17 Burst results for "Sunac"
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Trends are inflationary. That was Jamie Dimon speaking there to Bloomberg's Ed Hammond. Up next, putting the sun into sunac connect the stocks and Bailey's 20% cocktail of risk. Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Okay, none of that made so much sense to me, so here to explain it, blue bag James Wilcox. He can shed light on the first of those, putting the sun into soon act, which he soon acts given an exclusive interview to the sun, all about small weights, James. I mean, that's why I'm here, Anna. Richardson, I can speak in one of the UK's most popular papers, and it's about one of his big top 5 pledges about stopping these small boats. Now, as a reminder, net migration in the UK hit a record high last year of half a million, 45,000 of those were people who came over on small boats across the French channel. It's something that has been dogging the Tories for a very long time while they've been promising to deal with it. His big splash today is about his migration Bill, which is saying that he wants to ban anyone who takes one of these small boats over from claiming asylum or using human rights or to stop them being removed. Now, there's a lot more to this than meets the eye, because even if you take that legal move, that where would you deport them to it? This is something that Bloomberg opinions Therese Raphael points out. There's still Supreme Court's shenanigans over the moving them to Rwanda. That doesn't necessarily happen immediately. And short of any other bilateral deal, it wouldn't go where else. And tres adds that the other big problem that sunac doesn't fit in here is this is all about borders and there's a big problem in the home office about processing these applications for asylum as well. If you compare Germany and France where an application takes on average 7 months and 9 months, the migration observed, you found out it took more than 20 months on average to give an initial decision on an asylum claim. So this is a big problem in the UK faces that isn't going away anytime soon, but this is soon next latest attempt to deal with it. Okay, so that's in the sun today. Let's turn next to the Financial Times, taking an interest in Switzerland's stocked stock connect program, difficult to say. Is it easy to explain James? Well, I'll do my best. So it starts with this idea, Steven, of a global depository receipt. That's the idea that if you don't want to fully list as a company in a different exchange, you might give receipts out and someone else will hold the assurance inside China and you can list the receipts in, say, Switzerland, which is the stock connect program, it was invented in London in 2019 and now since 2020 London have raised $6.5 billion. But what's fascinating is the money is moving to Switzerland. 9 Chinese companies float in Zürich lastly at year, raising 3.2 billion. It's more than New York, which is half a billion. And what is happening is as the U.S. cracks down on Chinese listings and the UK audits regulator has said Chinese auditing standards aren't the same as the international standards, the money is moving to Switzerland. It's not all good for Switzerland though. A rival exchange pointed out to the FT, they are at risk of becoming a Chinese market. So if you're so exposed to one source of income, that could become a problem if for any reason that source takes a hit. That's really interesting. So GDRs are sort of an update on ADRs, the American depository receipts which have been around for decades, of course, but that's a really interesting dynamic on China listings, right? Let's move on to Andrew Bailey of the Bank of England, he's been warning MPs about risk in the insurance market. What's he been saying at the times has this story? Yes, so he wrote to MPs on Monday, the times wrote us up on it, and it's a long running story. Solvency two was an EU ruling that we talked about capital buffers in the insurance pension markets and last year the Chancellor put up plans to scrap it as a way of freeing up billions in sort of additional revenue. Now, the numbers are in and Bailey says that it will up the risk of a firm failing annually by 20%. Now that goes up from .5% to .6%, those feel like small numbers, but that is annually. So that is a risk that we take every year and the failure of a large insurer just look at say equitable life in 2000. That resulted in a government bay that worth 1.5 billion. So it is the sort of big Central Bank risks that we take. Now the PR is Sam Woods Bloomberg reported back in February, said this is kind of the where things are. There is a pro and color this the government of clear decided to take it anyway, but he did say at the time he compared itself to the new program is called sovereignty UK and he abbreviated it suck, which I think is how the Central Bank is a feeling about the issue. Yeah, it's a really interesting one though, isn't it? Because the reason to do it is because there's a lot of money on insurers balance sheets and the idea is with greening the economy and investing in green technology that insurers could play more of a part in that if you're able to free up some of that capital. And the one thing I forgot to mention is that the EU were doing this in parallel. So it's very difficult to claim this as a Brexit gain if Europe are doing it as well. Okay, that's an interesting one. James, thank you very much, James Wilcox with a look at the newspapers. Now let's get a global news briefing. Australia Central Bank has signaled that a pause in its ten month tightening cycle is in view the RBA lifted its
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Currently trading a 15,787 dollars this morning, cryptocurrency prices are steadier, though investors still concerned about more crypto related bankruptcies. Ten year treasury yields at three 82 and WTI crude futures this morning, $80 zero 9, Saudi will stand by the OPEC plus plan to cap oil output. So that's the big line. In the oil market, Stephen. Those are the markets. Our top stories this morning, jobs in the City of London will go as the result of government plans to raise taxes and cut spending in a bid to repair the country's finances. That's the grim assessment of the new lord mayor of London who's been speaking to assembly radio. At the end of the day, taxes are rising, people are being squeezed, banks and insurance companies want to continue to be able to pay dividends to pensioners. So if they have to cut costs, they will. And so I wouldn't anticipate that there will be some job losses, but hopefully not too many. The lord marinate us lines also told us that the UK had shot itself in the foot by opting for Brexit, but that we haven't yet taken advantage of the freedoms that it offers we're bringing you more of that interview in just a moment. And now shell says that it will evaluate its plans for UK investments worth as much as 25 billion pounds after the sunac government announced an expanded windfall tax on the sector, speaking to Bloomberg, the chairman of shell's UK operations, David bunch, said that there's no mechanism to adjust the levy if there are changes in oil and gas prices. Windfall
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"That the UK is out of the European Union, what's the vision for financial and related professional services, something richy sunac, set out quite compellingly in his mansion house speech last year, how will that be built on? And what are we going to see as we move forward also in terms of potential new deals with other markets? Okay, so that's miles salak from the city UK. That's one form of perhaps pressure that the government will be feeling. It hasn't been a very easy start to Rishi sunak's premiership either. And this could potentially be an important moment politically as well. Talk to us about the politics, could this be a reset moment, perhaps for the new government? I'm sure Rishi sunak would hope to draw a line between himself and Liz truss given that he spent the whole summer warning what would happen if tax cuts were launched too soon without dealing with the immediate problem of inflation. He too is going to need to boost growth in the medium to long term if he wants to be reelected in 2024, but he needs to do that without adding to inflation. In fact, the Chancellor Jeremy hunt has said that he wants to help bring down inflation so that the Bank of England can raise rates as little as possible to minimize the recession the UK faces. Now, hunt and soon act are being accused of managing Britain's decline being too pessimistic about UK growth. And you could say that the Bank of England's messaging has been too excessively gloomy. The banks forecast this long recession if rates follow market expectations, but that nuance was seemingly lost on most of the national newspapers, so you have to ask whether the man in the street is going to be too gloomy as a result of the messaging outside the Bank of England. Likewise, with the treasury, economists are asking whether the treasury is going to raise taxes and cut spending too much in order to leave itself headroom in case growth underwhelms so that it has enough left in the kitty for pre election giveaways and the question really is is the treasury creating unnecessary pain. One of the many, many questions we'll be hoping to get answers to on Thursday when the Chancellor Jeremy hunt takes to his feet to deliver it the
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Voice to have with us today, given expertise in the banking sector, lots of earnings out from the banking sector today, so the stock 600 starts its Wednesday session fairly flat waiting for a number of key markets to open those still. We got a little move higher in the FTSE 100, up a tenth of a percent. The futures picture was negative, though, and led us to expect something a little more negative at the start of trade. So we'll see if that comes to pass. A lot of focus on bank earnings, as I mentioned, U.S. futures pointing lower this morning down 9 tenths of a percent on E mini's Dow futures down a quarter of 1%, NASDAQ features down 1.8%, and this all on the back of disappointing numbers coming through from Microsoft and from Alphabet, also Texas Instruments, so a lot of focus on tech this morning at the overnight moves in markets putting that front and center, oil prices, flats and negative, we do see some weakness coming through in some commodities, and we're also seeing yields dropping and this in contrast to the story that we've been following in recent months, of course, we've seen the ten year treasury yield dropping just this morning to below 4.04% and that is something to watch a one week low on treasury gills. The dollar is negative this morning down two tenths of 1%, the strength of the dollar has been weighing on U.S. tech so that's interesting. The Euro up two tenths of a percent at zero spot 9 9 and the pound is a fairly flat this morning at one 14 82. So that's where we are on the markets this morning. Let's get to our top stories. Yes, but before we do, I need to wish Anna Edwards a very happy birthday, happy birthday. Oh, thank you very much. Your gift is a slew of excellent and interviews that you've been conducting all morning on Bloomberg. Brilliant. I got bank earnings for my birthday. That's right. Well, into those top stories, the new prime minister Rishi sunak has named a cabinet of political rivals as he seeks to heal a party hit by division and infighting. In his first address since taking office, sunac said he would repair the damage done by his predecessor, Liz trust. Some mistakes were made, not born of ill will or bad intentions. Quite the opposite, in fact, that mistakes none the less. And I have been elected as leader of my party and your prime minister in part to fix them. Sunac is keeping Jeremy hunt as Chancellor, but it's still unclear if the government will stick to its plan to deliver a fiscal statement next Monday. The times reports that the prime minister is considering a delay to allow more time to consider future tax and spending commitments. Okay, when we have not had confirmation yet of that 31st of October date, we'll look for it, of course. We have just heard that sir Jeremy hunt and Andrew Bailey at the Bank of England have been speaking, they agreed to work to restore confidence in the UK economy. Let's get back to the earnings story. The positive trend for bank earnings is continuing this morning, Santander posted third quarter net income of €2.42 billion up but on the analyst expectation of 2.2 billion, but the Spanish retail bank is preparing for trouble ahead with net loan loss provisions rising 24% in the third quarter compared to last year. The CFO, Jose Garcia canterra says he's not worried about a crash in the UK housing market. Most of what we're doing in the UK is mortgages. This has been a very dynamic market in the last couple of years. It continues to be very dynamic. We are increasing our market share. We are providing credit and we don't see any impediment earnings in the UK or profits in the UK show show how well our franchise is doing. We are learning double digit return on tangible equity in the UK. But again, the most important thing is that volumes and number of customers is increasing. And we also heard from he was talking there about the link between unemployment and watching that crucially to get a sense of the housing market, but the UK isn't gussie a Contreras only concerned the Spanish government wants to slap a windfall tax on banks as higher interest rates push up profits. And strong trading performance offset steep declines in investment banking revenue at Barclays, trading revenue rose 45% to 2.26 billion pounds while investment banking fees fell 45% to 533 million pounds. While rising interest rates boosted the British bank's domestic arm, the group also increased charges against potential loan losses in response to the global macroeconomic outlook. And over to Germany, Deutsche Bank has seen its best quarterly pre-tax profit since 2006, net income for the three months to the end of September rose to €1.12 billion from €194 million a year earlier. Deutsche Bank CFO, James van moltke, says it's been a very strong period. We had a really outstanding quarter. I have to say, with revenues up 15%, rates has more than doubled year over year in revenues and our FX and global emerging markets businesses have performed extremely strongly. Deutsche Bank saw earnings from fixed income trading, jumped 38% in the third quarter. That's better than average the average increase of 23% at the biggest U.S. in investment banks, elsewhere, standard chartered and uni credit also posted earnings beats as rising rates and market volatility boosted their bottom lines and just to make the point that Deutsche Bank shares are up by 1.1% this morning. Samsung's air down by 1.7% and UniCredit down by half a percent. Now turning from banks to tech, Bloomberg has learned that Elon Musk has pledged to close the deal to buy Twitter by Friday. Bloomberg's you in pots has more. Are sorted by the end of the week. That's the gist of the message that Bloomberg understands Elon Musk had for bankers in a video conference call. Sources say the lenders are putting up $13 billion of debt financing have now finalised the credit agreement and are now in the process of signing documentation. The move marks one of the last steps before actually sending the cash to Elon Musk. Many of those banks have been left in the lurch after must sudden reversal of his Twitter plans, they could be on the hook for paper losses of roughly $500 million in London, I'm you and Potts Bloomberg daybreak Europe. Those are our top stories then, let us get to a deeper dive into the banking sector because we've had so many earnings out this morning from the banks. Standard chartered Santander UniCredit and Deutsche Bank all posting earnings that beat estimates as higher rates boosted loan margins. Let's speak now to Bloomberg's managing editor of finance in the
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"We are in the middle of a very busy earning season plenty of corporate earnings to bring you this morning. Let's get a check on the markets for you first. We had U.S. futures falling due to the post market slumps after results from Google parent Alphabet and Microsoft marred a three day rally on Wall Street. We have got shares in Asia rising today, the MSCI Pacific index is up by 1% the hang sengs up by 2.2% that's an index, of course, had a terrible week so far with the massive sell off that we saw on Monday the CSI 300 up by 1.6% tax shares are recovering in Asia as well up by 3.8% on a hang seng tech index. S&P I mean he's 9 tenths of 1% lower though and NASDAQ futures down 1.9%. There's the impact you're seeing of the calculation from those tech earnings. Euro stocks 50 futures, a tenth of 1% lower. The dollar is a tenth of 1% stronger on the Bloomberg dollar spot index penetrating at one 1451 down two tenths but still holding on to our other gains from yesterday, the ten year treasury yield has a basis point lower at four spot zero 9 this morning. Let's get to some of those corporate earnings. There are plenty of red headlines crossing the terminal this morning. Let's start with what's been happening with SEB the Swedish bank, their earnings are coming in better than have been expected, beat from them 8.93 billion Swedish krona, the astronaut had been for 8 billion uni credits, the Russian unicorn at the Italian lander reporting expecting 22 NASA earnings X Russia to be above €4.8 billion the expectation had been for 4 billion. 4 billion we have earnings from Deutsche Bank as well. They're seeing an upside to their full year revenue guidance range. There are third quarter FIC sales and trading revenue 2.2 billion in the astronaut had been for one point 9 billion that's from Deutsche Bank as well. So this is the slew of earnings we're getting from banks Hank, continuing on that trade, the trend that we saw yesterday from UBS and from HSBC as well. Of course, higher rates playing a big element in bringing those higher earnings this morning more on those in just a moment. Let's get though for us to our top stories. The new prime minister Rishi sunak has named a cabinet of political rivals, as he seeks to heal a party hit by division and infighting. In his first address since taking office, sunac said he would repair the damage done by his predecessor, Liz truss. Some mistakes were made, not born of ill will or bad intentions. Quite the opposite, in fact, that mistakes nonetheless, and I have been elected as leader of my party and your prime minister in part to fix them. Sunac is keeping Jeremy hunt as Chancellor, but it's still unclear if the government will stick to its plan to deliver a fiscal statement next Monday. The times reports that the prime minister is considering a delay to allow more time to consider future tax and spending commitments. So alongside the Chancellor as she seemed act is also kept James cleverly in his role as foreign secretary in Ben Wallace as defense secretary, more controversially swallow braverman has been reappointed Home Secretary just days after she was fired by Liz truss from his handling government documents, her opposition counterpart labors of at Cooper is furious. To end up reappointing the same person who was forced to resign, for security lapses for the breach of the ministerial code, this is not about the interest of the country. It's about the Tory party putting their own party interests ahead of the interests of the country. As well as well as facing Cooper's anger sumac will today go head to head with Keir Starmer at his first prime minister's questions. And if you're listening to us on DAB radio here in London, we'll bring you those exchanges live in our UK politics show from 12 where you can catch up later on the Bloomberg UK politics podcast. And the positive trend for bank earnings is continuing this morning. Spanish giant Santander posted third quarter net income of €2.42 billion up on the analyst expectation of 2.2 billion. Meanwhile, standard chartered also posted a bumper set of earnings as rising rates and market volatility boosted the bottom line. The Asia focused bank reported a pre-tax profit of 1.42 billion for the third quarter ahead of analyst estimates, and Deutsche Bank has just reported that its fixed income sales and trading revenue came in at €2.2 billion, yet another beat on estimates. Bloomberg has learned that Elon Musk has pledged to close the deal to buy Twitter by Friday Bloomberg's view in parts has more. Are sorted by the end of the week. That's the gist of the message that Bloomberg understands Elon Musk had for bankers in a video conference call. Sources say the lenders are putting up $13 billion of debt financing have now finalised the credit agreements and allowing the process of signing documentation. The move marks one of the last steps before actually sending the cash to Elon Musk. Many of those banks have been left in the lurch after must sudden reversal of his Twitter plans, they could be on the hook for paper losses of roughly $500 million in London, I'm Muhammad Bloomberg daybreak, Europe. Alphabet's revenue and earnings fell short of expectations as Google's advertising business began to show signs of weakness. There were disappointing results across the text giant sprawling portfolio with sales misses at YouTube as well as the key search unit. Alphabet says it plans to slow hiring and control expenses. Okay, so those are our top stories, plenty more detail emerging though on those corporate results this morning. Let's dive a little bit more into what's been happening with Deutsche Bank. There is a tea live blog on the terminal if you're following it for the latest results from them. So the FIC trading is we're just hearing €2.2 billion versus the estimate of 1.9 billion that compares with €1.6 billion a year ago, they're non-interest expenses coming in. As expected, €1.4 billion pre-tax profit though coming in ahead of expectations from the investment buying car that's €813 million versus €700 million to the estimate still down though on last year where the figure was €860 million. So Deutsche Bank saying the strong result presenting an upside to the group's full year 2022 revenue guidance range. That guidance currently standing at 26 to €27 billion net revenues up 15% year over year, Deutsche Bank saying that it sees growth in all of its core business units that overall, this does look like a good set of results, revenue and pre-tax profit both beating estimates and it's Deutsche Bank's best quarter since 2006. So that is what we're hearing so far from Deutsche Bank, the CEO of Christian suing saying that Deutsche Bank has significantly improved its earning power and as well on track to reach its goals for 2022. Look, this is part of the picture we're seeing from banks overall now. The beats are coming in thick and fast, and this is something that we are starting to see across the board as we get this slew of bank earnings scores. It is a particularly busy day for banks because we have not only those big names like Deutsche Bank, but uni credit from Italy, SEB from Sweden at Santander. We had out earlier this morning and we're getting Barclays later this morning as well. So a particularly busy time for bank earnings. We have got Bloomberg's tarmac, our finance reported with us in studio has
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Your Bloomberg radio business flash. Now his Leanne garands with more on what's going on around the world. Running round. Good morning, Stephen. The UK's incoming prime minister Rishi sunak has warned of the profound economic challenge facing the country. In a short address, the former Chancellor vowed to unite both the nation and his warring Conservative Party, sunac is the first British Asian in the top job and he will officially take office later today after visiting King Charles. Now two of Europe's biggest banks reported better than expected earnings this morning, HSBC posted third quarter adjusted pre-tax profit of $6.51 billion, a significant bump on what analysts were expecting and UBS announced better than expected profit in the third quarter as higher interest rates helped offset the global economic downturn and also market volatility. Third quarter net income came in at $1.73 billion that was also a beat on the estimate and children who played three hours or more of video games a day performed better on tests of memory and impulse control than ones who didn't play games at all. That's according to a new study which analyzed brain scans of about 2000 children, the performance could be related to the game but scientists stopped short of saying there was a cause and effect relationship. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in 120 countries, I'm leann gerrans, this is Bloomberg, Steven. I'm really glad that Alex is here with us because you and I are not having children wildly speculating about this earlier. Wasn't necessarily terribly terribly helpful, but look, this is the, you know, it's the constant debate around screen time that I know all of my Friends will have kids do have with their children. I don't think necessary the city is going to be terribly helpful or instructor for people by saying that you can play three hours or more video games and it might potentially be something that will help them reach out. I bought that brain training thing once because I wanted to keep up my mental arithmetic. How does that work out? No, very well. Alex WebKit I'm playing video game. This one is I'm sure there's like, you know, it depends what games are playing, probably. Exactly. I think this whole idea of whether it's the child's choice to play the game and whether that's actually more indicative of metal acuity or my kids are far too young at this stage to be well behaved. Yeah, let's say it's that if my wife is laughing somewhere in the background. But I like the idea of maybe there's an app where you can learn perfect it. This is the thing is technology is inevitably huge part of people's lives now. So it's a question of how do you manage it? And there are certainly are benefits to being technically adept and there are certainly lots of very challenging parts of video games as well. So I'm sure there are upsides to it. I'm definitely going back to my brain training. Apparently it does really help because it keeps up your mental arithmetic and all that good stuff too if you get the right apps obviously. I think my nephew is really addicted to computer games and he sits upstairs shouting at the computer, but at least he's having a good time. And there is obviously a social element that video games are kind of becoming the new is a bigger issue in the movie industry, right? And so socially, people go and talk about a game perhaps more than they do about films in those generations. And online interactions and everything through them as well. Anyway, okay, Leon guerin, thank you very much for taking us through our top stories this morning. Let's get back to the political
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Futures are higher now as you begin a new trading week, stocks are coming off their biggest weekly gains since June, the action this morning is in Asia though. Hong Kong's hang seng index drop 6.8% and stocks in China fell almost 3%. After president Xi Jinping's moved to stack his leadership rents with loyalists, they get more from Bloomberg Stephen engel in Hong Kong. We speculated whether she would continue on with the practice of essentially stacking the standing committee with people from different factions. So in this case, some of the Hu Jintao proteges, but it proved on Sunday when the rolled out, his other 6 members on the standing committee, there was nobody from the other factions. They were all loyalists to Xi Jinping. He stacked the deck. Bloomberg Stephen engel says the story is playing out in currency markets that yuan weakened to a 14 year low this morning. Let's turn to Europe now where is you sunak has taken a big step toward becoming the next prime minister of the UK, Boris Johnson has pulled out of the race and sunac won the endorsement of Chancellor Jeremy hunt. Still, Bloomberg's Ben sills says sunac faces many challenges. He himself was blamed by a large faction of the party for bringing down Johnson in July when he quit on that dramatic evening. So there's a lot of resentment, a lot of. Rank built up over the year. So that's going to be the real tough ask for him and of course he's going to have to do it steering the economy through this brutal brutal winter energy energy shortage. Bloomberg spends sales says sunak has gained this public support of several key Tory figures. I'm back here in the U.S.. It's a busy week for earnings. Amy with big tech leading the way. Tomorrow we'll hear from Microsoft to meta platforms and Twitter report Wednesday, and Apple and Amazon post results on Thursday. And in corporate news, Sloan burger, the world's biggest oil field services provider is changing its name to SLB, the same as its ticker symbol. And Tesla cut the price of its
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Okay, Bloomberg's Berlin bureau chief braggart yen and thank you very much for taking us through all of that. This is Bloomberg. Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. So let's have a look at the fun pages of the newspapers the Financial Times sunac warns over the risk of markets losing faith in the British economy, The Guardian Mikhail Gorbachev the Soviet leader who ended the Cold War dies aged 91 and the times an app will let patients avoid long NHS weights. These are the top news stories but in both the Ann gars is here to take us through them, Rishi sunak's warning pretty interesting the FT, yes it is indeed Caroline, so he's saying that it would be complacent and irresponsible to ignore the risk of markets losing confidence in the British economy. The admission comes as bets against UK government debt sent short term borrowing costs in the guilt market soaring that was yesterday in an interview with the FT sunac said as leadership rival Liz truss had made unfounded spending commitments, which he fears could force up inflation and also interest rates and increase borrowing costs here in the UK. Liz truss is widely expected to be named the next prime minister but sunac is still insisting that he can win with the odds against him, so warning about the British economy from the former Chancellor there. The Mikhail Gorbachev is on the front page of the newspapers in the UK today. What's The Guardian saying about him? Yes, lots of pictures of him on the front pages as you just said Steven and he's really been hailed as one of the most influential politicians of the 20th century. Mikhail Gorbachev is credited with bringing a peaceful end to the Cold War and the demise of communism across central and also Eastern Europe. The Guardian writes that he was celebrated abroad as a savior who delivered freedom to millions of Soviet citizens now that he was often blamed at home for the chaotic years that really followed the end of the Soviet rule, Gorbachev, who did win the noble Peace Prize back in 1990. He died after a difficult and protracted illness. So Gorbachev, they're dying yesterday. Yeah, absolutely. I mean, really, we couldn't be in a kind of more different position with Gorbachev ushering in that detente between Russia and the west. He of course didn't have a great relationship with Vladimir Putin, but aren't we in a different political moment? Meanwhile, though, turning away from that kind of global politics, here at home, the NHS waitlist is another massive preoccupation. It is indeed and more than 6.7 million people here in the UK are now waiting for routine treatment on the NHS. A ministers are now Caroline really trying to find ways to clear this backlog we've also had COVID. The house secretary Steve Barkley wants to give patients real-time data on their phones to decide whether to travel further to get quicker treatment for things like hip replacements, cataract removals, and also non urgent procedures. The time says patients will be able to use the NHSN to shop around for hospitals with shorter waiting lists, however some in the NHS are really skeptical about whether more choice or actually make any difference. And that's really after efforts since new labor to give patients more options just really led to most people sticking to their local hospitals so sticking to the hospital that they probably know around the corner closer to home, but there is this drive to try and clear that backlog and also ahead of the winter time. Okay, we are going to thank you very much. We are going to thank you very much for that tour through the papers this morning. And I still have to come on Bloomberg daybreak Europe. We're going to be looking at the latest
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Also mounting pressure across the public services and this morning NHS leaders are making an unprecedented move urging the government to act now and rising energy costs or risk the population falling sick and public health emergency happening and we also know their strikes on the tube today so all of this is really increasing that darkening mood that the FTR reflecting. And the doyen of polling of taking the temperature of how voters are feeling, John Curtis says that sunac doesn't stand a chance. Yeah, he does action, he was writing in the times, and John Curtis, he's the Professor of politics at strathclyde university, and suggests Richie soon actors has a 5% chance of victory to be the next prime minister. He says Liz truss will take the chop job unless she fouls up something in spectacular fashion in the final stages and also YouGov poll with Sky News yesterday showed that trust retains a 32 point lead over sunac, so the September foster approaching who could be in office, or you'll remember that comment that Andrea ledson made in her attempt to be Tory leader. I'm sure lots of soon acts allies are hoping that Liz trust makes a big blunder like that. Ruins her own chances. Leigh anger and thank you so much with the newspaper so I didn't quite get to the telegraph about self-driving cars, but I'll let you have a look at that in the newspapers yourself. Coming up next, we're going to talk to Bloomberg's Kim Craig, wrapping up earnings season for us that's next. This is Bloomberg. This is
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"The check on the markets for you here on radio stocks in Asia making little headway after a challenging outlook for company profits weighed on equity markets, the MSCI Pacific index is up by three tenths of 1%, the hang seng, doing a little bit better this morning up by one and a half percent that's being boosted by tech shares, the Euro stocks 50 futures are just nudging into the red this morning S&P E minis are down by three tenths of 1%. The dollar slightly softer we're seeing the strengthening yen pound and the Euro against the dollar oil prices are rising up 1.25% for WTI today to 97 at 91. So those are the markets at the start of our program today. Let's move on to our top story and we're starting with earnings from UBS, which have just reported weaker than expected profits for the second quarter as the global market sell off impacted its wealthiest clients. The Swiss banks asset management division suffering $12.1 billion in outflows in the second quarter. That's as investors exited equities during a turbulent three months, net income for the quarter came in at $2.1 billion. That's versus estimates of 2.44 billion CEO Ralph hammers calling the quarter one of the most challenging periods for investors in the last ten years and will be hearing from him later on this morning. Moving on, Russia is once again reducing the flow of piped gas to Germany, European natural gas prices jumped by as much as 12% on the news yesterday, Bloomberg's even Potts has the details. From tomorrow Gazprom says it will cut gas shipments into the Nord stream pipeline to about 20% of capacity. The Russian energy companies blaming maintenance issues with a turbine that helps pump gas into the link, it says only one of 6 major turbines remains in working condition. Last week, Russian president Vladimir Putin warned that Nord stream flows could diminish if a spat over the turbines is not resolved. The reduction is a troubling prospect for the European Union as it looks to build up gas reserves ready for the winter months. In London, I'm mu and pots Bloomberg daybreak Europe. Here in the UK Liz truss and trust and Rishi sunak tour strips out of each other's economic plans in their first head to head to bait and the race to become prime minister. The former Chancellor claimed trusses proposed tax cuts would spur inflation and interest rate hikes. Liz trusts, meanwhile, said that sunac would drive the economy into recession and accused her rival of raising taxes to their highest level in 70 years. How on earth can you claim that that's going to drive economic growth and where have the growth policies been for the past two and a half years to drive investment into our towns and cities? That was the foreign secretary Liz truss, speaking during the BBC leadership debate, a post debate snap pull found that 47% of Tory voters thought that trust won the contest versus 38% for Rishi sunak. U.S. president Joe Biden says he doesn't believe the country will enter a recession. The comments come ahead of data due this week that could show the U.S. economy contracted for a second straight quarter, putting the country into a technical recession. Here's what the president had to say. We're not going to be in a recession. And in my view, the employment rate is still one of the lowest we've had in history. It's in the 3.6 area. We still find ourselves with people investing. My hope is we go from this rapid growth to a steady growth. We'll see some coming down. But I don't think we're going to God willing. I don't think we're going to see recession. That's U.S. president Joe Biden. The U.S. economy contracted by 1.6% in the first three months of the year, and the median forecast for annualized second quarter GDP is .4%, but 20 of the 63 economists surveyed by Bloomberg currently expect a contraction for the quarter, helping to fuel the debate over recession. Well, one person that does see a deep and severe session looming is The Economist nouriel roubini, speaking to Bloomberg, the former economic adviser to president Obama gave this grim prediction for the U.S. economy. We got to see parts of the corporate sector going by. You'll see the parts of the shadow banking system going by. You'll see the household sector that is partly fragile going in trouble. You'll see some sovereign going trouble. Yeah, the trigger for the financial distress is going to be a recession and recession is not mild shallow, but there's going to be severe and protracted. And there will be an official cycle within the real side and the financial side of the economy. That was nouriel roubini CEO of rubini macro associates speaking to Bloomberg. The fed is expected to approve another 75 basis point hype this week as the Central Bank looks to inflict more pain on the economy to get inflation under control. Now, ten years ago today, it took just three words to calm a brewing market storm. In the midst of fears that Greece could crash out of the Eurozone then, European Central Bank governor president Mario Draghi declared he would do, quote, whatever it takes to save the Euro. Former governor of the Central Bank of Ireland, Patrick hone worked closely with Draghi during that crisis he's been speaking to Bloomberg. He said another thing and it was just with the toss of his head. He looked up and he said, and believe me. It will be enough. And believe me, it will be enough. It's a great theater there. And the audience, there were people who would go command a lot of money. The audience realized, actually, this guy is trying to convey to us that he is going to do something because he's put his personality behind that was the former governor of the Central Bank of Ireland Patrick hone now, senior fellow at the institute for international economics speaking exclusively to us here on Bloomberg daybreak, Europe will have more of that conversation later, as well as a live interview with Jean Claude trichet, the former president of the European Central Bank. Those are our top stories. Let's just bring you some
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Leading with the BBC paying damages to tiki leg book, a former nanny to prince's William and Harry, the times, though, trust and soon act trade blows over tax pledges The Guardian deal to restart Ukrainian grain exports in the black seas to be signed on Friday. Joining us for more has been basically Anne gerrans. Good morning. A new poll then on the remaining tutorial for leader. Yes, this was a snap YouGov poll done yesterday and it found that trust has extended her lead over the former Chancellor Rishi sunak by 24 points, and this poll was of the people who will be voting for the next prime minister, and that is the members of the Conservative Party, so Rishi sunak and Liz truss are really escalating their battle and it was all over tax yesterday by warning that the others plan would wreck the economy and make families poorer. So sunac said that trust package of more than 30 billion pounds of tax cuts was unfounded and would push up mortgage rates, meanwhile trust has accusing sunac of peddling a failed economic policy and says his tax policy would lead to a recession and would make it harder for the party to win the next general election. So we're going to see this battle throughout the summer and I'm sure we'll get more snap polls, but trust leading at the moment. Okay, the food crisis because the war in Ukraine. Yes, indeed, Caroline, so today Ukraine, Russia, turkey, and the UN secretary general Antonio Guterres are to sign a deal in turkey to resume Ukraine's Black Sea grain exports. Russia and Ukraine are both a major global wheat supply a bit of course Moscow's invasion of its neighbor has really sent prices storing and also stoked this international food crisis around the world. Kyiv's exports have stalled with dozens of ships stranded and about 20 million tons of grain stuck in the port of Odessa. Okay. Thank you so much for bringing us the latest in the newspapers and you'll be back in a moment because you bring us a fantastic interview. Trump's legacy echoes still. We're going to hear from the filmmaker who had exclusive access to the former president. This is Bloomberg. This is a Bloomberg money minute. Nike already has sponsorship deals with some of the biggest sports universities in the country. It makes uniforms and gear for those schools and now fanatics, the maker of sports memorabilia and fan gear for the NFL and Major League Baseball is on board. Nike and fanatics have signed a long-term deal for fanatics to make and sell Nike branded college jerseys and other clothing for fans. It definitely pushes fanatics much further into the forefront. Doug shabu and CEO of the sports marketing firm burns entertainment says the deal with Nike allows fanatics to become more of a household name with kids who go to the colleges and universities. We're Nike provides the uniforms at a pivotal time when college athletes now are allowed to make some money. They've really tried to go after that market in a big, big way. The other companies have not come out with big plans. Those other companies, for example, Under Armour and Adidas, he says have been pushed back. They're really going to have to find their niche. Joan doniger Bloomberg radio. From meme stocks to NFTs, it can be hard to keep up with the latest investing trends. One constant amid all this change is the challenge of
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Among the membership, including this trust and Reggie senat. Go a week before that, it was Ben Wallace before the defense secretary. Still current defense secretary, who was absolutely ahead in the polls and crucially, go back to January, where she soon sunac had a commanding lead among the membership over Liz trust. So I think certainly things can change quickly. They have already changed dramatically among the membership I would have passed three weeks. So don't expect things just to concave stay completely static. Things can certainly move among all over the next two to three weeks, that day. And just quickly, what are the sort of main demerits against the two candidates, you know, whether the non DOM status of rich Richardson ex-wife or the way he responded to that, perhaps it is trust his attitude towards the economy. What are the red flags from the members? So I think that's a good question. For rich history and I think he struggles with a membership who want a return to commercial conservatives who wanted the taxes cut, essentially, and she seemed like he was very much against the taxes cut despite them being at the highest level for quite some time and then there are conservative governments of course that doesn't really sort of naturally fit. So I think he struggled with the membership on his tax policies. I think he also struggled as you suggest with the image hit that he took over these over the sort of winter and spring as regarding his own sort of tax basis and his wife and sort of non non status. He's not very popular among the public. So I think that's hurting him. This trust I think is seen as even more of a continuity growing jump on candidate and soon accident. She's back and has been back by some of the very high profile people called including Dory. Yes. So yeah, Patrick, thank you so much for being with us. Patrick English, YouGov's associate director on the race for leader. This is blue white. This is a Bloomberg money minute. Tesla continues to defy the naysayers on Wall Street. It turned in better than expected second quarter results as it tackled supply chain issues and COVID lockdowns at its factory in China and made progress in getting production back on track. The tip of the hat to Tesla from one analyst who says it's doing a good job navigating it difficult environment. Meanwhile Ford has Tesla in its sights. Is it prepares to cut jobs at its internal combustion vehicle division? Sources say Ford plans to eliminate up to 8000 jobs in the coming weeks and plow most of the savings into its EV push. With more Americans either unwilling or unable to buy a house in today's market, it comes as no surprise that fewer people are applying for a mortgage. The mortgage bankers association says applications fell last week to a 22
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Same thing again. We're trying to find out exactly what his next move is. Another big cabinet resignation would be the end you'd say, but some still fighting on. See, if we said that, Paul, if we said knife about American politicians, I'd be in like the legal time out of time out here. It's so amazing it goes back to wars of the roses and it's like, you know, Lancaster. This is the House of Commons. This is serious business. So Joel, I mean, give us a sense of what, you know, I'm sure there's major jockeying here for a scenario where prime minister Johnson does step down. Is there any smart money here about who may get the nod? Well, the bookmakers odds are constantly changing the former charts that Richard sunac have now come out coming out quite well given his kind of first mover advantage he has long been such a daily type of jumping ship from the cabinet and you might argue that some might have deemed zahawi, the new Chancellor, a talented as a leadership contender as he made a mistake by tying himself again to what's it appears to be a thinking ship. The odds constantly moving, we have people like the trade minister penny modern, who's all sorts of in the party, the defense secretary Ben Wallace is also a kind of thing as a rising star. It could be any of them really. I mean, in an open contest, amongst oriented Stranger Things have happened. So yeah, definitely want to watch. Those names you just listed. I mean, I need to get there all business people. They've all got their own stories. I think zora's story. I've interviewed him a number of times as extraordinary. Entering the United Kingdom without a word of English ability when he was 8 or 9 years old, that's a great joke, but are they glad stone? Are they Churchill? Are they even Tony Blair? I mean, are these a new kind of politician? Or is this what the old guys looked like? We just didn't know it then We lost Joe. I think he was going to Wimbledon. I think it's on the tube. Going to a you know, there's Wimbledon going on. It's not just what's going on in parliament time. We've got Wimbledon going on. But again, the issue there is I think from what everything I've read this morning coming out of Bloomberg and other sources, Tom. Yeah. It's a question of, you know, it's still a little bit can he hang on given what's happened with his cabinet or is it already preordained that some changes needed? And I think it speaks to the inflation right now and certainly the theme we saw today was a lot of people beginning to gain economic slowdown and less inflation as well. We'll see if that has to play out futures flat. They're doing a little bit better than they were before the Vic's 27 .74. With our news in New York City, here's Michael Barr. Tom Paul, thank you very much. The accused island park July 4th parade
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Pricing action here because stocks falling with equity futures after high U.S. inflation bolstered the case for aggressive monetary tightening Kind of deep in the fears of an economic slowdown inflation came and harder than even the highest of estimates Currently looking here at equity futures for the S&P 500 mini were stacked at about a 5th of 1% lower on the S&P 500 many sort of a similar story for most of the European equity futures here as we prepare for possibly another volatile day What has been a wild week they give you a sense of the bond markets at U.S. tens at two 85 as we speak quite of course turnaround If you think about where we were just about one or two training sessions go above the 3% handle in the currency markets and looking at the Euro dollar of one O 5 O 8 Donnie yen is a 129 35 And a little bit of downside here for cable about three tenths of 1% Cryptocurrencies massive and in focus and maybe the source of systemic instability as well Currently Bitcoin picking up where it left off We're down another 4.4% intraday just above the $27,000 handle and a commodities It's another story of oil under pressure and fears of demand destruction given what we're seeing in China with the zero COVID policy Caroline Okay That is a look at where we are in the markets this morning Let's get to our top stories He's been both leann garin's good morning Caroline good morning and thank you and let's start right here in the UK where the Financial Times is reporting the Chancellor Rishi sunak is preparing to announce extra support in the summer to ease Britain's cost of living crisis the newspaper says sunac could time the statement to coincide with the energy regulators price cap announcement in August which could see consumer bills rise to nearly 3000 pounds a year per household Now growth in the UK economy slowed as a surging cost of living squeezes finance official figures show GDP which measures the value of goods and services in the country rose 0.8% in the first quarter of the year that compares to 1.3% growth in the previous three months Last week the Bank of England did warn a recession is looming Staying in Europe and Italian prime minister Mario Draghi says European companies can pay for gas and rubles without breaching sanctions apparently dismissing EU guidance to the contrary There is no official pronouncement of what it means to break to breach sanctions It's not nobody's ever said anything About whether ruble payments breached sanctions or not How these payments are organized so it's such a gray zone here European companies have spent weeks working out if they can meet Russia's demand for ruble payments EU officials have said they should keep paying in Euros but have not yet issued watertight written instructions And finally we're going to go to top corporate news Disney dropped in late trading after warning that growth in the second half may not be as fast as actually expected Overshadowing better than expected gains in streaming subscribers The company has lowered its projection for film and TV spending by $1 billion to $32 billion chief executive officer bob chapek says Disney+ will be introduced to new markets By the end of Q three we plan to roll out Disney+ to 53 new markets across Europe Africa and west Asia starting with South Africa next week Meanwhile subscriber gains for Disney+ follow the surprise decline that we did see for Netflix Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in 120 countries I'm leann gerrans this is Bloomberg Caroline Thank you so much Thanks with our top stories Now we are launching our new UK website here in the UK Bloomberg UK focusing on UK users and two years on from the conservative landslide the main pledge from the government on leveling up the nations and regions doesn't look to be delivering results That's the top story on our Bloomberg website this morning So this is Bloomberg analysis of that leveling up pledge by the government Meanwhile Johnson is going to spend the next few days thinking about whether the UK should override the post Brexit settlement with the EU This is the Northern Ireland protocol something that could spark a trade war I'm pleased to say that joining us now is the lord mayor of London Vincent Keene Vincent welcome back to Bloomberg radio Thanks so much for being with us on a really important day for Bloomberg So we're so pleased to have your voice on the radio The government has not been good luck with you on your website Oh thank you so much Very pleased Look the government has not been particularly supportive some would argue the City of London is certainly in the Brexit process Now we have this focus on leveling up the nations and regions IE not really focused on the capital Is the city of priority Are we getting a big enough voice when it comes to policy with the Johnson government I think let's not look backwards That's it forwards I mean we've just turned on Tuesday in the clean speech and parliament and announcement of new financial services Bill coming through we know it's going to be a chunky piece of legislation quite a large deal with good developed in there I think we can expect we can expect that a number of the things that the city has been there seems to be asking for over the last over the last couple of years We'll be in that Bill I haven't seen the draft bill but I'm very optimistic that a lot of the concern and requests will be addressed in that So I think we're at a good position I'm looking forward I'm looking forward to sort of hold it interaction with the government on the financial services agenda over the coming months What kind of alliances are you hoping to build that might help accelerate the path towards bringing about the kind of meaningful change that we're talking about Well we got we have got we've got a very active community here at the city as listeners to the radio will know we've got some great trade associations of very closely with the City of London corporation with myself as an ordinary with my colleague at Chris Hayward chairman of the policy resources in the city We've got a strong network here we've been and of course we've got a great friend and ally in Westminster and John Graham economic executive to the treasury the city minister who's been in that post office for several years He really knows the city and is a great position to respond to our concerns So we have that network we've got the got fence We've got friends in both households and perhaps comment that we'll be working with them to make sure that we get a really good result of this piece of legislation So we there's a lot of things We know we want compared with the opportunity to be as competitive as possible We want to be leading on the FinTech right of it on the front of the FinTech revolution worldwide I'm here I'm here in my house today with the second day of the net zero delivery summit London is and I was traveling last week I was a Brazilian shipping last week The world is looking to a lump is doing in green and sustainable finance that we've been talking about that yesterday with John Kerry with Marconi and we've got another great day ahead as well So things like that where we can lead the world.
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Into that answer The little teaser of our interview with the Chancellor which she soon I feel their needs to be more of a drum roll for this please Because he's speaking to Bloomberg tomorrow And we're going to be fascinated aren't we The issue is that in the queen's speech just earlier this week the government laid out its agenda for the next year and a lot of people said there simply was not enough on the cost of living The FT's reporting this morning that sunac may have another package of help for British consumers and one of the questions that are being asked asked of their Chancellor now Exactly Mixed messaging on the cost of living because there is so much criticism of the Chancellor after the March budget that he hadn't done enough to help the poorest households Then we had the queen's speech again criticism that there wasn't enough on the cost of living Then we were told by the prime minister spokesman that we're not going to get an emergency budget as the opposition has called for but now it looks like maybe we'll get some more announcements so we're going to be pushing hard on that That's exactly what Britain's want to find out about We're also going to be putting our leveling up scorecard to the Chancellor to see why haven't we made more progress and actually why have we gone backwards when this was a flagship policy of the government when it was elected in 2019 But then we'll also be asking of course hopefully if we get time about his tax affairs because they have been in the spotlight recently and we want to understand the Chancellor's perspective on why he why he didn't feel like that should have been as this is his wife And a lot to factor in there Excellent reporting Thank.
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"I'm gonna watch a little bit of markets Asia I believe we've been able to bring 5 Rebecca John Wilkins or China credit editor to walk us through the China credit tracker this month and Rebecca you talk about how high yield reaching a critical juncture We really are seeing China high yield stress sort of reaching an inflection point and that's sort of all of these metrics which new records in March returns at record lows yields continue to climb and reach the average high of nearly 25% And of course we are finally seeing some of these really big institutional investors like BlackRock pairing back their exposure on the sector So the long-term future of China high your credit particularly for the offshore market is still very much in focus It's very unclear what the future looks like although of course we know it will be dominated by more state firms and we're unlikely to see the sort of return of this very high high yield and sort of juicy yield in the develop part of that market The other thing we're watching very closely for of course these continued rise in defaults There was some hope after that surge of default late last year that we might start to see a finally a slowdown in that part of the market But actually with soon act latest payment miss and John Ross default on some of its dollar debt failures in the market are still continuing to really drive all of those delinquencies And when we look at that map of provincial stress and defaults we see that so Rebecca what do defaults in China show us about the current cycle of the property crisis and what's to come Well I think we're very much still in the phase where we are seeing defaults continue to happen The pace may have slowed up a little bit but we are not really yet in the next cycle of distress where we see more kind of more M and a activity we see vulture firms coming in to kind of buy the parts of firms The two firms I think that we're looking at very closely is other sort of sumac and shimal investors watching these to see whether they're an indication of authorities willingness perhaps now to stop the delinquencies that we've seen already so far But I think as you say that the broader thing it's a court to remember here is that China has been on this campaign to curb moral hazard for about a decade now Of course it's really rammed at a hub during this property clamp down But in some ways you can not actually have an effective pricing of risk without these type of failures and without default So longer term we are looking increasingly at whether or not this market and the failures that we've seen are really contributing to a healthier credit market where no investors are going to be entering this market either onshore and offshore with type of complacency and expected support from the state that we've seen in the past And in some ways that's a very positive development Okay there's some silver lining there What is next then for Chinese credit What are the potential flash points that we're looking out for an hour Rebecca Well bond payments of course continue to trouble us So sunac in particular it has 30 days to make the payment on that coupon that it's missed otherwise it would be the first default on a dollar bond but sunac also has a hefty amount this quarter three other dollar bond coupons do just this month So we're certainly keeping a very very close eye on that And then elsewhere we have seen that there was some optimism that there would be policy support of we saw all of those statements in mid March The rebound has come down much further since then So now investors are really eyeing up whether there will be any kind of concrete plan to resurrect the market with concrete policy action As always grid insides China credit editor Rebecca Jim Wilkins Thank you Now let's do a quick check on the latest business flush headlines Credit Suisse investors I began vised to hold the board of.
Bloomberg Radio New York
"sunac" Discussed on Bloomberg Radio New York
"Is really good So it's actually a nice little bolt on for their insurance business Now Allegheny will continue to operate as an independent unit when it does join Berkshire these companies say the terms of the deal include a go shop period That means over the next 25 days Allegheny can solicit and consider other takeover proposals Property developer sunac China expects a delay in publication of the 2021 audited annual results the company says the order procedures could not be completed as scheduled sooner says it's due to the COVID restrictions on travel and logistics and Mainland China and Hong Kong The company also said it sees profit for the year falling by about 85% sooner excited challenging conditions than the real estate industry during the second half of last year Were at 33 past the hour as we crossed two Los Angeles Brian Curtis is there looking at markets boy that U.S. yield curve today These were monster moves wouldn't you agree with that Yeah it's still puzzling don't you think the different reactions in the stock and bond markets Normally normally something as obvious as that you know a pretty stark comment from your own pal that you'd see both markets digested in their ways but anyway big moves in the bond market and the stock market not so much There were some there were some sellout was some selling after those comments but then the stock market came back in the S&P 500 finished flat And we have yields up in Australia but the Australian equity market is faring very well up 1.2% now Maybe not too big a surprise big commodity exporter and commodities up again The Bloomberg commodity index up 1.9% And WTI crude now one 1332 so up 1% in my reading but then for the day up about 6 plus percent so a pretty big move there And if we look at some of the reaction in the bond market you have the two year yield now at 2.11% so it jump of about 18 basis points and the yield on the ten year moving up about 14 basis points to two 28 So that spread 17 basis points Everybody looking at the spread here to see whether or not maybe the bond market is tipping recession down the line Then you have Nike enter the picture with a pretty solid beat It shares jumped in post market trading up around 6 6 and a half percent The details may boost confidence among other corporates Nike had a revenue beat in North America and also in China That was a little surprising because you had a lot of crackdowns in China and a lot of semi lockdowns because of COVID Margins also topped expectations as well The company flagged marketplace demand And Nike had recently slipped more than most others in its industry pressured by inflation We have weakness in the yen That's been pretty steady here of late Just on the yield differential there and the difference between the way the BOJ and the fed is acting it's probably not too surprising All the M1 1961 we have an EK futures that suggest a couple hundred points up at the open And again again as mentioned some of the other futures are higher as well China and Hong Kong futures are up Pull back to you All right thanks very much Brian 35 minutes past the hour now time for a check of global news And investigators are heading to the scene of the China eastern crash and the guangxi province of China it Baxter's got details It yeah thank you for the 132.