Decision. And seth marion is here over worries about characterizing volatility. Jon lets get a check on the markets for you. Futures positive, dow futures up 41 points. Over in europe, after the gest weekly drop since euro weakness, switching of the board, eurodollar was on a fiveday losing streak. 1. 1389. In there at and then nymex crude, up two full percentage points. It is seen as a tussle between the news over the weekend, the new oil minister in saudi arabia, and what is happening in canada with the wildfires spreading over there. I want to go live to the city of london and get the latest with bloombergs will kennedy. Lets talk about the immediate the spread of the wildfire, the reality that one Million Pounds of oil a day, production, has come off. How shortterm is this . That is a very good question. At the moment, it is a Million Barrels. Even if the fires calm down, which it looks like they are doing, it will be at least a week before they get back online. Many thousands of w
And how that will work its way into the week. Asia is a flying at the moment. Shanghai is at the front on the moment. The asian market is delivering, but what does that based on . We think it could be based on a lot of chat around the market. We could be saying further stimulus from beijing. It is interesting because you can compare and contrast that with what is going on in the west right now. You can see on the shanghai composite, a nice move this morning. We are up 3. 5 . Let me show you what is happening right now with u. S. Features. What we see at the moment is a negative story. Lets focus and a p are. S p tradingw and negative. The are not down by much. We have a lot coming up throughout the day. This is what Stanley Fischer has said overnight. Participants myself and is a pay to that achieving these conditions would entail an initial increase in the federal funds rate later this year. He cannot take december off the table. We will get a lot of commentary throughout the rest of
It looks like we might get this morning. All three major averages are now down. Weve had a lot of bouncing around in todays session. If you take a look at my bloomberg terminal we have had pretty much consistency at the top and bottom of these lists. Its just a matter of magnitude. Far,y is now the worst by Health Falling off today with consumer staples, utilities, discretionary stocks, mostly on the leaderboard at the top of the list today. Of course, oil is a big market story, once again selling off, down for the sixth straight session. Taking a look at wti today we have a selloff of more than 5 . At thoseld take a look oil prices . Down 5. 6 at the moment, trading 2003. Latest since late taking a look at oil for the year to date as well you will see a sharp decline, 15. 5 . That number is big by itself, but combined with the fact that oil was down last year, 46 the year before, the magnitude of that is pretty remarkable. Huge. Whats going on here . With illuminated the kleins. Decli
Cranny. A good morning to you. A hawkish tone, wasnt it . Fed member sing borrowing costs have to be raised sooner than had been anticipated if the labor market persists. Everything in this world has a caveat. Define the many and the few in the variations in between so lets get to it. What are we talking about . These are the minutes and they came out, some participants were increasingly uncomfortable with the Forward Guidance on keeping the benchmark rate low for a considerable time. Than half butless more than a few. Just to be clear. Less than half, more than a few. Therehat says is was one dissent. The voices are growing. We are getting ready for another vote. That is what that says to me. The dollar storming ahead. Participants said they may have to raise rowing costs sooner than they had anticipated. A lot of the data is converting toward their objectives. It might become appropriate to begin removing Monetary Policy accommodation sooner than they had currently anticipated. His i
Increases financial uncertainty. What it clearly does do is add additional volatility. My conclusion would be increasing volatility and that will be with us for a while. Asian and european stocks are down or indicate u. S. Stocks will open lower as well. The sixth straight day of decline. Bond yields and set record lows in japan, germany, italy and five of the euro area nations. The west tenure is only 1. 73 . Cheap oil and u. S. Growth are not the solution to Global Economic woes. Christine lagarde spoke yesterday to washington. The question we have at the moment is should Lower Oil Prices and a stronger economy in the United States make us more upbeat about the prospect for the Global Economy . Most likely, the answer is no. One risk according to Christine Lagarde, that the fed could disrupt Financial Stability by raising Interest Rates. She did not get even get a heads up or know about the s p policy change ahead of the time. Not in the loop. The price of oil up as much as 3 this mo