Analysis. Kit juckes this morning was smart, smart, smart. One calculation i saw was it was only 5 of gdp, and that is a squishy number. But that aint much. You really wonder, whether be a second deal if the slowdown in europe continues . Francine it is 5 but every country has to ask for it, so it wont go to everyone depending on whether they need it or not. The other thing is that he could be the first step toward more physical integration in europe. It is a path forward, and that is probably why it is being heralded by euro files as something of a great deal. Lets get straight to the bloomberg first word news in new york city with ritika gupta. Ritika as you were discussing, it is a done deal. European Union Leaders have agreed on a landmark 860 billion economic Recovery Fund. It is split almost equally between grants and low interest loans. It will unleash vital Financial Aid to the southern european economies it hardest by the coronavirus, and it is being paid for by hundreds of bi
Ministers brief reporters, and it is brutal on the negotiations. Tom brutal is the right word. There was one photo ice saw. E looking justutt exhausted. For those of you who have not followed the soap opera, it is still not over. This monday isn deceptive, extraordinary. Out of china, the virus particularly in america, and this european donnybrook it is amazing. And then the market reaction. Francine it is quite a lot for a mid july market. Now lets get straight to the bloomberg first word news. Here is ritika gupta. The their repeating European Union may be on the verge of a deal with denmark and Sweden Holding of the oceans. They appear to be ready to greet that 450 billion of the fund would be made available as grants with the rest of it coming as low interest or loans lowinterest loans. Brexit negotiations are in a tense standoff, dashing hopes of between the u. K. And the European Union, which failed to make progress last month. British negotiators say the e. U. s concessions are
Still waiting for the French Market and the German Market to really get into their stride perhaps this morning. he british pound up around 0. 3 as we hone in on december 12. The Options Market is currently adjusting itself around that kind of timing. The dollar index is down by around 01 . 1 . s look at 0. Lets get a look at the sector perspective. And the outer space, what is good for one company doing m a might be bad for another. Financials looks to be an area of red, as does health care. A couple of areas of green coming through their but essentially read in both of those, as is staples. Utilities and staples looks to be fairly green. That looks a bit defensive on of what we are seeing here from sectors. One of the sectors we have focused in on a lot is the auto sector of course. The vw share price is trading higher, up by 1. 9 . There was no change in revenue on margin guidance from vw. Weve been speaking to the vw ceo, that is frank witter, about the cut to the forecast. Frank ma
I am Francine Lacqua here. First to the markets because there is a lot going on. We are covering brexit. It is not only about brexit. There is a lot going on in the wider market. I am looking at oil. The implication of the Saudi Arabia Oil market, because the king will meet the minister for oil and petroleum. We will see what impact that has on their policy going forward. 6. 92 for oil. You can see the index unchanged. Chiefiller speaks to the executive at the herbert motor show. About brexiteaking with lord adonis soon. Said the Prime Minister plans to defy legislation requiring him to ask eu for brexit delay. That comes after the resignation why she couldnt stay on. I supported Boris Johnson and his approach and i was right to do that. The consequences now, one senior. Olleagues expelled this made my position untenable. Francine joining us now is andrew adonis. Roles in thes labor government. Lord adonis, thank you for coming on. We are back to two years ago where there is a multiple
A big market move yesterday that started with concerns surrounding hong kong and that means yen found a good bed yesterday. Argentinaocus was in after the selloff after the surprise primary where we thought it unlikely the candidate could make it. The second time of voting since october. U. S. 10 year yield that 1. 63 . Coming up, we talk with the chief executive of Steinhoff International holdings. Do not miss that interview after 4 p. M. London time. Lets get to the first word news in new york city. Viviana Senate Leaders in italy failing to agree on the date for a confidence vote in the populace coalition, leaving the deputy premier happy to wait before consolidating power in rome. Discussions in the Upper Chamber continue tonight. If there is a new election, the commanding lead means he will likely be the next Prime Minister. Global anxiety showing up in the treasury market. Yield on 30 year Treasury Bonds approaching alltime low as the 10 year yield also fell. That one point it wa