Index, just marginally down. The real story has been the bounceback after last weeks fall for bitcoin, approaching record highs. 19,595. 1. 1 to the upside. Drivings within opec that crude oil price down. Lets look at what is going on in the emerging market context. Asian markets are bouncing back nicely after yesterdays big move to the downside. What has been responsible for this change in mood . , onethink first of all should partly see yesterdays price action as an anomaly. I think the Way Investors are now returning to the positive things like easy fed policy, Global Economic recovery, which was confirmed by asian pmis and the index that just came out, and optimism about vaccines. Juliette and your team has written a piece on the e. M. Currency outlook for 2021. It reads quite positively. What is the basis for all that optimism . Maybe there are three reasons. First, valuation. We believe that emfx is undervalued and conditions should be conducive to pushing them into overvalued te
Tells bloomberg theres no risk in using e. S. M. Funds to weather the pandemic. This as multiple policymakers warn of the rising risk of deflation. Manus its just gone 9 00 a. M. In dubai. 6 00 a. M. In london. Were digesting really one of these moments from the fed, nejra, whether it was truly a dovish message. Were not even thinking about thinking about the possibility of raising rates. So we got this jucks pox, q. E. Forever juxtaposition, q. E. Forever, versus the reality of risk for the world. As the number of cases rises, it is unsettling the markets. In excess of 2 million in the United States of america. So the message from the fed, battling against the uncertainty of covid19. Good morning, nejra. Nerja good morning, manus. The debate about yield curve control continues. We understood that the fed and officials were certainly looking at it. In terms of the reaction in the treasury market, i mean, the bulls certainly came back. We saw that 10year yield drop to a 72 handle. The f
Government in a phase four plan. That is helping to lift equities. No surprise, you have the underperformers again starting to surprise. Nordstrom and the gap are the two strongest is in the s p right now. Those are the names rallying. You have to wonder about the efficacy of the rally. Priceslped by energy getting some stability in the u. S. Despite the fact we saw an and norma screwed inventory build of 15 million barrels. I had to actually look three times out the number because it was so big. You are seeing that risk on continuum, but i have to have doubts when you have nordstrom as the Top Performing stock in the s p. Guy lets talk a bit about what is happening in more detail in europe. We are trying to figure out what is going to happen next. Eu ministers are divided on how to finance the regions fight against covid19. Yesterday, 16 hour call. Tomorrow, they were doing again. Aance and berlin both saying deal is close. The question is, what are the sticking points, and how big ar
Moving news from all around the world from frankfurt, to london, taiwan, our bloomberg two iowa, our bloomberg voices are on the ground. Commodities leading the charge for the quarter. Here for more is bloombergs sonali basak. Income net interest coming in above analyst expectations is a great thing for bank of america because it shows the bank is doing what a bank should do. That is loan growing, deposits growing. Investment banking mergers and acquisition fell short than expectations, but we are seeing that across the board. We want to see confidence among corporate clients now that we know consumers are holding steady. Alix what were some of the worries through the quarter . Sonali the expenses were up, but bank of america was a costcutting story. Something we are hearing from all of the banks is the propensity to keep investing because the cycle is getting competitive at this moment. Alix thank you very much. Now i want to go to the latest on trade. President trump is ready to sign
The new Zealand Central Bank governor tells us he intends to keep rates low for a long time. About february. Outwould you shut optionality . Nejra wheres the money going . Hisoracle of omaha cuts bets on apple and wells fargo as of other Money Managers give facebook a thumbsup. Nejra welcome to daybreak europe. This friday. On green on the screen in the asian equity session. An agreement between the u. S. And china is coming down to the short strokes. They are talking every day. We see asian equities in the green. N. Strengthening a whisker above the seven level. The yen retreating for the first time in six sessions. That tells us about the risk in the markets at the moment. Yesterday, we really ended flat on the s p 500. A bit of a positive bias. We have a positive bias to the futures today. We have seen the 10 year yield in the u. S. Had towards a 180 handle this week on concerns. We had a trifecta of data out of china yesterday. Hat mate because in concern we back up a bit today. 18