this is the gmm screen. you can see on the far left column, the equity indices.e a black box in one of that means the, asset has moved over three standard deviations from the 90 day z-score. that was the case for the asx, down 2.8% overnight. canada off 2.5% yesterday. japan, the nikkei was off 3.7%. the nikkei, by the way, is now down more than 20% from highs, in bear market territory. one fascinating thing about the gmm, correction territory, sorry, for the nikkei. one fascinating thing you can do, you can change the dates that you use on the gmm screen. if you put it in month to date, you can see the equities column here is also very red. october has been an awful month longlong stocks -- to be stocks across the globe. germany, belgium, finland, france -- european stocks have gotten trounced the last month. nejra: strong results from microsoft and tesla helped buoy spirits after the biggest rout of the nasdaq in seven years. in correction as well. what is the outlook for tech, and what sectors should we watch? let's bring back patrick armstrong. you don't real

what are you seeing on the gmm? anna: if you are long these markets, you have to have a strong stomach for the a's at chess and -- asia session. gmm, showing us outside moves to the downside in the red colors. south korea, down. we started in the united states, our mliv team telling us, but rolled into asia. at a headline level, but when you ask deeper questions about what the diversions means between the rest of the world and the united dates, they are coming from different places into this route. --s is the picture and mark across emerging-market currencies, getting a bid as we see the dollar sell. let's put up the other side of the gmm and show you on sovereign bond rates, asking where the havens are, going into treasuries and german ten-year, french ten-year and on the commodities side, this is about global growth and some people are talking about how the trade tensions are starting to seap through into profits and that is part of the stock route. we see weakness in the commodity story carried on the -- story. b

update the gmm function so we can include closed markets. as we were seeing, will the bleeding continue? first are we seeing a stall in equities? japan taking the biggest hit, returning from the holiday. lots to catch up on. market falling 1.3%, dollar-yen not helping. we are hitting the 113 handle, could be heading lower for the dollar-yen trade. eraset australia, set to all the gains we saw in 2018 after two days of decline. this has been a teflon market up until now. we are down 16 points. indonesian stocks continuing a rebound after a five-day decline. second they of gains, .5% as takata -- jakarta markets open. how chinese markets are doing after the large caps sold off some 4.3%, we are seeing a little more stabilization. in fact, some green across the board. -- 2027 and25 a-shares .5%. 26,214.aring losses at tech shares, deep losses yesterday. were watching tencent, one stock i am watching here. they continue to buy back shares, but this seven-day losing streak yesterday takes us back to a second-longest losing streak on record for te

what do you see in gmm's?nna: i wanted to see your attention to something that is not moving much, the china csi 300. we were talking about selling and china, extensive selling making up for the week when they all on all holiday -- holiday. the csi 300 has been higher but it is flat to negative. the indian sensex losing ground. if we can throughout the other side of the gmm let's see where we are on the sovereign debt and commodities story. we have been talking about commodities. about the relationship between chinese equity markets and the global commodities trade , it is ella may week in london so we have been talking to investors about commodities. couple emphasized the supply story. even though we have these trade will -- trade concerns, in many cases we are told it is the supply side that is guiding prices higher despite concerns about the demand story. cut its growthas forecast for the first time in more than two years, the letter said the world economy is towing and blames escalating trade tensions and

let's look at the gmm and the sovereigns and we want to talk about italy.ngoing story as we continue to watch the italian government. they want more dialogue around the budget with the european commission. they might be able to get that, but the european commission needs to decide how tough to be with rome in the near-term. the u.s. 10 year is in here, safe haven buying of the u.s. 10 year treasury. interesting moves on oil prices, a little bit weaker on oil prices generally which is interesting and the higher -- and the context. chinese shares have snapped their two-day rally, the msci asia-pacific index is on the brink of the bear market and s&p mustes have declined a percent. joining us from singapore is mark cranfield. great to have you with us. what can draw a line in the sand on this rout? we have u.s. earnings season approaching, we are in the throes of it but we get the tech earnings season and yesterday, we saw tech stocks outperforming. i am wondering if there is better news ahead in tech profits. mark: i am sure people will be happy if they see b

the gmm, let's see what we are seeing across most indices. the hang seng, down 1.5%.points lower today, seems like the cospi is falling and singapore, down 1%. it really is this stronger dollar story finally catching up with a pick up in yields we saw. it

it does not feature on the gmm because there are other moves outside the emerging markets space. there is weakness in the pound. that last minute trip to brussels. could a deal be clinched from the jaws of defeat? we just don't know. let's have a look at the other side of the gmm. little bit of buying sovereigns. a risk-off move. that applies to australia, indonesia, not italy. you have mentioned the oil price. here is the other commodity selloff on the rise. the cause of those comments from the saudi's in relation to the journalist. europe kicks off the week with a topsail of political risk. the pound is lower. intense brexit talks failed to break the deadlock. meanwhile, italy is due to submit its budget in brussels today. sister party was dealt a blow in bavarian elections. that brings us to our question of the day. which offers greater opportunities? brexit negotiations, german politics, or the italian budget? mark cudmore from the mliv team will give us his thoughts. take your pick. brexit we have become so board of. no one wants to talk about it. things are getting to a cri

- did not quite feature in the gmm.a countermovement, what's going on in indonesia, a substantial moves. we see some buying of indonesian debt because of a better fiscal story out of indonesia. matt? yuan.let's get now to the level hit its weakest since the start of last year following the treasuries refrain from naming china as a currency manipulator. the company's exchange rate policy accompanied an interesting debate about the postal union from president donald trump. stocks were treated across asia with chinese equities tumbling deeper into a bear market. joining us now from singapore is bloomberg mliv strategist. where do we stand right now in terms of the trade war and its affect on -- if that's what it is, this level that the yuan reaches relative to the dollar? >> i think for it while china has been trying to get people used to the idea that there is no line in the sand particularly uan the dollar-yo exchange rate. if in reality, you look at the it the market is moving, does not look like china has any particula

ounce.d is that $1233 an gmm, where it is more obvious. the equity indices lower.ommodity complex lower, except for gold. and all the sovereign nations that might be considered safer having a good day. we seized the asian currencies having a week day. though you wrote and the leader a are worth paying attention to. kremlin andat the the continuing saga of khashoggi.jamal buy: -- being lot of things thrown at the market today and a lot sticking. one factor is what is going on with italy right now. italy, there's no plan b. destab il -- how destabilizing can this be? unprecedented compared to the previous [indiscernible] we are talking about .6% deviation. guy: their point will be that very few countries in the past -- have done it with the debt burden that italy has. not at risk of having an unstable bond market -- bund market. --eisa ali is vulnerable italy is vulnerable to what the government is doing. being announced would amount to 5% to 6% gdp fiscal expansion. if investors are looking for an opportunity to sell, this is a minister that could trigger it. : if t

let's have a look at gmm really you see the equity markets are in the red pretty much the world over.eeing some strength for the australian dollar. oil prices are higher but you did point out that oil is off today. >> let's get another take on this market and the action we are seeing. our guest joins us from jpmorgan. what is the view? there was talk about it being a higher volatility year. we are seeing evidence of that brain much this weekend today in particular. there isn't a specific reason. cpi came out benign. readjustingmarkets to a higher yield environment on the u.s. 10 year. rereading some of the equity market pricing due to corporate that ceos arengs coming out with. >> we are seeing a shift from growth to trade. -- value. outperforms other styles and particularly quality over the sink -- several past recessions. if we are to say that we are heading toward a later cycle in the u.s., markets are feeling weakness, the episodes of yesterday and today of outperformance of value and quality indicates that will be a larger story for the next few years. >> what happens to the curv

gmm because we will see that reflected their as well as one of the major movers in forex.l is another one. rallying.is in europe, as you can see, we are seeing a lot of downside for equities. aluminum down. btps falling today. we are joined by marcus ashwood here in london. points, the move up in bcp's today.is that a reflection of reality as the market pricing in italy -- i'm struggling to get a handle on how you price. marcus: allegedly, it was a letter that had gone back and forth rejecting the budget proposals, which have been sent. the reality of the whole thing was salvini's comments midmorning which were very aggressive indeed. that is something which is very difficult to trade in the context when there actually trading rocks at the european commission. they mentioned people's names. without any logic behind it, it seems like they are fighting the local elections next may now. why do this when you're going through a budget crisis. why would you be quite so aggressive? there is some news that apparently there was a meeting with one of the five star officials. still,

the gmm, let's see what we are seeing across most indices. the hang seng, down 1.5%. for the -- 400 points lower today, seems like the cospi is falling and singapore, down 1%. it really is this stronger dollar story finally catching up with a pick up in yields we saw. it seems like once those bond a bit of seeing vindication. day -- led losses, but the offshore renminbi, hitting level. off that we are seeing it in the japanese yen, strengthening slightly, but still holding around 114.34. kbit of a sweet spot when it comes to japanese equities. let's look at bond market -- bond markets. 11-basis point jump. you see some of the banks in tokyo. 318 is where we stand right now, and that is falling to her when it comes to australia, back to 274 year 10 year yield. we have seen the rate differential between the u.s. and australia continue to widen. more downside when it comes to the aussie dollar. their 10 year jgb now at 15 basis points. we are at levels where we could see some boj action here to step in. renminbi, 6.90, weakening 1/5 of a percent. this will dictate what w

we are talking a sovereign debt and the treasury story, let's look at that side of the gmm, and higher yields in the united states above 3.2% on the u.s. 10 year, that is now being adopted in the asian session. we are seeing those yields higher. the bonds are coming down. we are keeping an eye on the commodity story, to what extent will we see higher commodity prices. supply-side about and the demand side later today. and with that commodity story in mind we will talk more about brent crude which has surged to the highest level in almost four years. many emerging markets have felt the pain already. which markets are underpricing the risk? that is today's question of the day. price hita rising oil developing nation equities? go to tv and click the ask a guest a question but. tton. cudmore.s is mark when do rising oil prices hit developed nation equities? tie all these threats together. absolutely, oil prices surging to a four-year high $100 a barrel. we know oil prices will lead to higher costs. and they lead to higher yields. at some point, these three will to cause an oil crisis

have a look at my gmm. it is on my terminal. we are -- we were down 2.2%. on the nikkei 225.s, that did not last long, did it? we are approaching a bear market. i will talk about the level in a moment. to give you a sense of how we are trading. futures pointing down. the dollar is moving up with the exception -- the hong kong dollar and the japanese currency. a haven trade. asia-pacific, at 150 1, 51. 148, 77. takes us to that 20% job -- dropped from the peak. 1% from that level. it comes back to what happened overnight into where we are the bloomberg dollar index back to levels last seen in the summer. in august. it will take a little bit for us to move above that and take us all the way back to the start of 2017. dollar, retaking the top spot on the list for asian investors. this is bloomberg. ♪ this is bloomberg. ♪ yvonne: battle of the charts. let's bring in our two competitors. tracy alloway and michael wilson. we will pick their best charts against each other. viewers can access the charts on the right side of your screen. the bloomberg function feature just right there

we see it of the the top of our gmm. there is a risk on day in emerging markets in the asian trading session. is it because the central bank regulators have spoken positively about risk? or is it about the national team? state directed buying of equities? president xi certainly giving his unwavering support the private sector, another interesting development. let's show you what's going on in sovereign bonds. italy is part of the story. we see relief in the italian stocks. buying italian debt, the yield 22 bits on, down by the italian two-year. a significant move. really because they were taking down one notch and it's just there is not in a minute -- there is not an imminent downgrade. matt: is interesting that moody's classifies italy's economy as a. a lot of investors would see it differently. if you look at the futures today , italy's futures are not getting nearly as much as the other equity markets. let's talk about asia. shares trading higher this morning, coming off the back of four straight weeks of losses. the

what do you see on the gmm?lmost billy and with it being the worst month in six years, more treat and trick? pointing as are little higher because of the equity market. fairly green for these markets, registering these outsized poverty moves. the indian rupee is still weaker , we have had this clarification, this comment from the government on independence of the central bank. that is after we have been covering the story. has been the talk of a rift, so we continue to watch those assets. on the currency markets, keep an eye on the yuan. to stem taking actions .ctivity against the currency let's talk about the month or the day that is. which is more of a guiding factor as we look ahead? obviously, history provides context for how we have to look at moves. but investors should care at what happens next. more than six years for global equity markets, and for asia, it is the worst since the crisis. there are a lot of good reasons .or why the have cut back risk maybe many of the scanners are actually behind us. this

so nice to see it in gray on the gmm. we have made some change, but in futures, we are expecting to see europe go higher but we are playing catch-up with united states and yesterday, we missed out on the gains in the u.s. markets in the latter part of the session. weve got to catch up before can factor in today's moves in the u.s. where you are seeing futures looking lower. we are seeing a little buying for btp's, no plan b for prime minister conte, but buying in the two-year. oil doesn't feature here, but we have seen weakness in oil prices with the saudi's suggesting that can fill any gaps left by iran. asian equities swung to gains. investor optimism. committed to stimulus measures to rein in a selloff in equities. this helped lift asia's main equity gauge, which was poised to succumb to bear market territory. it could still get there. maybe not now, but we are not that far away. from singapore, mark cranfield from the bloomberg mliv team. very good to have you with us. tell us what is going on in the asian session bec

on the gmm, this is the markets open currently, showing some outsized move.vement in the turkish equity market, the russian and indonesian. we saw a earlier the chinese equity market was on here because we see gains in china. are they made in china or by trump? it is to do with the comment about a "great deal" on trade or is something else happening in the chinese market? a risk on session coming through in the asian markets. foreign exchange markets, australian and the australian and the australian dollar seen as a proxy for what goes on in china. we watched that as it rises. the yuan earlier was weak, but going to unchanged. a bit of a story around chinese currency, as well. let's get to matt miller the vw management. thanks very much. vw third-quarter operating profit beat estimates, sales beat estimates as robust results from porsche stemmed the fallout from trade tensions. a cooling chinese market and new emissions tests in europe are headwinds. joining us to talk about that and more is the cfo of volkswagen, here. let's talk first about your earnings be

what else do you see on the gmm?nt 07 is not enough to encourage a more buying into and it'srkets, interesting to see the downdraft, it's very focused in spreading into europe, although as you say futures are pointing higher. story, and other equity markets are pointing higher. a good foreign-exchange story so keep an eye on what happens with the rail later today. keep an eye on the yuan, which is near a 10 year low as we focus on how the pboc reacts to weakness in the chinese economy. let's have a look at what's going on on the commodities market. tragic news about the plane crash in indonesia, dominating headlines domestically. we are seeing a big outside move in indonesian debt, a fifth day of buying sovereign bonds with a mixed picture for commodities. let's talk about the broad market moves. it's interesting to see that european equity markets are expected to go higher. while in tokyo went lower clients accelerated in china and south korea. that is as the s&p is nearing correction territory. howy's question of t

let's put up the gmm. this highlights the extent of the selloff we are seeing in china. they are playing catch-up. they were out last week. a holiday in chinese equity markets, which means we did not see any action. we are down by just over 4% on the china csi 300. interesting to see markets that have been beaten up by higher commodity prices bouncing just a little bit. the south african rand down by 0.7%. interesting reporting with regard to the future of the finance minister. that seems to be weighing on currency. let's show you where we are on the sovereign bond story and the commodity story. on sovereign bonds, the italian two-year, i was interested in the way the italian government seems to be emboldened by the fact that in may of next year we are going to have european elections. they see themselves gaining populist support around europe. they think that is going to change the balance of power between brussels and rome. that could be interesting, or change the view of brussels. i also want to mention what's happening with aluminum. it is down by 3.5% this morning.