Matt u. S. Authorities worn americans to prepare for a can potentially coronavirus outbreak to prepare for a potential coronavirus outbreak. Meanwhile, rio tintos windfall. They report their highest fouryear profit in eight years on a surge in iron ore prices, but the Company Warns of significant uncertainty if the coronavirus persons. And a South Carolina freeforall. Democratic president ial candidates turn on Bernie Sanders and his rivals came to stall the front runners momentum. Matt, let me pick up with whats going on with breaking news this morning. Weve got a number of corporates reporting. Lets get to the luxury sector with hermes. 10. 7 . S up by the estimate was an increase of 10. 7 . Thats a redhead line across the bloomberg this morning. Still talking about ambition, some commentary coming out of the luxury french business. The ceo is saying it is too soon to know when sales will rebound. There is a potential normalization from coronavirus in china. In china, there has been
What is happening with Deutsche Bank. Stocks really, havent strayed too far from the flatline today. We initially rose, then started to fade a little bit. The stoxx 600 down now only 2 10 of 1 . Deutsche bank initially rallied around 5 this morning. This afternoon has really completely turned around. The stock is now trading down by nearly 6 . This was not the reaction, i suspect, that those in Deutsche Bank were really looking for today. This is not been a huge vote of confidence in the Restructuring Plan Deutsche Bank has put out. However, more of a vote of confidence in the new greek government. ,reek bonds continue to rally falling by another six basis points. Thats get back to that big story on what is happening within the banking sector. Tsche bank glow very Deutsche Bank delivering its biggest turnaround effort yet. It will exit its equities business and take a restructuring charge of 7. 4 billion euros. 3 billion of it will be in the second quarter. Here to discuss all of this
This is Bloomberg Markets asia. Will be looking at the companies and tell you the name and a short while. Upshop 60 in and of the day at 9 . We are about to start this trading session i want to bring up a chart for you. This is the straight terms index. The moving average here. A key been acting as piece. We saw that here. Markets. He local the benchmark gauge up 18 so far so its biggest rise in five years. Tabs. In a moment keeping not doing much of a markup. We have seen pretty much and uninspired reaction here. Picking up from the losses we saw overnight. Youre talking earlier about what difference caps off paramedics when it comes to have an investment. Also questioned what different it makes into the equity market. It is quite clearly seen that stroke. Session,straight looking more moves in terms of the dixon the selloff. We have stocks, but the focus is on the bond market. Euros yields have nikkeind we have the resuming losses. The yen sticking up above 113. Losing about 8 10 of
New york oil is hovering around. Nokia is close to a deal to sell to a group of german automakers. Bmw would be the buyers. Stephanie the has been a big shakeup at toshiba over and ask accounting scandal. They will will have to restate earnings for six years. We have the story from hong kong. They announced after the closing bell in japan that they will resign. It is alleged top executives sent set unrealistic profits. A number of other executives will also resign. It you Management Team will be released in august. Toshiba has pledged to correct its earnings by 1. 2 billion. The Share Price Rose 6 . Stephanie they make appliances in nuclear reactors. Nike has given their ceo and award that is almost 10 times higher than what he usually gets. He has been awarded restrictive stock with a value of 30 million bucks. Those are whole of sneakers. Phil knight has endorsed him to succeed him as chairman of year when he retires. Erik zach johnson needed a few extra holes to win the british open
S p 500 down four out of the last five days following the last week weekly decline for the s p 500, the first time it happened in nine weeks. , we are seeingne it in stocks. In a small way. Uncertainty around tax reform and a massive move higher with some investors wondering whether valuation is justified. It has been a long time since a bigger pullback for the s p 500. This is 2622. The bars represent the degree of the move either up or down with the yellow line is one person up and one person down. In the 51st day without a greater than half a percent move down. Earlier, the s p 500 at the lows had been down a 10th of 1 but similar to yesterday, some of intraday volatility usually does lead to closing volatility. A good chart in the bloomberg that suggests we will see some more closing volatility for the major averages. , as is 8927, a highyield default swap index. That is insurance against the possibility that high yields issuances could default. It is used by sophisticated investor