We saw was escalation of the trade war with the latest move being china fixing above seven last night. That is trading at 7. 10 now usdcnh. For adding to the downside, it is the internet and Home Entertainment index in the s p 500, the worst performing group right now. Electronic arts, take two interactive, and Activision Blizzard after the president talked about reframing violence in society, specifically encz and video games as part of the problem specifically mentioning videogames as part of the problem that led to the mass shooting over the weekend. He also condemned white super messy for the first time. The tenured you White Supremacy for the first time. At 1. 77. Ar yield guy lets get back to the china story. China letting its currency go through seven to the u. S. Dollar. Thats a big line in the sand. Has been for a long time. The chinese have never really gone there, not since 2008, and certainly not in the duration of this trade war. However, that has now happened. Spring in h
Interest rate at 5. 5 . Of course, dave, it is widely expected all 20 economists we surveyed expected as much. But the question is really whether or not governor adrian orr will sound hawkish, given that inflation is still far from where he wants it to be, which is one, two, 3 right now. We had headline inflation in the Second Quarter at about 6 . So rbnz staying pat for a second time in a row at 5. 5 . Remember, this is the central bank that has done 525 basis point hike. It has been pretty aggressive ahead of the curve, way ahead of the fed. And now it is keeping its rate standing pat at 5. 5 for a second time in a row. Dave. Yep. Yeah. So were looking at, to your point there where there is some commentary on inflation and how restrictive rates are and theyre saying already restrictive and that should be enough to return inflation to target. Were just going through some of the phrasing here on the statement because that i guess in some ways, short of hearing from the governor himself
People just overwhelmingly happy. His supporters at the huge election win that he pulled off. With more than 99 of the ballots counted this morning. His win stands at 11. 49 over his main akp rival. And so people you know, i was talking to them and so many people, interestingly, you know, are excited, didnt want to go have their voices recorded. But many people saying that this marks really a Turning Point for istanbul and they say for the country, because this shows that mayor imamoglu could stand potentially against president erdogan if there are a number of constitutional changes or whomever he might face, whatever akp candidate as president. But people saying the economy is far and away the biggest concern and this, they hope, marks a Turning Point to fixing that and making their living situations easier. The long awiated arrival of Self Driving Cars appears to be hitting some speed bumps. It turns out theyre much harder to introduce than expected. So were seeing more hands free Dr
I cannot be in favor of it. Plus, britains got talent, and france wants it. Residential hopeful emmanuel workers tos skilled return to france after talking to theresa may. Fore are the figures germany, Business Confidence coming in at 111. Stronger than the markets were expecting. They were expecting a figure of 109. 6. It is stronger than expected. A little bit better than expected growth figures. This is the picture for eurodollar. Lets get straight to your markets. Yesterday, we had record highs for the u. S. , and that means it is probably still going through a little bit when it comes to european stocks. I want to show you movement on japan as a haven. Volatility yesterday was gaining 4 . Brent crude, if you are looking wti. At markets, look at brent at 56. 53. This is my favorite bloomberg. This shows you the german twoyear yield. Is further into negative territory. This is the zero line for the german twoyear yield. The three main reasons for this it is a haven, there is support
Dynamic growth despite low sales in china. And shares rise as profits jump 21 . The ceo of infosys says beating some stability. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. And a very good morning to you, last trading day of the week. Jobs tri friday. Ahead of that, equities are firmer here. Advancers outpacing decliners. The ftse 100 yesterday was down some 30 points. This morning, its up some 30 points. Essentially, its still absolutely flat on the year. 0. 5 higher. Xetra dax and cac 40 also 0. 5 . The ftse mib is 0. 2 higher. This morning, lufthansa is up 5. 74 . Its predicting oil prices will decline. Meanwhile, swatch shares are up 4 despite full year sales just missing expectations. Its talking about Dynamic Growth next year and this year despike weakness falling in the chinese market. Orange is up 11 . Reports suggest both do you have ya telecom and at t are interested in taking over the firm this year. Now cara in germany, in f