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As demand dips and price wars loom with brent reaching its lowest level since 2002. Awe quarry tet of eurozone banks scrap their proposal after the ecb wants to preserve cash until october in a bid to maintain liquidity the number of confirmed coronavirus globally has risen 723,000. The death toll has risen to 34,000 germany and france have started lockdown with germany. The number of deaths in italy has fallen for the second straight day tough restrictions remain in place. Elsewhere china says it has posted a drop in new cases for the fourth consecutive day as beijing battles against a second outbreak of the virus. How are the markets reacting to it markets are trading on the back foot in europe. We are seeing some pretty substantial losses coming together in the early hours of trade. Ftse 100 down 2. 6 in the germany the dax is holding up a little better, down just 1. 4 . A few sectors are getting a particularly hard hit this morning after some analysts weighed through the impact of ....
Street warnings. Citigroup joins jpmorgan in slacking a downturn as Global Sentiment takes a hit. Manus are we all on our way to 2 . Its a most like a shakespearean drama. We cant turn back. 2. 75 . Ld retrace the we have priced ourselves on most oblivion on the probability of a rate cut. The didnt show up last night for the sevenyear option which could be the bond market sending the signal back to the market. A lousy bond auction was almost a welcome reprieve. James gorman says he will meet hard data, hard facts for the fed to move. Lets have a look at some of the other at risk markets. , 25 basis point cut on that market next week. The dollar is slipping this morning. They cut their target on the aussie to 65 from 70. You will see 1 by the end of the year. The dollar index, we are off of a fivemonth high. The risk is a major escalation. We could trip over ourselves between china and the u. S. Into a real escalation. That is th ....
Japanese yen holding fairly steady. We saw that kneejerk reaction overnight and we had local immediate reporting they would exit away from negative policy settings next week the focus on those union group negotiations. Nomura saying the wage hike is likely to be around the 5. 1 range. This is the state of play so far. Yen strength, we have seen it putting pressure on japanese stocks and we saw the miners outperforming yesterday. It will be interesting to see how that sub index performs today considering we are seeing iron ore going down. Equities more broadly so far under pressure ahead of the boj meeting that concludes early next week. Lets take a look at the outlook for career, very much driven by wall street. Further weakness. It was that focus on the fed and the message or the takeaway perhaps from the ppi data, we had further data around resilience in the labor market. Perhaps the fed can afford to take its time when it comes to cutting rates as we saw moves higher for treasury yi ....
Itll be interesting for black friday, cyber monday and heading into the Holiday Season to watch to get the idea of how the consumers are feeling for the holidays. The dollar is lower, commodities are higher. Transports giving it a go, getting ready for planes, trains and automobiles. Back to you. Melissa thank you so much. Gas prices continue to drop, but it is not all good news. Prices at the pump are the highest they have ever been on a given day. Sandra smith in the pits of the cme with more on todays trade. Oil reacting to the news of the ceasefire between israel and hamas, first of all. Sandra it certainly is. Not really sustaining the selloff. Currently down 0. 24, still a little bit of a selloff but nonetheless prices have been coming down into thanksgiving weekend. A lot of drivers hitting the road, 34 million of them writing. Obviously the ceasefire has an Immediate Im ....