2 Burst results for "Nihr"
Bloomberg Radio New York
"nihr" Discussed on Bloomberg Radio New York
"Where we yield right now we're still in inversion with the two year yield higher above 3%, and the dollar is fairly mixed this morning the Euro down four tenths of 1%, though, one spot zero one 8 9, a day after, of course, we got that big hike from the ECB. That's a Bloomberg business flash. Now here's Liang garands with more and what's going on around the world. And a good morning and thank you. The ECB has raised its key rate 50 basis points for its first increase in 11 years ahead of most expectations, the hike ends in 8 year experiment with sub zero borrowing costs, the Central Bank says more rate rises may be coming, president Christine Lagarde also renounced a tool to prevent borrowing costs from jumping aggressively in weaker economies. Now here in the UK soaring food and fuel prices and also rising interest rates have kept consumer confidence out of 48 year low. According to the latest monthly research by JFK, all of the measures that make up the confidence in decks remain deep in negative territory. However, one bright spot is UK retail sales, The Office for national statistics shows a figures are down .1% covering everything sold in shops and online. The month of four was a drop of .8%, the new data does cover the jubilee weekend which could have provided a boost, and elsewhere in Europe, but we can corn futures plunged after turkey and Ukraine and Russia will today sign a deal to restart grain exports. The U.S. said it would welcome any deal that frees up Ukrainian grain but remains concerned Russia will not abide by its terms. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, and Leigh Anne guerins, this is Bloomberg, Anna Leigh Anne, thank you very much. Now step aside Eddie the eagle because Eddie van der belt is about to give us a bird's eye view of one of the big economic stories of the day I didn't write that. My producer has great fun introducing Eddie van der belt on a daily basis. Let's talk to Eddie. Our chart guru about what's going on on the UK eco side of things. UK retail sales, good morning, Eddie. They are a bit of a focus today. What's the main takeaway? Good morning. Yes, absolutely. UK retail sales came in better than expected. They fell by 0.1%, but that was after a drop of 0.8% in May. So it looks like the situation is improving somewhat, at least the consumer is not in a more dire situation month upon month upon month. But this is a very noisy dataset. Now, Bloomberg terminal clients can see this data by running the NIHR chat function as usual. And I chart chat, of course, wouldn't do without it. So is it all, it's not all good news then. Because you could take a look at this data and say, oh, what was all the fuss about? The crisis has been averted. I'm assuming that is not the message that the data fundamentally sends. Right, absolutely. I think The Office of national statistics has cautioned that there's a general trend for sales that is continuing to fall. The monthly figure has proven very volatile and really it's been swinging between big holes and small games for ever since the pandemic hit. So it's been a really difficult dataset. And it's not one that begins paint a positive, bigger picture from. And I think that's the problem here. I think that yes, we've seen some improvement this month, but it is still on a downward trajectory. Yeah, it's a volatile set of data like monthly data can often be so, and Eddie, we should mention, of course, this is for the month of June. Food sales around the jubilee, guilty as charged. Apparently added to demand for food around this time. And so there's something of a one off factor in here. Although interestingly, I did see that fuel sales had dropped and some people were talking about actual demand destruction taking place there that prices are so high that consumers are pulling back. Is all of these go to feed into the UK leadership election. I mean, not this month's retail sales specifically, but I guess it all ties in with the inflation story. Yeah, absolutely. I think that is exactly it and the UK is going through the work cost of living prices in a generation with inflation at a 40 year high. And on track to hit double figures in the months to come. And that I think the backdrop for this context for the conservative leadership election. And I think this battle that currently puts Liz trotsk versus Rishi sunak. I think that's why it is so absolutely cool. Their economic message for the electric for that set of electorate that will select the country's next prime minister. Okay. Eddie, thank you so much. Thanks for joining us, chart guru, Eddie Vanderbilt here at Bloomberg. And I char chat, as he says, is the function to use on your Bloomberg terminal if you want to look at today's chart and all of the chance that we discuss with Eddie here on Bloomberg radio because I appreciate talking about charts on radio might leave you feeling like you're missing something slightly so NI char chat is the function if you want to see that chart for yourself, let me tell you what's coming up on the program, we will talk to Charles capel, he'll be here to discuss the news that is moving the markets in the square mile, the London rush is
Bloomberg Radio New York
"nihr" Discussed on Bloomberg Radio New York
"Trading in treasuries we are seeing yields here in Europe go a little bit higher that applies to the German ten year also to the UK guilt ten years so those yields going a little bit higher this morning. The dollar is flat to negative the Euro up around an 8th of a percent at one O four 30 despite concerns around global growth despite concerns around Eurozone growth in particular and the German element of that, the pound is up by two tenths of 1% at one 21 16. Cable listings. In particular and the German element of that, the pound is up by two tenths of 1% at one 21 16. That is Bloomberg business flash. Now, here's the anger and with more and what's going on around the world. Thank you, let's start in Europe, top German industries could face collapse because of cuts in the supplies of jerk Russian natural gas, according to the country's top union official, speaking to build, yasmin fahimi, the head of the German federation of trade unions, said gas, a shortages could lead to the permanent closure of the aluminium glass and the chemical industries, the comments come as German Chancellor and Olaf Schultz confirmed that his government is continuing talks to support gas giant uniper financially the largest buyer of a Russian gas in the country. Now to the war in Ukraine, Russia has declared full control of the city of alessi chunks with the invading army now exerting increasing territorial control over the eastern Donbass region. The Russian gains on the battlefield can be as Ukraine prepares to release more details on a proposal to rebuild the country at a conference in Switzerland, European Union officials say the 27 member bloc will contribute to the bulk of the financial assistance which is needed with the cost of reconstruction set to top €500 billion, and she Mayo says it didn't pay a $1 billion offshore note that matured yesterday, adding to a record wave of Chinese developers missing payments this year, the luxury builder says it also has it made payments for some other offshore debt as an in talks with creditors to come up with amicable resolutions. If that fails, shamir says its creditors can take enforcement actions. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Leanne gorons, this is Bloomberg, Anna. Thanks very much, Leigh Anne, now for today's chart chat, and we are joined by our very own data guru, Eddie van der belt. Eddie, good morning to you. Thanks very much for joining us. So talk us through your charts today. You're looking at paint a picture for us, paint a picture in the year. In the listener's mind, European gas storage is in focus for you. Yeah, absolutely. We're looking at a European gas storage. We comparing by how quickly it's filling up this year compared with previous years. Because that is all part of that German story that we heard. Now, what we saw was that there was a significant drawdown throughout the winter. And flows got to almost crisis levels, but the inflows of the beginning of the summer and early in the spring was, you know, it's very, very fast. We saw we saw storage filling up quite quickly compared with last year and previous years, and we sort of approaching levels that we've seen before. Now, terminal users can see this function by running the NIHR chat or for searching a natural gas in Europe in their terminal. And they'll see that that storage capacity is filling up a little bit. You mentioned this a bit Eddie but let's get into the nitty Gritty details. You talked about how this level compares with previous years. Break down those numbers for us. Yeah, absolutely. So I think that's the key thing. I think because we came from such a low level. The fact that we outstripped the pace of inflows at the beginning of the year, it's almost insignificant because we are only getting back to the average levels now. And we're seeing a little bit of a tapering off. We're seeing it flows coming in at more normal speeds. Early in the year, people were European gas traders were buying gas from anywhere that they can, right? But right now we are seeing the Russian gas flows slowing and they just not at the pace that they need to be. And that's going to be critical as we get to the late part of this year and we move into winter because during those times when we start with a drawdown, you need those flows from Russia to continue. And at the moment there's no sign that that's going to happen. Yeah, there's a lot of focus on what happens in the middle of this month then with this planned maintenance work of Nord stream two. So one of the knock on implications then for the broader European economy oil for the German economy and then beyond we were talking to cast and brisket ING earlier on, he was saying he's got just 1% growth penciled in this year, but they did seem to be downside risk to that estimate. I think it is definitely a headwind for you for European growth. We heard from the German industry saying that this is going to be aluminium glass and chemicals that are going to be heavily affected in Germany. But if you think of the number of industries which either use aluminium or glass or chemicals, and if they can't get hold, if we get another supply crunch, you know, the first thing that comes to mind is