Trump administration eyes capital gains tax cut for wealthy
Be in Tokyo Kathleen Hays Bloomberg daybreak global bonds are rallying after that announcement from the b. o. j. treasuries are. Gaining while French bonds a lead the charge in Europe the yen meanwhile touching its weakest. Level in a week currently trading, at one eleven point four. Nine on the economic front Japan's factory output. Declined in June for the second straight month that adds to. Concerns about the, strength of, the economy on the heels of the b. o. j. decision meanwhile in, China the official factory gauge for July shows domestic. And external pressures weighing on the economy Bloomberg's Tom, MacKenzie reports from Beijing manufacturing PM I missed estimates falling. From fifty. One point five to. Fifty one point two new order slumped while input and output prices dropped the sex is, being squeezed by a double whammy of. De leveraging and a trade war that sapping demand in Beijing Thomas Kenzi Bloomberg daybreak Tom thanks. The euro area's economic expansion entered a, sixth year in the second quarter although growth unexpectedly slowed to just three tenths Of a percent that is the weakest level in two years at the same. Time, inflation in, the euro area accelerated to two point one percent in July largely driven by stronger. Energy, prices on the earnings Ron, shares of. Credit sweetser higher by one and a half percent in Zurich the Swiss, Bank added more than, nine billion dollars and net new. Assets in the three months through June with gains in private banking offsetting weakness in trading Credit Suisse CEO John spoke. At Bloomberg following the, results, core. Performance is driven by the wealth management which is a much more stable. And much more predictable agreeing very nicely sober Validity of the wool market Credit. Suisse is the third in the third year of its turnaround. Plan CEO John, said the banks should be able to return cash to shareholders. Once that effort is complete shares of Standard Chartered meanwhile are down about three percent in London the Bank reported pre-tax, profit the top estimates but income from trading fell. In the period the rush to get out of technology stocks spilled into Asia today shares of tencent holdings Nintendo fell following the, US slump and FANG stocks here in the US. Netflix shares dropped five, percent yesterday while Facebook fell three percent the FANG. Index has tumbled the nine percent over the past three days and that tech. Slide is an alarming sign for Morgan Stanley the firm says it's just the beginning of bigger losses to come for equities despite a. Large majority of s. and p. five hundred companies beating estimates this earning season. Equity strategist at Morgan Stanley see the biggest, correction since February on its way I made all of this apple reports earn After the close of US, trading today Greg Jarrett has a preview from the Bloomberg nine sixty newsroom in San Francisco the Cupertino California-based. Tech giant is, expected to announce fiscal third quarter revenue of fifty two. Point three billion dollars according to analysts estimates compiled, by Bloomberg that's in line with the company's. Reaching forecast and translates to your over your, revenue growth of about fifteen percent that would. Be the strongest grapples June quarters since two thousand fifteen analysts say, higher iphone average selling. Prices increased services revenue and unit sales growth for the apple watch should. Drive the expansion in San Francisco I'm Greg Jarrett Bloomberg daybreak. Thanks Greg let's turn to the White House now where the Trump administration. May be considering another tax cut in this time congress wouldn't. Be involved Bloomberg's, John Tucker joins us live with the details good morning John. Mason the New York Times says the administration is considering bypassing congress to deliver one hundred billion dollar capital gains tax, cut capital gains were left untouched to the one. And a half trillion dollar tax law that President Trump's side last. Year the paper says the, treasury department is, studying whether it could use, its regulatory powers to allow Merican to account for inflation in determining capital gains tax liabilities. By at least one estimate. Index, in. Capital gains to inflation would reduce government revenues by one hundred two billion dollars over ten years John Tucker Bloomberg. Daybreak all right John. Thank, you s and p futures are up about. Four points. This morning. Dow futures up ten NASDAQ, futures up eight and a ten year treasury up six thirty seconds yield two point nine four percent straight ahead we have the latest world and national news and this is Bloomberg.