European equities are going to be more profitable than the United States for the First Time Since 2008. Earnings will rise just under 7 . That is up from just under 5 . U. S. Wages rose at this lowest pace since 1982. What does that do for the debate about whether you get a september lift off from the fed in terms of raising rates or december . Harris is opening flat. London is down by an eighth. Youve got billy real and intercontinental. Iron ore as retreated back to 50 from its peak. China storyng that play out on rio and billy in terms of the reality of the slowdown in china. What happens next in terms of stimulus . Hsbc up 1. 64 . Pretax profit rising. They are selling the brazilian asset. They took a little bit of a hit. A couple individual names. Nokia, heineken, ill just show you those, hsbc up 1. 3 . Heineken up 1. 9 . Not a bad report from heineken. Anna spoke to the worlds number three brewer. They will see a moderate level of growth in their volumes relative to 2014. Up 2 .
Bloombergs European Headquarters in london. We are getting some breaking news in terms of pmi. Euro area figures pretty much as expected. Greek july manufacturing pmi falling to a record low of 30. 2. We were expecting a figure of 46. 9. 30. 2 is a record low but also very low indeed. Anything below 50 indicates retraction contraction. The Athens Stock Exchange has plunged this morning. We will have the latest from the greek capital in just a moment. First to manus, whos been taking a look at how the market has moved. Not a pretty sight. Manus the biggest oneday move on record on the ase in athens. Down over 21 at the open. Weve been closed for five weeks. The longest closure since 1970. We will go to hans nichols outside the exchange in a moment. You had two quarters of contraction. We are on the way to recession. National bank of greece down 30 . Within the first four minutes the price has crashed. What youve got here is a not necessarily that it saw a huge amount of volume, but the
Was soft in late june when the debt crisis deepened. Thanks were shot banks were shot and capital controls were in place. A key Economic Indicator is pointing down for greece. Manufacturing shrank last month at a record pace. President obama is stepping up the fight against Global Warming. The plan is sure to call plenty of heat. To cause plenty of heat. The president previewed his plan by hosting a video on twitter. The proposal told for reducing emission from u. S. Power plants by nearly one third within 15 years. America accounts for about 1 7 of the worlds in missions, and about half of it is from plants of the worlds in emissions. You can see the president s announcement right here on Bloomberg Television this afternoon at 2 30 p. M. Eastern. A joe biden that president ial campaign may be more than a whim. There is a Political Action committee urging the Vice President to run. Few democrats have come forward to challenge Hillary Clinton. The partys presumptive favorite for the nat
To the American People and will make a televised address this afternoon. He previewed his proposal by posting a video on twitter. The new climate rules aim to reduce Greenhouse Gases causing for a reduction by one third in 15 years. Republicans are already fighting back. Mitch mcconnell is telling all 50 governors not to obey the rules. America accounts for about 1 7 of the worlds emissions with half of those from plants releasing carbon into the air. You can see the president s announcement live at 2 15 eastern time. A major insurer turns down one takeover bid and accept another. Breaking up a merger partnerre had with xor. Stephanie at t is planning to introduce a bundle of tv and Wireless Phone services, its first appeal to consumers since completing the acquisition of directv. The offer will be available nationwide a week from today and will include the high death tv High Definition tv and mobile service with unlimited texting and talking and 10 gigabytes of data for four lines. At
The dow jones down nearly a full percent, the nasdaq down. 75 . The s p 500 is rebounding from session lows but we are still in the red. 3 , and lets move on to Oil Commodities getting hammered. Brent crude is slipping below 50 a barrel for the First Time Since january. There is concern that iran will increase supplies and the slowdown in chinese growth. 13. 66 for the last month. Nymex crude is lower on this monday. A quick check of gold gold trading your a fiveyear low. Goldman sachs says prices could drop a low of thousand dollars an ounce. Ride down forlong oil and gold. Checking on how the treasury i want toe trading see yields moving in the same direction. The two year yield has been slowly going up that gap. Many investors and traders believe we are going to see this Interest Rate rise in september. In the currency markets, watch the Commodity Currencies hitting the worst year, hitting the aussie dollar and new zealand dollar. Usurping the also earnings power of companies as we