jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now . coming up, closing out a chaotic august, following a big month for government bonds. growth anxiety lingering with another round of tariffs set to hit next month. president draghi facing down the central bank horse. we begin with the big issue, a month to month for government debt. >> you have a big rally. >> huge rally in the bond market. >> huge inflows, one-sided trade. >> insatiable demand for yield. >> growth is slowing everywhere. not cutting fast enough to keep up with the falling growth outlook. >> they are actually behind the curve. >> the market is crying out for more. >> we are looking at extraordinary times in bond markets. jonathan: joining me from london is james athey. in new york, greg staples. priya misra of td securities. priya, what a month it's been. the 10 year treasury, people forget, 2% feels like a lifetime ago. it was the end of july, and we are down near one 150. i think it means it is month to month for the entire ra

jonathan: from new york city, i'm jonathan ferro. bloomberg "real yield " start right now. coming up, no drama in this month payroll report. the attention firmly elsewhere as the white house with saws wall street, announcing more on chinese imports, providing more fuel or global bond markets, driving the german yield curve below zero. let's begin with the big issue. is the fed prepared to underwrite the trade war? >> it is highly likely the trade issue will dominate a thinking at the fed. >> you have to extrapolate this and you can about the fed delivering a series of cuts. strong payrolls report that we can't today is likely going to secure that cut. >> we are going to get a 50 basis points one way or another. >> mr. trump now knows the funds he has to press to get the outcomes that he wants. >> that is why you are sitting president from so aggressive right now. >> to the extent trump continues to push on the trade war and that creates a downside risks, presumably means central banks will push more in terms of easier monetary policy. >> jay powell has made clear that he is

in for jonathan ferro. people asking where jonathan is, he is on sabbatical.s all there is to it. bloomberg "real yield" after this historic week. peter tchir is with us, kathy jones, and margie patel. as we move through the weekend and drive the conversation into a tumultuous august end. we have to go to margaret patel on the yield hauled demand for credit. right now we are reaching for yield, we have to get there. the big issue -- goldman sachs had a note on this a couple hours ago, on energy high-yield. is that another problem for high-yield, or was that market cleared a few years ago? margaret: they did a fantastic job of clearing primarily by issuing equity common stock to clear their balance sheet. yes, i think a sensitive sector like that to downward prices, which is what the case is for energy, the sector has a way above average risk for those credits. tom: you have been historic saying dividend growth is a possibility as a yield alternative. are we closer to where dividend growth is the new yield? margaret: i think so. because if you look a better qua

denver jonathan ferro. -- in for jonathan ferro. bloomberg "real yield" starts right now. ♪ lisa: coming up, move over, jackson hole. tariff fears dictating markets with escalating trade fears -- trade tensions extending the rally in treasuries. chairman powell saying the u.s. economy is in a favorable place but faces significant risks, reinforcing bets for another rate cut in september. and zero rate 30. germany regretting the size of its bonds that pay nothing as the option flops. let's start with the big issue. fed officials at jackson hole grappling with how the trade war is impacting the u.s. economy. >> trade uncertainty is sort of a fact of life now. >> trade policy uncertainty has been weighing on the outlook. >> business investment is not held back by the cost of capital. >> we have seen already some business spending be weakened because of the tariff situation. >> what is holding it back is uncertainty around policy, particularly trade policy. >> the uncertainty of the trade -- tariff situation. >> the fulcrum, the center

>> i am lisa abramowicz in for jonathan ferro. bloomberg real yield starts now. fears of a global recession reemerging with economic and political concern rattling markets. central banker struggled to keep up the defenses despite a round pulling the most from junk bond since 2018. where did all the bond bears go? >> bond bears are dead. >> the 10 year is headed back down to test new lows. >> one in 3/8 percent. >> it is much lower than this. you could still get another 25 basis points. >> adding to 1.25%. >> 1% on ten-year treasury is not impossible. >> potentially all the way down to zero. >> that downside economic scenario if the economy is weak and the leading indicators do point to that scenario. >> we and the rest of the world are going to own long government bonds. >> bond bears are dead. joining me are kevin of raymond james and scott kimball of the mo. let's start with you, do you agree that there is no lower bound, let the basement be the ceiling? i think seriously the data and in terms of creation we are going in that direction. there is going to be a l

i am tom keene in for jonathan ferro.inal thoughts but because of the extraordinary nature of the week, kathy jones, margie patel, peter tchir with us. we are diving into the ramifications of this for the little guy. i don't know whether the little guy is $2000 or $100,000 or even a million dollars. what does the little guy do, pushed around by these institutional realities? kathy: at the end of the day, it has not changed much, being diversified, understanding your time horizon, and making sure you have some safe assets. we have been emphasizing more on the safe assets lately because we are getting more defensive in equities and fixed income. but nothing has changed, you still need that diversification. tom: this is important, i'm going into the real yield here. ferro stays within two years but i'm going off of the actuarial assumption. margie, you shocked me with the idea of 4% or lower. how do we get there if we are the little guy and we have to retire? margaret: frankly, people need to keep working -- that is the real

." ♪ jonathan: i'm jonathan ferro. this is bloomberg "real yield." would like to head to the auction block and begin in europe, where investors offered to buy almost twice the amount of 10 year bonds the german treasury sold at auction. the demand taking the yield on the notes below the ecb key deposit rate for the first time. in the united states, boeing selling $5.5 billion worth of bonds in its largest ever dollar-denominated offering. the largest portion of the offering, a 30 year security yielding nearly 1.5 percentage points more than treasury. the third and final issue, daimler getting more than 6.5 billion euros of bids in its second multi-tranche offering of the year. the automaker raising 3 billion euros in a 4-point deal with pricing tightening at least 10 basis points on all the tranches. staying in europe, the battle between the weaker fundamentals and qe continues. skybridge has a warning for investors. >> fighting the fed or central banks has always been a losing battle post-crisis. so pretty much every short position you have had incl

jonathan: from new york city, for our audience worldwide, i'm jonathan ferro. "real yield" starts right now. ♪ jonathan: coming up, no drama in this month's payroll report. the attention firmly elsewhere as the white house whipsaws wall street, announcing more tariffs on chinese imports, providing more fuel for global bond markets, driving the german yield curve below zero. let's begin with the big issue. is the fed prepared to underwrite the trade war? >> it is highly likely the trade issue will dominate the thinking at the fed. you have to extrapolate this and think about the fed delivering a series of cuts. >> this creates enough uncertainty to where even the strong payrolls report that we got today is likely going to secure that cut. >> we are going to get a 50 basis points one way or the other. >> mr. trump now knows the s tot the outcomes that he wants. >> good policy, bad policy, the white house is listening. that is why you are seeing the president be so aggressive right now. >> to the extent trump continues to push on the trade war and that hurts econom

jonathan: from new york city for our audience worldwide, i'm jonathan ferro.al yield" starts right now . coming up, closing out a chaotic august, following a big month for government bonds. growth anxiety lingering with another round of tariffs set to hit next month. president draghi facing down the central bank horse. we begin with the big issue, a month to month for government debt. >> you have a big rally. >> huge rally in the bond market. >>

." ♪ jonathan: from new york city, audience worldwide i'm jonathan , ferro. erg "real yield" starts right now. ♪ jonathan: coming up, no drama in this month's payroll report. the attention firmly elsewhere as the white house whipsaws wall street, announcing more tariffs on chinese imports, providing more fuel for global bond markets, driving the german yield curve below zero. let's begin with the big issue. is the fed prepared to underwrite the trade war? >> it is highly likely the trade issue will dominate a thinking at the fed.

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, president trump says china once a deal. beijing has yet to confirm any talks. heightened uncertainty following four weeks of losses as world leaders wrap up the g7. central bankers leave jackson more.nder pressure to do here is your monday morning price action. futures positive 20 points on .75%.p 500, up the euro weaker. 1.11 $12 is where we change. yields unchanged. one point -- 1.1112 is where we trade. yields unchanged. one top -- one comment at the g7 was all talk to -- a market that had been on its knees. >>

i'm jonathan ferro. ight now. ♪ jonathan: the global blonde -- bond market producing more records. germany 30 year debt with negative yield. 30 minutes into the opening bell, good morning. here's your wednesday morning price action. s&p.es up 26 points on the positive .9%. euro-dollar doing a lot of nothing. euro-dollar 1.11 and unchanged. yields up three basis points. back towards 1.60 on the u.s. 10 year. let's begin with the big issue. the world's first 30 year bond offering. >> is a been a different dynamic. >> is

i'm jonathan ferro. arts right now. ♪ jonathan: the fixation with china's currency easing. u.s. equities finding a firmer footing. the central bank push continues. the philippines becoming the fourth bank this week to cut rates. with 30 minutes until the opening bell, here is your thursday morning price action with futures positive .1%. in the fx market, the euro around 1.12 and treasury yields start to bleed higher, up two basis points, 1.75% is your yield. where did all the bond bears go? >> i think the 10-year is headed back down. >> previous lows of 1.45%. >> the rates market has had quite a run but you can keep going. >> yields can go a lot lower. >>

i'm jonathan ferro. " starts right now. ♪ jonathan: coming up, and uncomfortable calm gripping global markets following the biggest losses of 2019. china's central bank stepping in to support the yuan shortly after the treasury labels china a currency manipulator, contributing to the war of words. good morning. here's your tuesday morning price action. futures all over the place, a three percentage point range in today's session alone. , leavingound .9% behind the biggest loss of 2019 so far. in the treasury market, this is what yields look like. up to 1.75. in foreign exchange, the euro weaker against the dollar. euro-dollar down to 1.1181. let's begin with a big issue. a calm gripping global markets. >> this is becoming serious.

i'm jonathan ferro. arts right now. ♪ jonathan: coming out, investors on edge, fixated on the next move in the u.s. china trade dispute. central banks out in force, thailand, india, new zealand delivering rate cuts. the complaints from eurozone lenders piling up. 30 minutes until the opening bell, good morning. here's your wednesday morning price action. futures rolling over in the last 60 minutes. -29, down 1%. euro-dollar little changed at 1.12. in the bond market, the tenure maturity, 1.63, and the 30 year yield heading toward an all-time low. there are some of your price action cross assets. let's begin with the big issue. central banks coming out in force. >> the central bank of india. >> new zealand. >> thailand also cuts rates. >> we are seeing the global easing cycle. >>

i'm jonathan ferro. right now. ♪ jonathan: coming up, the treasury market weighing on investor sentiment. 30 year yield all-time lows. italian bond yields making fresh records with politicians on a course to avoid recession, and prime minister boris johnson looking to impair parliament's ability to block a hard brexit. good morning. here is your wednesday morning price action. futures negative three on the s&p 500, down .1%. the bond market in the driver's seat. the 30 year yield at an all-time low. the tenure of down four basis points. let's begin with the bait issue -- the 10 year down four basis points. the bond market in the driver seat. >> a huge rally. >> a flight to safety. >> bond bears are dead. >> the growth outlook is challenged. >> the fed is

. ♪ jonathan: from new york city, i'm jonathan ferro. eal yield" starts right now. ♪ jonathan: coming up, no drama in this month's payroll report. the attention firmly elsewhere as the white house whipsaws wall street, announcing more tariffs on chinese imports, providing more fuel for global bond markets, driving the german yield curve below zero. let's begin with the big issue. is the fed prepared to underwrite the trade war? >> it is highly likely the trade issue will dominate a thinking at the fed. >> you have to extrapolate this and think about the fed de

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. eld" starts right now. ♪ jonathan: coming up, closing out a chaotic august, following a big month for government bonds. growth anxiety lingering with another round of tariffs set to hit next month. president draghi facing down the european central bank horse. we begin with the big issue, a month to month for government debt. >> you had a significant rally. >> big rally. >> huge rally in the bond market. >> huge inflows, one-sided trade.

i'm jonathan ferro. right now. ♪ [no audio] jonathan: futures with a nice bid, up 26 on the s&p and further .9%. very little confirmation of the optimism the bond market. the 30 year yield lower in the morning. the 10-year unchanged. let's begin with the big issue. a softer approach to the u.s.-china trade war. >> the market is starting to express optimism, and rightly so. there -- >> there could be an upside to the price if th

. ♪ jonathan: from new york city, i'm jonathan ferro. bloomberg "real yield " start right now.no drama in this month payroll report. the attention firmly elsewhere as the white house with saws wall street, announcing more on chinese imports, providing more fuel or global bond markets, driving the german yield curve below zero. let's begin with the big issue. is the fed prepared to underwrite the trade war? >>

if you want to carry on the conversation, jonathan ferro will be new york, i'm in london, it is the cableat the top of the hour. dab digital radio in london and not all of your bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. let's get a first word news update with courtney donohoe. courtney: iran's president is slamming sanctions by the trump administration targeting the country's foreign minister, describing the move as childish and a barrier to diplomacy. the u.s. announced it would had imposed sanctions on the foreign minister. they come at a time of escalating tensions between the countries. a pentagon watchdog said afghanistan's military of remains seriously shorthanded. army, airrt felt the force, and police are 80,000 people short of their target. the u.s. is trying to negotiate a peace treaty between the afghan government and the taliban. mark is defending the central banks assumption there will not be a no deal brexit. carney says it is still the government's offi

jonathan ferro is in new york, i will be joining him in london for the cable show on dab digital radioon area. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on bloomberg markets. let's get the bloomberg first word news update with courtney donohoe. courtney: president trump has resumed his campaign against the federal reserve. he tweeted the fed must cut rates "bigger and faster." and he said the central bank should stop it "ridiculous ," andtative tightening added "incompetence is a terrible thing to watch." south korea is in talks with the u.s. to increase defense payments. , president trump said south korea paid the u.s. $990 million, substantially more than the year before. he said the relationship between the countries is a good one. atleast 14 people have died 145 others have been wounded in a taliban suicide car bombing in kabul. the bomb went off when a vehicle was stopped at a checkpoint outside a police station. the attack came after the taliban in the u.s. reported progress on negotiating and

jonathan ferro is in new york, i will be joining him in london. show is taking to the air at the top of the hour. you can find is on dab digital radio in the london area and all of your bloomberg devices. this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on bloomberg markets. nvidia is one of the worst performers in the s&p 500, plunging 6.5%. semiconductors fall under a new trade concerns. kailey leinz is euros more. kailey: another bad day for nvidia, another bad day for semis. semiconductor stocks are exposed wrongly to china. -- broadly to china. for nvidia, china made up about 20% of the company's revenue. the other huge chunk of their revenue comes from the broader asia-pacific and taiwan. these concerns represents about three quarters of nvidia's revenue. that is why that stock is under pressure. if you look at semiconductors, the stocks index down for the fifth straight day. index,ember of the sock including individual names like micron, all down 5% or more. in addit

at work getting in the car and you want to drive home and listen to more of the market action, jonathan ferro will be joining him in london for the cable show at the top of the hour. dab digital radio and around the world on all of your bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: and from london, i'm guy johnson. this is european close on bloomberg markets. mike pompeo says iran is creating terror and unrest in the middle east, making those comments in the un's piece -- in a you and speech. eightcirilli spoke to special representative for a run -- spoke to a special representative for iran. towhat is it important understand is the iranian military uses these space launches to accelerate the development of an intercontinental ballistic missile capability. it is important -- this is something the u.n. security council has condemned in the past. prior to the iran nuclear deal it was prohibited by the u.n. security council. as part of the iran nuclear deal it was water down. we are doing everything we can to expose the motives behind the space launc

as i learned from taylor riggs this morning when i was watching jonathan ferro's show come of the overnighty actually all touched negative. that is very troubling to the fed, and become a nation of the wage growth we are starting to see. fed react based off of potential tariffs threats driving inflation? can.ot sure they i still expect another rate cuts, but i'm not sure that this particular jobs numbers gives the markets the comfort they need to fix this inversion. oil.e: let's talk about we've seen a very volatile week. a barrel of wti up 2.5%. what's in store for next week? speculatives a repricing. speculators were definitely leaning long, worried more about geopolitical and the results of trade. it is obvious at this point that the trade results are more important. citigrouporgan, saying that the demand will actually grow next year. und 40 cap dollars. vonnie: -- around $45. of pathbob iaccino trading partners, thank you for joining us from the cma today -- the cme today. guy: we are playing catch-up all day. now i get a sense we are moving beyond that. the dax down over 3%, the cac do

jonathan ferro is in new york. i'll be joining him in london. dab digital radio in london and around the world on your bloomberg devices. this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i am vonnie quinn. close" onhe european bloomberg markets. discovery reported second-quarter earnings better than expected with ad revenue increasing 6% despite a drop in subscribers. joining us is discovery communications chief financial officer gunnar wiederfelds. to what do you attribute the advertising revenue growth? gunnar: thanks for having me again. the bottom line is it is a phenomenal scent of numbers. the report to the 6% asset growth. we also guided to acceleration and advertising. digitsed top high single and there are two things we see with these numbers. number one is there is a lot of longevity in our core business that some are surprised about and we are seeing first returns come in on our investors on the direct to consumer side. that shows a clear path to strong growth in the future and the bottom line is performa

jonathan ferro will lead the conversation in the 7:00 hour.l of you worldwide, nejra cehic in london, tom keene in new york. story,italy, a secondary now there are some real tangible headlines of agreement. wednesday at 12:00 noon in room, and they will move into the evening of a government. i would note that the italian-german spread comes in 2018 narrow for nejra. that is bond talk. nejra: i am happy to be part of any bond talk. in the absence of any tweets from trump on trade, and the the, boris johnson asking queen to suspend u.k. parliament from september 9 until october 14. politicians are due to return from recess next week, squeezing the time to block a no deal brexit. johnson says he is not seeking a general election. given the developments we have had, are you raising your probability of a no deal brexit or a general election or both? neil: it is likely to be both at this stage. that seems to be the way the stars are aligning. the strategy seems to be, we will squeeze as much time out of the system as possible to block a no deal brex

ceo: that was the rio tinto speaking with jonathan ferro yesterday.et's get the bloomberg first word news. we go to annabelle jewelers -- annabelle drillers. >> the central bank faces further easing. a quarter-point cut could come as early as next month. policymakers could also reduce the ratio that the bank must hold in reserve. what we are contemplating is another rate cut of maybe 25 basis points. it could come as early as set timber or in the fourth quarter. we have another hundred basis points requirement ratio before the end of the year. economy grewpan's more than expected in the second quarter as consumer spending and business investment offset slumping exports. gross domestic product grew 1.8% from the previous three months. consumer spending was a key driver, raising the most in two years. the reserve bank of australia says it is ready to reduce its record low interest rates even further if the economy needs it. the governor pushed back against expectations for growth and influence -- for growth and inflation. >> inflation will be below the

. ♪ our: from new york city for viewers worldwide, i am lisa abramowicz in for jonathan ferro "id "thenow. ♪ up, global markets remaining on edge with mounting unrest in hong kong adding to the global wall of worry. with a surprise outcome in argentina's election sparking contagion concerns and more calls for caution. a fragile mood dominating market sentiment with goldman sachs adding fuel to the global recession fire. 30 minutes until the opening bell. you can see that saudi wall of -- that soggy wall of worry hiding over s&p futures. euro is flat against the dollar. 10 year yield down the lowest since 2016 as people assess what the growth prospects are for the longer term. markets making a sharp reverse on concerns of the latest protest in hong kong. adding to a growing wall of worry. >> a lot of things wry

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, closing out a chaotic august. today equity markets advancing, bonds retreating. following a week of happy talk, tariffs on china still had to hit september 1. mario draghi facing down the hawks, officials pushing back against further stimulus. good morning. let's get you that friday morning price action. aroundfutures positive .6 -- around 16 points on the s&p 500, up .5%. in the bond market, treasury yields higher by two basis points. the euro-dollar, 1.1040. let's begin with the big issue. a week of trade happy talk not enough to shake away the trait concerns. >> we have an uneasy calm. >> perhaps a cease-fire for now. >> they are saying c

. ♪ lisa: from new york city for our viewers worldwide, i am lisa abramowicz in for jonathan ferro. starts right now. ♪ up, dark clouds continuing to hang up or risk assets and the turmoil in hong kong and argentina punishing sentiment. with the trade war expanding its bite, singapore and japan posting disappointing results. the argument for further rate cuts taking a hit. the thread before -- between short and long-term treasuries narrowing. 30 minutes until the opening bell. we see futures down .2%. the euro versus the dollar basically unchanged. 10-year gilts unchanged. spread continuing to narrow. economic data and political uncertainty weighing on the move this morning. investors fearing a global recession might be in the cards. >> recession risks are on the rise. >> risec

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, the payrolls report in line with expectations. signs of weakness abroad hitting hiring. the white house announces more tariffs on chinese imports, providing more fuel for global bond markets, driving 30 year bund yields into negative territory. here is your friday morning price action. the s&p 500, four day losing streak. futures lower .33 percent. in foreign-exchange, the euro stable. euro-dollar does nothing. in the bond market, unchanged after a massive rally in the last 24 hour. your 10 year is 1.89% on a 10 year treasury. let's begin with the big issue. trade policy with soaring wall street. >> the trade tension will escalate. >>

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, some are trading volume dominating the week so far. investors waiting for chairman powell. the get together at jackson hole beginning with the fomc on course to cut rates again. an improvement in eurozone data failing to shake off the blues. germany facing recession. here is your thursday morning price action. futures up six or seven points on the s&p 500, firmer .2%. euro-dollar treading waller -- treading water. a little bit of a lift in core government bond yields. yields up on treasuries to 1.61%. let's begin with the big issue. the difference between the mark -- the dispute between the market and the fit. >> they labeled the rate cut as a midcycle adjustment. >> a midcy

i'm jonathan ferro. . ♪ jonathan: coming up, global equity markets bouncing back. treasuries dropping. the yield curve steepening. the german government indicating it is willing to spend more, but a recession needs to hit first. waiting for jay powell. investors look towards friday's that gathering in jackson hole wyoming. here is monday morning price action. have we become desensitized to big moves,? in the treasury market, yield softer, up four basis points. the euro a little firmer. euro-dollar around 1.11. let's begin with the big issue. waiting for chair powell to break his silence. >> jackson hole. >> jackson hole. >> jackson hole has been a big turning point. >> what can the fed

i'm jonathan ferro. open" starts right now. ♪ jonathan: coming up, the fed delivering a rate cut. chair powell delivering a messy news conference, driving the yield curve flatter. investors reconsidering the rate cuts for next year, capping the dollar's biggest monthly gain, leaving the president disappointed. with 30 minutes to the opening bell, good morning. no bounce back this thursday morning. futures unchanged. euro-dollar 1.1030. treasuries coming in another basis point. your yield on the 10 year maturity, 2.01%. we begin with the big issue. chairman piles messy community -- chairman powell's messy communication effort. >> part of the job is giving a clear message. >> he could have had greater clarity. >> jay powell did not communicate

alix: from new york city for our viewers worldwide, i am alix steel in for jonathan ferro.right now. open"e count down to the starts right now. ♪ alix: china strikes back, announcing it will impose retaliatory tariffs on $75 billion of american goods, sparking a sharp risk reversal. treasuries paring their losses. futures turning lower. all of this coming ahead of the main event in jackson hole. investors looking to chairman powell for hints of what is next for the fed reserve. 30 minutes until the opening bell. it could be a doubly morning. s&p futures off 10 points. euro-dollar down .1%. treading at levels we have not seen since 2017. yields in the u.s. go nowhere. we did see selling so we paired that back. the big story is oil. down over 3% as they are wrapped into the tariff war's. we begin with the escalating tensions between u.s. and china. jim

lisa: from new york city for euros worldwide, i am lisa abramowicz in for jonathan ferro.ght now. ♪ up, risk sentiment improving with futures climbing as a tomato is week of trading uncertainty nears its end. ramifications of bond mania continuing to rip through the market with a $1 trillion week for negative feeling debt. trade headlines keeping volatility a lot and well. an escalating tariff war. 30 minutes into the opening bell -- until the opening bell. a big reprieve after a rocky week. as an be futures up or 9%. the euro the weakest against the dollar since 2017. yields picking up a little bit. easing the lows for the week with crude getting a bit. . tough week for investors trading data in real vanilla -- and -- all point

jon: i've jonathan ferro.ght now. ♪ jon: coming up, president trump taking a softer approach. investors doubting the longevity of the shift. former new york fed president bill dudley arguing the fed should not provide offsetting stimulus and the damage it has done in germany. an export slump pushing europe's largest economy to the brink of recession. with 30 minutes until the opening bell, here is your tuesday morning price action. futures are positive .4% on the s&p 500. muted price action for the euro. a 10 year has a bid. treasury down 10 basis points on the u.s. 10 year. let's begin with the big issue a car the president taking a softer approach. >> the vice-chairman of china came out. he wants to see a deal made. he wanted to be made under calm conditions. he used the word calm.

jonathan: from new york city, i'm jonathan ferro. the countdown to the open starts right now.wned enterprises and stock global market risk aversion. driving treasury yields down to new lows for 2019. 30 minutes until the opening bell this morning. here is your brutal monday morning price action. futures down 47 on the s&p. on a five-day day losing streak. down 1.6%. in the fx market yen strength. treasuries with a massive bid. begin with the big issue. china pushing back. doesth china's currency it look to be the next salvo.

lisa: from new york city for our viewers worldwide, i am lisa abramowicz in for jonathan ferro .ght now. ♪ up, markets enjoying the return of happy trade talk for a minute. futures climbing following upbeat headlines out of china. encouraging news on the home front. a fifth straight increase in u.s. retail sales revealing a healthy consumer in the face of a trade war. is the confirming that major retailer jumps higher on earnings, consumers out in force. 30 minutes in the opening bell. we are seeing futures higher after a wild overnight session where they were lower on the prospect of china retaliating against the u.s., and then terror tweets said -- tara tweets-- tarrif suggesting otherwise. leaving investors unsure of what is to come. >>

lisa: from new york city for our viewers worldwide, i'm lisa abramowicz in for jonathan ferro.ght now. ♪ coming up, risk assets retreating as the trait euphoria gets steamrolled by another round of disappointed global economic data. germany is shrinking, china posting the weakest industria output in 17 years sparking fears of a global recession. investors taking refuge in the safest part of the market. the treasury curve in burning for the first time since 2007. 30 minutes until the opening bell. setting up to be ugly day in the u.s. the s&p down 1.3%. the euro getting a pop against the dollar. 10 year yield plummeting. 30 year reaching all-time low. crude off as people expect the slowdowns to deepen. of theta from two world's biggest economy overshadowing the de-escalation in the trade war. >> slowdown in