China says it won't devalue currency to bolster exports
Morning I'm Doug krizner at Bloomberg world. Headquarters in New York and I'm Rishaad, Salamat in Hong, Kong likely to be shaping up for the Asian trading day of course Doug we all starting off with a, brand new week very much focused on the foreign exchange ratio. Because the President Trump has you know said recent weakness of the Chinese Yuan combined with the recent gains. That we have, seen in the dollar really risk. Putting the US at a disadvantage we had the, dollar. Retreating against the majors in the Friday session during a New York trading with the Bloomberg dollar spot index dropping. About eight. Tenths of one percent we closed right at. That fifty day moving average meantime the Japanese yen jumped nine tenths of. One percent we also had the. President saying he's not. Thrilled that. The, fed is. Raising interest rates and potentially slowing the economy let's not forget the. Trade issue too because at the end of last week President Trump declared he was ready to. Impose tariffs on all five Five hundred billion dollars worth of, Chinese imports US ten year treasury last quoted in the New York session Friday at around two. Point eight, nine, percent on Sunday Iran's president warned President Trump not, to threaten Iranian oil exports now the president has vowed to shut Iran, out of, world markets by demanding that other countries stop buying Iranian crude by the end of November however Hassan Rouani was saying do not play with the lion's. Tail it will bring regret WTI in the New York session Friday finished at sixty eight twenty six we're trading off about. One tenth of one percent right now against. That and because of the big move. In the end, we're seeing a little bit of weakness right now. In Nikkei futures rish Yup we, also go there's winning from the g twenty the world's top finance chief saying trade. Tensions threatening a global economic growth the. G. twenty statement says the main risks, rising financial valid, vulnerabilities heightened trade and geopolitical tensions global imbalances inequality And structurally weak growth factory Espy is in one is that he's covering the gathering dominated, the conversation here And there, is concerned that that some of the emerging markets such as Argentina could be impacted by the market volatility trade complex could create The statement also said emerging. Markets also face the threat of capital outflows the g. twenty by the way removed its. Usual pledge to stay away from competitive currency devaluations we got the. Dollar, trading against the Chinese Yuan right, now at six seventy eight thirteen we're watching. This, very carefully after the president accused Beijing on Fridays well as the European Union of gaming their currencies in a way, to boost exports now these remarks come after the president lashed. Out at the fed and threatened to ramp. Up the trade fight with, China even more peo- Matisse. Is EM FX strategist at Robbo Bank he says the could keep. Weakening from here whenever a central Bank launches Kiwi, currency tends to weekend so we expect the you want to remain on the back foot so we may see some stubby around six eighty but we might find bullish on now that sentiment is echoed by others including Frederic Neumann of HSBC. Newman also saying the BBC appears to have more stomach for volatility than it used to All right Ratio are? You there Does China is what really where I wanted to talk about it because it appears to be collecting more fans as it moves. Toward its Hong Kong IPO wearing hill has got Alibaba agreed to join. A group of cornerstone investors allows the Dow ten firms agreed to, by about one point four billion dollars in stock hill houses putting in about four hundred, million dollars and Todd but one hundred million sanitize expected to start. Taking investor orders today the IPO could raise around about eight billion dollars making it one of the biggest. IP as, in years right now I have Pfizer putting indications are shares will price in Hongkong dollars between one dollars twenty six, hundred. Dollar, fifty eight Doug well we have the former head of Fiat Chrysler in the intensive care unit because, of deteriorating health news agency, onset saying that Sergio Mark Joanie. Is in irreversible condition the automaker yesterday naming be fifty four year old Brit Mike Manley, to replace him. Bloomberg's Denise Pellegrini Tells us the choice shows that, Fiat Chrysler thinks the future is all about Jeep Manley's been head. Of Fiat Chrysler automobiles Jeep brand since two.