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minutes, we are joined by hsbc advisor stephen king. francine: first, china s yuan has triggered the biggest two-base hit law since 1998, fueling concerns that market volatility will slow growth. manus: the people s bank of china lover the reference right today, just one day after cutting it by a record 1.9%. let s find out how the markets are reacting. dollar-yuan.d you i m going to show you the flipside today, yuan-dollar. effect,u get the down which is more important. the yuan sinking for a second day. the two-day drop, 3.61%. that is the biggest two-they drop since 1994. ripple effects are being felt across global markets. china s central bank says there is no economic or financial basis for the exchange rate to fall continuously. i ll let mr. king decide whether that is the case. a ripple effect is being felt in bond, commodity, and stock markets. look at the msci emerging market index. i showed you a one-year chart. was ther, september 3 peak for the period. from ....
about to make his biggest deal ever? greece said creditors could be struck as soon as tomorrow. this as alexis tsipras ahead of a crucial debt repayment. shares in china have seen their biggest one-day gain in a month in hopes that beijing will embark on further easing. this after falling towards a six-year low and export s slumpd 8% in july. joining us, jpmorgan, josh, a very good afternoon to you from london. let s just sum up the latest data release that we ve had over the weekend, saturday and sunday. how disappointing is the data in your eyes? sure when you look at exports and imports, clearly there s been a significant slowdown. we normally look at things like fixed investments. things like commodities just up 9% year on year. and investments up just 4% year on year. clearly there s more scope of easing on the policy side. just what the market is expecting today, the shank had hi composite nearly 5%. so expecting some more easing. what sort of easing are y ....
weekend. greece wants the bailout talks to be done by early tomorrow at the latest. the key date to watch, folks, august 20th that is when greece has a repayment due to the ecb. and gloomy data on trait inflation. investors show that beijing is about to roll out more stimulus. and watching oil. prices falling for six straight weeks. oil slightly low again. the latest lundberg survey shows gas prices down 11 cents over the past two weeks. that puts the national average for a regular gallon of gasoline at $2.71. gas down 81 cents a gallon from last year. the dow and oil have gone in the exact same direction so that s why stock investors should care about oil. you know, it s interesting because we ve talked so much about how this is a huge tax cut for consumers. you just mentioned prices at the pumps down 11 cents at the pump over the last few weeks. you keep wondering when that payoff hits. we know what it s done for high-paying jobs but it s been less likely to sho ....
hathaway acquiring precision. we knew this. nfl deal kind of interesting. yes. ahead of earning, reports for tomorrow. al boib. first up berkshire hathaway saying it has agreed to acquire precision cast parts. they say the deal has an enterprise value of 37.02. they say it takes berkshire out of the market when it comes to m&a. we ll probably be buying a few small things in the next six months. i mean, we re in negotiations on a couple but in terms of a deal of similar size, it pretty much takes us out. what we ll probably do on this one is we ll probably borrow about 10 billion and use about 23 billion of our cash. asked about a lot of different things. ibm, hinted he s been buying more. said kraft unlikely to do a big deal in the next couple of years. i thought there was a lot here. i know the three reasons the market is up. china should have been down a lot. the stock market has disassociated it from the data which is terrible this weekend. second, when i l ....
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