look there, 2s and 10s on the move this morning, ten year at 238 look at crude oil as well. Just below 50 a barrel, 49. 65. Road map starts with the hurricane effect the Labor Department reporting that 53,000 jobs were lost last month, first contraction in seven years. Does that mean a pause for wall streets record run . Stock futures are pointing to a lower open slightly this morning, the s p 500 coming off its longest record streak since 97. Watching netflix sharpen its fangs, the streaming giant up 5 yesterday alone. And seeing some key upgrades today. The september employment report also shows privatesector payrolls down 40,000 the Unemployment Rate did fall to 4. 2 , the lowest since february of 2001 average Hourly Earnings now up 2. 9 from one year ago jim, we mentioned all of the classes of stuff that is moving, rates are up, the dolla