And that was a lot more than what the survey had been for a gain of 1. 2 but this is the start of trading here we have got with the broader index or the nikkei 225 that is back above the 40,000 marked them. We have been fractionally below that over the course of the week but certainly, the stock moves we are seeing here echoing the u. S. Session overnight as we did have jay powell delivering the first of his testimony but certainly indicating that the path for rate cuts is clear later this year perhaps. So that is playing into the dynamics around the dollar weakness that we have seen and the yen off that. We are fractionally below that mark. As you said, that is positioning as well that is coming into play around expectations for the boj to be exiting and something that is really going to put pressure on them perhaps as you say are the wages data we got out because we had labor cash earnings rising year on year more than the survey. Real cash earnings were still in contraction territor
Stories we are following at this hour. A big bomb test coming up, treasury options up, a giant test for the market yield sink on the long end and china cracks. We are going to speak to mark bristow. Welcome to Bloomberg Markets. It is said definite risk off move and there are different factors like banks and human and commodities are getting hit. It is hard to tease out the main macro narrative. Guy we are looking forward to options. We were waiting for this week to start. Hasnt it started with a bang . There are few pieces in the puzzle and we dont know where they go. The banking story is fascinating. The banking crisis this spring was kind of a warning signal and maybe we are seeing the next round of the narrative developing. The bigger banks, that are under review, it sends a clear signal that the banking crisis is not over and it is becoming clearer, the understanding of which banks will do ok. Alix what we want banks to be . Do we want them to be a utility were you keep money here
Emerging says one analyst and its not too late to get in on the action he is here with the trade and the upside of this industry. Now a check on the markets the major averages are rebounding, but the chart of the day right now once again goes to new York Community bank corps. Believe it or not. Down more than 40 so far on reports thousand that the bank is seeking a major Capital Infusion from outside. And thats where we are going to start with these green markets, a very deep red picture, and leslie picker has the details on nycb so it appears to be that this would be an Equity Capital raise, and that they reached out to a variety of investment firms. My understanding in talking with a couple of indirect sources over the last few minutes or so is that this is likely a lot of these conversations are more in the private realm opposed to public investors and that they have been going on for quite sometime, because one of my Big Questions was, why is this coming out on a wednesday typicall
Neil not roaring like a not lyanne but it wont go out after a lamb after the two months weve seen with these markets and not looking at the nasdaq and s p, building on records yesterday and acknowledging investors are chasing of the day. Artificial intelligence was a big deal last month, one of the smartest people on the planet tell us it will be a bigger deal this whole year. Ubss ai excitement fueling another 20 rally from here, the s p 500 this year and arrayed domino says things might get crazy but are far from crazy right now. As we set up on the third month of training, whats next . Lets ask ray want, gary k kaltbaum. Ray, what do you make of this . Its too fast. Another 3 or 4 , calm down, what do you say . The market has a lot of room to grow even if nvidia hits 900, we have the beginning of the ai age, thats just hardware, we have areas around software that will grow, companies that make a lot of advancements and service companies, this is like the beginning of the internet. W
Yesterday, but again we were talking about Massive Gains not just through the month of july but year to date as well well continue to keep an eye on this if youre watching treasury yields, this is where you would anticipate seeing moves if there were a downgrade if people were afraid of rushing into this. But it turns out u. S. Treasuries are still a safe haven and why the yields are still a bit lower. The 2year note trading at 4. 86 . Of course, all that related to what were seeing. Talk about the downgrade because it is our top story. Theyre citing what theyre calling an erosion of governance Emily Wilkins joining us now good morning to you. Good morning, andrew. Yes, shocking news yesterday at least for some of those in the Biden Administration seeing that downgrade in the u. S. Credit ratings from a aaa to a aplus this is only the second time the u. S. Credit rating has been downgraded like this treasury secretary janet yellen is quickly depending the Biden Administration she says