Sliding along with the u. S. Dollar. The u. S. Dollar is at a fivemonth low because of the interview President Trump gave setting the dollar is getting too strong, and i like low Interest Rates. Well talk much more about this. The dollar is stronger now against the euro. 1. 06 against the euro. Weaker against the yen. 108 yen for the dollar. On todays mick ageeconomic, look for reports on weekly jobless claims Producer Prices and consumer sentiment. Markets are closed tomorrow for good friday. But its not a federal holiday. So the government will release data on retail sales, Consumer Prices and business inventories. Ill roll up to my office in my house, report the news on my video camera. The banks will officially kick off earnings season this morning with results from jpmorgan, citi group, wells fargo, and pnc financial. Wi Berkshire Hathaway is selling 9 million shares from its stake in wells fargo. Berkshire says the sale is not tied to the banks sales scandal. It is selling the sh
Look at crude, which has been dictating terms for equities lately. Relatively unchanged on wti, about 50. 18 per barrel. For brent, 51. 88, barely higher. Rbob gas edging up a bit. Well get back to the markets in a bit. Breaking overnight, the u. S. Military launching tomahawk cruise missiles against radar sites in yemen after incidents earlier in the week where a navy ship was fired on from a rebel controlled area. Now to this mornings top story, embattled wells fargo ceo john stumpf is out retiring Effective Immediately. Tim sloan taking over the top job following the highprofile scandal involving their sales practices. News came out after the market closed yesterday. Looks to be up about 1. 5 in extended hours. Notably above 46, a level we havent seen in some time. Helping. Helping. Yeah. Wilfred frost spoke with tim sloan late yesterday and asked him if stumpfs departure was a necessary condition for the company to move on. I think johns decision to retire is one that, you know, is
And spain and france. Strong gains across europe. And look at crude, which is set for weekly gains, up by 1. 25 on the week. Showing just about that gain today. We got surprising inventory builds yesterday. Traders seem to be taking in stride. The u. S. Treasury department issuing final rules to crack down on those tax inversions. Thats when a company is acquired by a smaller foreign business in a low tax country to avoid paying the higher u. S. Corporate tax rate. The new rules crack down on earnings stripping when the u. S. Subsidiary avoids taxes on domestic operations by sending them overseas as tax deductible payments. Got that . Sara eisen does. This is clearly becoming a signature issue for the treasury secretary, for this administration. And what he issued yesterday were new rules to crack down on tax avoiding companies. This earnings stripping strategy, its a common practice by inverted companies, they use the u. S. Subsidiary to issue loans from the Foreign Company that are t
Strategy towards electric vehicles. Cementing returns. Lafargeholcim pledging to buy back stocks worth 1 billion swiss francs over the next two years, as the ceo tells cnbc he welcomes the republicans stateside. Its something thats bound to happen in the u. S. It will be a significant renewal of the infrastructure program. We see ourselves as a positive beneficiary of this. Janet yellen signals its full steam ahead for a december rate hike. Sending the dollar to a 13 1 2 year high. The fed chair also downplays rumors Donald Trumps administration could push her out of her job early. I was confirmed by the senate to a fouryear term, which ends at the end of january of 2018. And it is fully my intention to serve out that term. A warm welcome to street signs once again. Happy friday. Happy friday. This week has gone like that. I know. Another one. Our guest said it is five mondays until christmas. Well talk about that shortly. Lets talk about draghi. Ecb president mario draghi struck a dov
And the u. K. Supreme court now begins hearing theresa mays case. If she loses, is a hard brexit off the table . Matt we are less than 30 minutes from the european open. Take a look at futures. We are looking at red across the board for europe here. U. S. Futures have turned positive, however, in the last 30 minutes. Watch this space. We do see ftse futures down 1 3 of 1 . Dax futures down,. 4 . There is this turnaround in u. S. Futures. Guy yeah, the turnaround certainly is, matt. We will see how that develops as we work our way toward the cash open in europe. We do know the euro is under pressure and italian bonds are under pressure. We are training at 1. 0610. Today we have finance ministers meeting and so much going on in terms of the moving parts surrounding the single currency right now. We are moving lower. It will be interesting to see how we get into the italian banks. How will they trade . What happens with mps . What happens with unicredit . So much news still to be decided