but later mary daly said the fed still has work to do, so stocks lost a lot of gain. the s&p barely gained at the close. barely positive. the other thing, look at these bond yields. tenure up to 4.10 -- the tenure of to 4.10 -- the 10 year, up to 4.10%. the 23 billion dollars sold at 4.2%, the highest yield since 2011. you can see how that's reflected now. that's another thing weighing on stocks today, the rising yields are not good for stock market rolls. >> let's bring in bloomberg's u.s. economy reporter for more. what sort of struck you from that inflation report? >> it was another step in the right direction. we saw the two smallest back to back gains in that key underlying core inflation gauge and more than two years -- in more than two years. it adds to this other optimism that we've seen where you pair that with the low unemployment rate, the stronger-than-expected economic growth, and it really shows why the narrative has largely shifted on wall street towards this possibility that the u.s. could over a recession that has to be six months ago, and folks are t

inflation reading, but san francisco fed president mary daly says the bank has more work to do to combat rising prices. country garden a penny stock after the largest property developer expects multi billion dollar loss for the first half of the year. ubs has repaid the credit suisse liquidity assistance in full, and is voluntarily ending the 9 billion swiss franc government protection. ubs confirming not only that they are not going to use the backstop, they are not using the safety net given to them by the swiss government. they are saving -- saying, take away the safety net. the first part was they have terminated the 9 billion swiss franc loss protection agreement. this was the backstop they needed to guarantee that they would acquire credit suisse. second, they have terminated the public with quiddity backstop by smb, that was up to 100 billion swiss francs. the third point is they have fully repaid the emergency liquidity assistance plus loan. that was 50 billion swiss francs to the smb as of yesterday, 10 august. we have heard ubs saying these guarantees, we needed it to do this d

mulling easing cbi, but we had mary daly saying it's going to be higher for longer.forting at all. we're keeping watch on the property sector. we had biden saying china is a ticking bomb. the csi 300 down 1.9%, almost 2%. we have singapore also in negative territory along with benchmarks in malaysia. hong kong down 1%. we're keeping an eye on alibaba trending higher. country garden slumping, set to close at an all-time low. dollar pretty in positive territory putting a dampener on asian currencies. the rupiah down 0.3%. losses for the korean won, along with the taiwan dollar. keep an eye on the yen, 145 is the level we're tracking. that level profit -- prompted intervention by the boj last year. in the commodity space, oil is front and center, poised for its seventh week of gains. like we saw in terms of treasuries, yields trending higher in asia. speaking of the lion city, to recap the gdp story out of singapore, the lion city feeling the pain from the macro environment. singapore narrowed its gdp estimate for 2023, looking at to growth of 1.5%, previously it was tw

he along with mary daly has been under fire with failed oversight of the defunct silicon valley bank.wsuit over defective earplugs. lords town motors is hopeful it will find buyers for all or parts of the business. we are watching catalent stock up 1.5%. the company is close to reaching a settlement which will include new directors and promise to review alternatives to a sale. and google selling mapping data. it could generate as much as $100 million in the first part of the year. partners range from sun run and tesla to zillow and marriott international. >>> taking a look at futures this morning. they have been flat all morning long. we have upside movement. the dow jones industrial average moving to the upside. opening up 30 points higher. s&p and nasdaq is moving higher after a winning session on wall street yesterday. joining me to discuss is jenny harrington at gilman hill. jenny, great to see you. >> good morning. frank. >> we see a upward trend for the markets. what are you expecting today? >> mini is key here. i think it is funny. if you look back, we're flat. s&p has been stu

mary daly the san francisco fed president last week saying the cpr report is good news, but guess what? we have more work to do. we cannot declare victory yet. nevertheless goldman sachs is now saying they think inflation is probably peaking. the fed rate hikes are peaking. that the first cut will come in the second quarter next year. they say they are penciling it in. they do not want to commit yet. so they are fudging it a bit there. meanwhile, a lot of houses are saying, we cannot predict that yet. it looks like at the very least rates will stabilize. barclays is telling clients to sell two year treasuries because of the assumption that it's two soon -- too soon for them to move. in the next two weeks, very important things. this week the fomc minutes from the july meeting. how strongly were the two sides diverged between pausing or hiking the key rate again. how much was it a majority leaning towards another hike? that would be more towards our september move and jackson hole, the big annual meeting span sold -- sponsored by the kansas city federal reserve bank is next week. j pal

we did not get that from mary daly. she said the fed has work to do. even from the other doves, bostick being another one who did not explicitly say he is in the camp in september but perhaps this week, we hear more fed chat and a bit more direction on where they are going in september. as you know, the market is very much thinking the fed is on pause from here. there's only two basis points priced into that late september fed hike. lizzy: thanks for joining me for that morning round table. you can get a roundup of the stories you need to know to get your day going in today's edition of the daybreak newsletter. the lead on the ecb's latest survey results. they have china's property rose as well but that -- rows as well. economists reckon it will deliver one last hike next month despite signs of inflation pressures abating. they also have the surprise victory of argentina's congressman in a crucial primary vote that is set to upend the race. we will have more on that later. terminal subscribers can find all those stories and more by going to dayb .

. >> mary daly of the san francisco fed spoke right now. she just said in last couple miss, the fed has more work to do on inflation. can we talk maybe in more detail about what more work is? is it continuing to raise rates? is it that we have rates kind of restrictive inlets territory. we can leave them there but we need to leave them there for longer so the market needs to price out the cuts that are being price for next year? what more work is there to do on inflation meaning to you. >> i think it is a mix of two. probably the next meeting, the end of september, it would be a nod. we can see the employment figures plus cpi to be published before the fed meeting. it could be that the fed skips the next meeting, and then against 25 basis points. this is still possible. it is on the table. if it is inflation, once want inflation, it is like today. and you have a market which is very strong. we may have another rate hike. from our point of view, it is higher for longer. for us, the nominal and the delivery rate remain high for a long parade

he along with san francisco fed president mary daly came under scrutiny in march following the suddene of silicon valley bank and other lenders. he will be temporarily replaced by neil liedson a former minneapolis fed official. now to u.s. politics former u.s. president donald trump will head to trial on march 4 next year on federal charges of trying to overturn the 2020 election. that is the day before the super tuesday primaries that are central to his bid to gain the white house. trump wanted to delay the trial until april 2026 long after voters decide whether he will get a second term. trump denies any wrongdoing. ukrainian defense minister says his forces have pierced the first line of russian fortifications in the nations southeast. resnick off also says they are fighting to widen the breach in a bid for a potential breakthrough after its counteroffensive was bogged down. and now here is what we are looking out for for the rest of today, as we are talking about with james u.k. foreign secretary james will be in china for talks on focusing on the ukraine and 1 p.m. we get mexico

tom: i see mary daly a jackson hole and you wonder how it will play out. t step of it. there is a discussion about daly's distance from all of this other than to say, doesn't surprise me at all. jonathan: the surprise of the timing that is taken this long. it seems odd. tom: people would say let's go but the machine move slower and jonathan: that's where we are. jonathan:we will get more clarity on that. in the other story, a hurricane is said to make landfall by wednesday with high wind, storm surge could deal $10 billion worth of damage. ron desantis expanding evacuation orders for the counties in the pot. this one looks brutal. jonathan: i believe it was north than last time but people on the west coast but many surveillance goes to a places down there, they are getting hammered. a lot of damage. jonathan: we will be on top of that story tomorrow. tom: we will follow this carefully, a movable feast within the gulf of mexico. joining us now on bonds and in the european dynamics of bonds. it is joost beumont abn amro bank n.v. the head of, what did they te

it started to fade as mary daly started to speak. soft tissue on the 30 year maturity out of the treasury. three year went well. 10 year went ok. 30 year not so good. yields up this morning, down a touch on a tenure. 4.0 9% on a 10 year. the euro at the moment, 1.09. in europe, i am looking at china. the data from china this morning, not painting a picture of an economy that is riproaring on right -- on fire right now. tom: i am going to get to euro-yen. the global head of g10 at standard charter with all sorts of economics on the american economy and the distant ration witness yesterday. jonathan: steve, wonderful to catch up with you. in foreign-exchange, why is the euro not weaker given what is happening in china? >> high thick the market once to sell -- i think the market once to sell dollars. the market is pretty long dollars. i think most investors think the inflation is disinflation is in the bag. i think they are waiting for the economic data to slow down, so that the fed hikes go out of the picture. the prospect of cuts come

mary daly from this sample does go says more work to do.ond auction the highest yield since 2011. at the end of the day what has cpi done for your view if anything, for the market's view? >> it was a it of a roller coaster day. all guns were blazing this morning in terms of indices coming out so strong after that print. , the .2% number, the lowest number in two years is exactly what we want to see. it lines us up for a fed that does not have to raise rates in september. the question and the dilemma will be what will the hawkishness be? what will the speech be like from fed chair powell about keeping rates higher for longer and we might have to raise rates because jobs are strong? there was a temp recession last year. wages are increasing but at a slower pace. inflation is coming down. it bodes well for the market. i think potentially we are at the end of rate hikes for at least the near term. kathleen: a lot of people are wondering now the year is more than half over and a big rally in stocks broadly. we know the thing stocks are not what

it was the reversal to watch i think it is because mary daly and san francisco fed says there is more work to be done after the cpi number people thought it is not over yet. >> it ain't over. >> a long slog here. >> the lady hasn't sung. you can't say which lady >> right >>> on the squawk planner. more inflation data. ppi is due at 8:30 a.m poll polled forecasters expect a tick higher of .2%. this comes after the cpi data showing prices rose 3.2% year on year which is below the forecast >>> the supreme court blocked for now a multibillion dollar deal by purdue pharma from the opioid crisis. they will look to release the claims by non-debtors against non-debtor parties without the consent. the department of justice argued the release of civil liability is not authorized by the bankruptcy code. purdue is optimistic the supreme court will agree which the case will be argued in december >>> sam bankman-fried returning to new york city for the court hearing today to decide if he goes to jail while awaiting trial. they are looking to revoke his bail and harassment of a witness. he has been

mary earps. ashleigh plumptre was at the centre of everything for the super falklands. a stalling england needed a push and they got a shove, rachel dalyy looked disjointed, occasionally there were chances... rachel daly! what a save. at the goalkeeper wouldn't be beaten. the temperature rising, cool heads were needed, not this. laurenjames has been one of the stars of the world cup but here was an unwanted headline. her red card left england facing extra time a player down. they would have to dig deep. somehow they clung on. there's full—time. it is penalties in brisbane. this was a nerve shredding watch for england fans and it would only get worse as georgia stanway, first up, faltered. fortunately for england, nigeria, with history on the line, could not take advantage — leaving chloe kelly, who else, to secure england's survival. kelly smashes england through! they have got themselves into the final eight - of this women's world cup. we did it in the euros. we are here again tonight and doing it. we keep pushing forward. there is more to come from this special team. i don't think i will have my voice for a week. my heart is going.

the daily telegraph carries this image of striker rachel daly and goalkeeper mary earps celebrating,ald sun, melbourne's daily paper. the headline reads: �*heartbreaker�* but says the matildas did australia proud. and take a look at this joyous picture — this is the team singing and dancing to �*sweet caroline' in the changing room, just after their win. but there were only soft drinks in sight with one more huge game standing in their way. protein drinks in bottles i think as well. keeping it healthy, one more huge game, one more hurdle. the impact it is having here in the uk is significant. of 13.7 impact it is having here in the uk is significant. 0f13.7 million viewers are set to tune in, 14 million, and one of the lovely things if you are a sporting fan is going to a pub and watch it together and they suspect there will be a £185 million boost to the economy this weekend because people will get together if the weather is good and get out and cheer the team on. {line get out and cheer the team on. one ofthe get out and cheer the team on. one of the things — get out and cheer the

mary earps. ashleigh plumptre was at the centre of everything for the - the centre of everything for the super falklands. a stalling england needed a push and they got a shelf, rachel daly had been a bit eager. the frustration was building. in their last match england were flying, here they looked disjointed, occasionally there were chances... they looked disjointed, occasionally there were chances. . ._ there were chances... rachel daly! what a save- _ there were chances... rachel daly! what a save. at _ there were chances... rachel daly! what a save. at the _ there were chances. .. rachel daly! what a save. at the goalkeeper- what a save. at the goalkeeper wouldn't be _ what a save. at the goalkeeper wouldn't be beaten. _ what a save. at the goalkeeper wouldn't be beaten. the - what a save. at the goalkeeper- wouldn't be beaten. the temperature rising, cool heads were needed, not this. laurenjames has been one of the stars of the world cup but here was an unwanted headline. her red card left england facing extra time a player down. they would have to dig deep. somehow they clung on. there's full—time. it is penalties in brisbane. this was a nerve shredding watch for e

mary fowler. caitlin ford as well. and for england, like i said, alessia russo is playing well. lauren hemp got on the scoresheet as well against colombia. 0urflank is doing well, lucy bronze and rachel daly—1 england, i have to say england, i have to. a lot of people will be agreeing with you. ellen white, thank you so much for that. and of course, waiting for either australia or england in the final on sunday is spain. another shock. they put out sweden in their semifinal and this tournament has been filled with shocks, hasn't it? it's been fantastic. just eight minutes to go. we will bring live pictures from the stadium, the ceremony is beginning, just eight minutes to go. for thousands of years on this very spot here, we have the opportunity to bring with you tonight for each and everyone of you is welcome here, we come together, all the people. welcome to each and every one of you, welcome to australia. thank you. 0n on behalf of myself and the younger man beside me, may the spirits of the ancestors welcome you to the country, and to both teams, thank you all, thank you. applause a chance to make history for both teams now. they managed to find the most nerve inducing music to bring