Exchange, where we bring you todays market moving news from all around the world. Joining us from brussels, bloombergs maria tadeo, from london, ed evans, from the white house, Kevin Cirilli, and Michael Mckee joins me here in new york. First we want to start in brusselss maria tadeo. We are taking a look at euro area confidence falling to the weakest level since 2017. Maria tadeo joins us for more. Maria thats right. The numbers were particularly bad when it comes to industry. Trade uncertainty really weighing on prospects on the outlook. This is particularly bad for germany. This is a very export oriented economy. In europe, germany is coming under huge pressure to engage in fiscal stimulus to drop that black zero, no deficit policy. We are looking for any signs this is going to happen anytime soon. We are just not there yet. Has got to be, brexit. We are just four weeks away from what is supposed to be a hard deadline for a no deal brexit. Officials in brussels tell you the situatio
With us so today germanys most controversial tax case is going on trial it involves 2 British Investment bankers were accused of defrauding the country of around 440000000. 00 euros in tax money in a case which centers around socalled ex trading schemes a complex trades are equity deals investors rely on the sale of borrow chast right before a given firmest lated to pay dividends a scheme that also resulted in double tax reclaims for share trade us now over the years it became big business based on tax fraud the total loss for europe could be around 55000000000. 00 euros according to the Journalistic Research network correct if with germany losing an estimated 32000000000 euros now todays trial is just the beginning with some 200 more people also being investigated lets talk a little bit more about that and bring in our financial correspondent who is standing by for us there is in frankfurt 21. 00 saying we have to clarify 1st of all i was just talking about sort of unfortunate tax hol
Come to your business i want to get jones and berlin good to have you with us and as the political fall go around to bricks it thickens in london the impact of the uncertainty on business continues to be felt not just in britain germanys export led economy is feeling the pinch in the 2nd quarter 29000 german exports dropped by a whopping 21 percent compared with the previous quarter that is the biggest quarter on quarter drop since the financial crisis a decade ago germanys britains largest source of imports accounting for around 15 percent. But having said that the biggest Economic Impact by far would be felt in britain a new study by the United Nations found some alarming figures. After another dramatic night in westminster on wednesday the protests over break that will likely continue in london for weeks and months to come some want the u. K. To leave the e. U. Without a deal some dont want brags of to happen at all. But most economic analyses on the subject point to the chaos that
Boris johnson beats a brexit blockade in paris as mccrone as Emmanuel Macron says any potential changes to the deal would be minimal at best. Shery we have some big guests coming up on daybreak. First, lets get you started with a check of how markets closed on this thursday session here in the u. S. It was a bit of a mixed picture. We saw the doubt at about 50 points, but the s p 500 gave up morning gains. We had more cautious commentary coming out of that officials when it comes to future rate cuts, so that really helped curve. Rt that 2 10 yield materials and Health Care Stocks leading the declines, weighing on the stock markets. We are also seeing manufacturing pmis coming in a bit soft, so that did not help sentiment. We saw the nasdaq down. 4 as we continue to see fears of recession creeping in. At the moment, u. S. Futures not doing much, but lets see how we are setting up in asia. Sophie we not seeing much in the way of action just yet. You just nudging lower in sydney and seoul
What italy did to the Banking Sector that would make Elizabeth Warren smile it is tuesday, august 8th, 2023 you are watching Worldwide Exchange here on cnbc good morning welcome to Worldwide Exchange. Im frank holland. We kickoff the hour with the u. S. Stock futures with the higher session for wall street and the dows best day since june the futures are in the red across the board right now, the dow would open up 80 points lower. It is early. Also seeing the nasdaq hardest hit down. 30 . We are looking at the bond market ahead of the busy week for fixed income with 100 billion in longterm issuance over the next four days. Yields here with the 10year treasury at 4. 01 this is down from where it closed just about a week ago we are seeing a steady decline after the fitch downgrade where yields spiked up 2year treasury at 4. 764 the yield on the short end is something we continue to watch with the bond issuance we will talk to our guest later on in the show the Energy Market and wti at 81