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"johnny banks" Discussed on Bloomberg Radio New York
"Slash GA straight back to you Brian and dasani but looking at a picture where they're going to be some headwinds, particularly for the tech side of things in Asia. Yeah, Asian equity futures trading definitely lower this morning. U.S. and European stocks were sharply lower on Friday. The rally off the June Lowes has pretty well sputtered here. Investors may fear that fed chief Jerome Powell will reset expectations for fed pivot. When he speaks at Jackson hole this week, we'll get you details on that in a few moments, pal is expected to hammer home the fed's commitment to slaying inflation. And the S&P 500 down 1.3%, but as rich alluded to there, the NASDAQ tumbling even more, down more than 2%. In terms of the setup this morning, we have an EK future suggesting a couple hundred points of downside at the open Hanks index futures down about 9 tenths of a percent. We had a very strong dollar on Friday and treasury yields rose, particularly at the long end of the curve, the ten year yield up about 9 basis points to 2.97%. This morning, the dollar is flat and the latest trade on dollar yen one 36 84. One interesting point, whether you think this is inflation or just a one off story, Tesla chief Elon Musk says that the price for the company's full self-driving system will rise 25%, 25% as of September 5th, the old price will be honored for those who purchase by that date. Johnny banks expected to cut their loan prime rates of the fixing today will get you details there in a moment. And major constraints on factories in Sichuan province, taishin says the power cuts will continue until Thursday. Rashad. All right, well we are looking at what is going on in Sichuan, the Chinese province extending industrial power cuts to some users, all of that according to rotation report. Really pointing to multiple people who work at the local power grid in factories. The Sichuan province said little rainfall combined with the heat wave have caused gaps in power supply. This is the first time Sichuan initiated a top level emergency response after it introduced an energy supply condensed contingency plan in January. Sichuan is a key manufacturing hub for electronic vehicle batteries and solar panels, coverages including likes of Tokyo and CATL have already closed plants in the region for several days. These power cuts are expected to last until the 25th of this month. And we mentioned that Jackson hole is coming up this week. Bloomberg, Susanna Palmer, with a preview. Fed chairman Jerome Powell's speech on Friday will be the highlight of the two day conference in the grand teton mountains. It's being held in person for the first time since 2019. Howell is expected to restate the fed's resolve to keep on raising interest rates to get inflation under control, but he'll probably stop short of signaling how big of a rate hike is in store when officials meet next month. At the moment, investors see similar odds to either a half point or another three quarter point hike at that meeting. Susanna Palmer Bloomberg daybreak Asia. All right, well, let's have a look now at what's going on in terms of global news