1 ,s p up by nine tens of tech leading the charge. European markets underperforming but the ftse 100 pushing on gains over the last hour. Most european markets gained early than flatlining into the afternoon. We are seeing a bit of a return to the dollar this afternoon, still trading at the 118. 119 earlier on and security markets continue to be in focus as the ecb suggests there may be rates that could be cut further. Lets start off our conversation on the u. K. Labor market which took a turn for the worse in july. Total job losses climbed to nearly 700,000 since the start of the pandemic. Tois considering plans support jobs as per the government cost Furlough Program ending next month. Businesses need support which is why many of the intervention we have put in place lasts the last through the next year. I have not hesitated to act and create effective ways to support jobs and employment and we will continue to do so. From brusselsg us is Vincent Juvyns from jp morgan. Sunak may be s
For you and not a lot of time. This hour is going to fly by. Toms book is really a fantastic read and but i do think folks especially in the United States are going to find the book controversial, thats a great thing about about because if a book doesnt generate conversation, then it may not be worth reading. This is a Glass Half Full story of chinas economy and the management of the Financial System. Box offered at a time when u. S. China relations are declining and attacks from all different corners in the United States of chinas system are going. There is this argument that chinas economy, how it manages that economy is incompatible with the International System and as a result of the u. S. And others need to reduce their exposure to chinas unique risk. The book tries to answer the question, how did china managed to do it, how they managed to continue to grow without a major financial crisis. And can they keep it up . Im going to turn the floor over to tom in just a minute, he will
Life for on demand on your time. This is csi of online. Were going to go ahead and get started now. Folks are still running. That is fine. We want to get started because we have a fantastic program for you and not a lot of time. This hour is going to fly by read, who, is really a fantastic read. This is a Glass Half Full story of chinas economy and management of the Financial System and its offered at a time when u. S. China relations are declining and attacks from all different corners in the United States of chinas system are growing. And theres this argument that chinas economy, how it manage that economy is incompatable with the International System and as a result the u. S. And others need to reduce their exposure to chinas unique risks. The book tries to answer the question, how did china manage to do it . How did they manage to continue to grow without a major financial crisis . And can they keep it up . Im going to turn the floor over to tom in just a minute. So introduce his b
The world. The nasdaq up 0. 9 . Gold continues to rally. 1733. 48 an ounce. Plenty of currencies are moving against the dollar. How are we doing in europe, guy . Guy we are up, being driven by the oil and gas sector once again. We are trading near session highs. The stoxx 600 up by around 0. 6 . Relatively muted volume today, and to be honest, the volatility , soting to come down again bear that in mind. We seen a lot of centralbank news over the last few minutes. Christine lagarde has been briefing eu leaders as they kick off their summit, their videoconference. She has been warning them that gdp may fall by 15 within the region as a result of the virus. That is largely backed up by some of the pmi data we saw earlier on, particularly very Weak Services numbers coming through for the eurozone. A littlearting to see bit of tightening in some of the spreads. Btpsbunds coming down a bit, so a little bit of outperformance for peripheral bonds, but other big move upside for brent. To circl
Big stimulus deal coming, and in the words of may 2 pelosi, that could be within hours the words of nancy pelosi, that could be within hours. Bloomberg u. S. Dollar index is down by 0. 9 . London in the in u. K. As well. Guy a lot going on in europe. Pmi data out a little earlier on that were absolutely bad. We have never seen numbers this bad. Despite this, we are seeing sterling rising today. We are seeing the euro catching a bid. But the pmi numbers really are portending to a very grim economic gdp data coming down the pike towards us. We have the stoxx 600 up by about 5. 6 . Bond yields selling off, so at least that seesaw is working. We are also seeing a pickup in the price of brent crude. Statement, the g7 calling on opec and opec to try to provide some stability and it comes to the crude markets as well because that has been a major catalyst for this downturn as well, the oil shock we are currently experiencing. A you say, the big news from european point of view is likely to co