China's June exports jump, surplus with US at record high


Your day let's get a check of the top headlines with daybreak editor richard macauley who is live for us from hong kong richard let's kick it off then with the fed chair jerome powell guggenheim a saint louis fed economist all offering warnings when it comes to the trade story and how it may impact growth going forward good morning yeah that's right so say powell was speaking on marketplace us radio show and he's offered some comments as you say tie in with a few different warnings that came overnight he said that what the central bank was hearing is that sorry it was hearing a rising level of concern about what the trade war could do to the economy of rule he said he sleeps pretty well on the economic given jobs in inflation but he said that he could envisage a situation in which inflation accelerates while the economy weakens this is due to the the effects of the trade war now one economist from this louis fed also warned of job cuts some factory closes if the trade war escalates guggenheim's scott menard he he called the effects of a trade war devastating to put it bluntly one sort of bit of a silver lining though jay powell did also mention that trump's stated goal if this trade is to force or to encourage other countries to lower their tariffs now if that happens of course j paul said that would be good for the us economy but of course in the short term right now looking at quite a few big warning sort of signals it's it's not hurting asian stocks were looking at asian index finishing up the first week in five a why is that richard well right now it's interesting to watch i mean maybe it's not sort of kicking in just yet one thing that we're looking at right now is the china exports china it's total export growth we go this states this morning total export growth actually fell to three point one percent in june from rally at that's lower than estimates had expected imports also fell this estimates by a long shot too but the most interesting number at the moment is the growth in exports to the us now a high number that could settle trade hawks in washington later but right now we saw us exports also chinese exports to the us in june hit a record now in dollar terms the value of those goods was almost twenty nine billion dollars now that of course looks like some pretty good trade on i'm sure it's going to help the the stock market today is so you can see no major effect from from that main sort of route of international trade so far yeah pretty good trade figures i'm kind of wondering whether or not it's going to go down like a lead balloon though over in washington dc led zeppelin led zeppelin that's true we all all about the blimps today aren't we let's talk one more story richard at and t the us dust is department planning to appeal that's at and t time warner merger approval talk us through the details here briefly we feel at and t had been cleared for a motor that was off to the government failed to convince the judge that the merger was about idea now the justice department as you say appealing that judge's decision the department's antitrust division filed just a onesentence notice of appeal at and t says declined about upset after trading but see at and t c randall stevenson he said that he this was expected and that he would take this the fight to merge all the way to this cream court if necessary so plenty more coming up all right richard thanks very much richard macauley there from bloomberg daybreak daybreak is out on customer terminals bringing you all the news you need to start your day let's get some more headlines now from around the world as blue bag cock good morning markus nineteen people have been killed and at least twelve injured in a factory explosion that struck china's sichuan province statement quoted by royces the thirties and john coombs county say the blast happened at a chemical plant run by you've been hanging hanged the and technology before midnight local time us president donald trump's campaign chairman paul manafort's lost his bid to get out of jail while appealing a judge's order to put in their bloomberg's nathan hager has the details a three judge federal panel denied the.

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