New relationship, with the Indian Economy opening up and the u. K. Averting its gaze from the widere towards world and both of us seeing opportunities. The chancellor says that he sees tensions ahead as brexit talks continue because people on both sides oppose any deal and what talks to fail. Brexit is prompting the u. K. To boost trade efforts outside europe. Liam fox tells bloomberg that 90 of Global Growth is being generated outside the continent. He says that asia pacific is the center of gravity of the global economy, so the u. K. Must direct investment and Economic Activity there. 24 hours per day, powered by 2600 journalists and analysts in 120 countries. Im mark crumpton, this is bloomberg. Scarlet live, from bloombergs World Headquarters in new york, im scarlet fu. Joe and im joe weisenthal. We are 30 minutes from the close of trading in the u. S. Scarlet the dow, barely holding on to gains. Joe but the question is, whatd you miss . Scarlet somethings wrong with the u. S. , th
Uncomfortable to learn through question thatt a posed nearing a town hall last march in flint, michigan. Cnn announced that it had accepted braziles resignation two weeks ago. Revealedial reportedly for least a second time brazile had communicated about questions of candidates might be asked on the air. Islamic state claiming responsibility for a suicide car bombing at a popular baghdad market. At least 10 people were killed with dozens more wounded. The blast was one of several in the iraqi capital this weekend that left a total of 17 people dead. Remarks call into question Key Assumptions about who will step swn after president xi reshuffle next year. Saying retirement rules need to asflexible and revised circumstances require. Global news 24 hours a day in over 120 countries. Im mark crumpton, this is bloomberg. We are 30 minutes from the close of trading in the u. S. Scarlet racing news crossing the bloomberg breaking news. More on this and how the stock is reacting, you only need
Index wasn the dramatic. That fed decision was more dovish than expected. Downw all those dots come from a weaker dollar, lower yields, higher stocks, but the markets could not hold on to their gains. One thing that did catch my eye was price action between the ratesensitive sectors. Utilities were declining ahead of the fed when yields were sinking. When bondto gain yields are falling, then get a huge bed when the fed dovish decision crushes yields. Werentrast, the financials a bigtime heading into the decision, then crashed. Market behavior you dont think you would see, but one reason financials mightve caught that bid is the yield curve. The 10 year yield fell by less than the two year yield, that is generally positive for Bank Net Interest margins. Joe lets take a look at those intraday charts, sharp moves with a twoyear yield, falling. 67 , close to the lowest levels this year. Obviously there is no market not looking for an imminent hike now. Lets take a quick look at the 10 year
September 8. Joe everything was up. Not just equities, this is the mere image of a couple of weeks ago. Everything is green pretty much across the board. Matt the majors went up for sure. You can see the gains of more than 1 . We have not seen that for a couple of days. I want to show you what brought up the markets around the world. Here in the u. S. , Energy Stocks were the biggest gainers spirit you can see that rose more than gainers. He can see that rose more than 2 . Orasia, the financials arising up more than 2 . Because of what the bank of japan dividend we will talk about that. People are saying they wanted to help the banks and they were up front about it. Maybe that is a blueprint for the ecb and maybe the fed, but for europe it seems more important. And winners and losers on the s p 500. We talked about microsoft and fedex yesterday. Fedex took some time yesterday, shooting up today. You can see enclosed it closed up 7 . And microsoft, cuss cost are concerning investors. On
Gains in the banks index. There was some build up there already. This chart shows the stress these banks have been under. Years for the main banks in italy. That purple line was the elephant in the room. It is a police thirdlargest bank. The credit default swaps and really spiked in the beginning of the year. They were up by about 100 this year. The orange line is unicredit, under stressnks and trying to come up with a fund to save the banks. Are 360 billion. It has put a lot of stress on the banks. Nonetheless a huge stress and the lending. Criticisms the big in europe is they have not done enough to clean up these bad loans on the books. Perhaps we are starting to see some progress on this. Causing a lot of anxiety. Alix the other countries really got it under control many years ago and they are late in doing this. The impact to see u. S. Stocks. We begin with market minutes. Major indexes closing at their session lows. A study dissent over the last hour of trading. Felt very much li