Equites up as Apple brings it home
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How are new tariffs on India for Russian oil affecting global markets?
New tariffs are being imposed on India for buying Russian oil, but not for twenty-one days. And maybe there will be some sort of ceasefire by then. President Trump has made noises that he might actually meet with Putin next week. Meanwhile, US equities seem to be ignoring all the negative talk about the US economy of late. Shares are up. Apple is going to invest a lot of extra money at home. And the Bank of England today. It's obvious what's going to happen there. They're either going to hold, cut by a quarter percent. A cut by half percent. At least everyone is certain that they're not gonna raise rates. Uh that's not on the agenda. It's Thursday, it's the seventh of August, twenty twenty five. It's the morning call from NAB.
Good morning. Well, the US dollar is down again today, losing another naught point six percent down to ninety-eight point two on the DXY. The euro is the best performer. It's up three quarters of one percent, half percent for the pound, and the Aussie, the yen up a third of one percent. US equity is doing okay this time. Well, the Nasdaq is up one point two percent, the SP is up three quarters of one percent, not point two percent for the Dow. Disney was down over five percent earlier, it's down about two percent. Now, even though their earnings was a beat, uh 18% growth in earnings per share, for example, but the guidance was less positive, uh, although not that bad, but the reaction has been fairly strong.
Meanwhile, Apple about to announce at the White House a hundred billion dollars additional investment in the United States, or the President is going to announce it, uh, to bring more of their supply chain back home, which has pushed their shares up over five percent towards the close. And European s uh shares are up as well, a quarter percent up for the Eurostocks fifty at their close. The FTSE one hundred up the same amount. Uh the DAX is up over naught point three percent. But bonds, not a lot of movement. Ten year uh treasuries up just one basis point. German ten year bund yields are are up three basis points, the same for France and Spain, two basis points for Italy, just one for the UK. Aussie ten years yesterday were at four and a quarter percent.
What does President Trump’s possible meeting with Putin mean for the Ukraine crisis?
Now on futures closer to four point two nine percent, and oil quite a bit lower, one point seven percent off WTI, one and a half percent off Brent, which is well below uh sixty seven a barrel now, more like sixty-six sixty. Uh Nab's Gavin Friend is in London. He joins me today. So it seems like that services ISM that we saw this week, the jobs numbers that we got last week, uh you know, the soft numbers, but that was so yesterday, wasn't it? Equities have come back Bouncing back in the United States as though nothing has happened, or is it because, you know, everyone is now expecting rate cuts to happen even quicker, so they're more focused on that on they are on the underlying economic data?
Yeah, morning Phil. Well I think that's part of the story, isn't it? I mean, uh if you look at Fed Fund pricing for September, it's nudged up another couple of basis points now to twenty three. October at forty one from thirty eight. December over two cuts now to sixty two basis points. I mean there were some comments from the Fed out today, uh from various FOMC members I should say. So non voter Kashkari, Minnea Minneapolis um president said that the uh the US economy is slowing. That the Fed must respond to that. He said he still sees two cuts as a reasonable uh reasonable bet, but uh in light of the softer labour market data he's asking sort of you know rhetorically how uh how long the Fed can wait for sort of tariff clarity, adding if the best option is we make some adjustment, i.e.
cuts, then we have uh to pause or even reverse course. i.e. hike, that might be better than just sitting here holding on, waiting for clarity. He's uh he had to uh comments from two colleagues. So uh Lisa Cook, Fed Governor, uh a voter, she called the jobs report from last Friday concerning and that that it's typical uh that this kind of you know um it's a tip it's typical of a turning point.
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Chapters
6 chapters
1
How are new tariffs on India for Russian oil affecting global markets?
0:01–1:52
2
What does President Trump’s possible meeting with Putin mean for the Ukraine crisis?
1:52–5:16
3
Why is Apple’s $100 billion domestic investment boosting US equity markets?
5:16–8:57
4
What are the latest Fed comments on rate cuts and how might they impact the dollar?
8:57–12:04
5
How are European retail sales and German factory orders shaping the Eurozone outlook?
12:04–15:12
6
What can we expect from today’s Bank of England meeting – hold or cut?
15:12–17:41